Some
handy tips include:
Tip 1: Transaction Accounts
- Reduce
monthly account fees you pay by consolidating your accounts, closing
the accounts you no longer use.
- Reduce
the cost of transactions by using ATMs and EFTPOS rather than over-the-counter
teller services in branches, which tend to cost more.
- Ask if
you are eligible for any special packages or fee waivers. Superannuants,
students, under-18s, graduates and non-profit organisations are all
eligible for fee exemptions at most banks.
- Minimise the risk of extra fees by keeping sufficient funds in your account to cover likely (including automatic) withdrawals.
- Review
interest rates on each of your sources of credit, and use the one with
the lowest interest and longest interest-free period before others.
- Minimise
the risk of penalties by keeping track of how much you spend on credit
and ensuring you can make payments before being charged a penalty.
- Consider
consolidating all your credit debts into one large, longer-term credit
option. You may be entitled to a lower interest rate that will save
you money. For example, you may be able to transfer what you owe on
your credit card to your mortgage, which will likely have a lower interest
rate.
- Remember that credit always involved paying interest. Always ask: do I really need it, can I afford to pay it back, and should I save for it - before I buy it?
- By consolidating all your insurance needs with one provider, you may be entitled to a discount on the monthly premiums.
Take advantage of the expertise and information banks offer to help you make informed decisions about the management of your finances. Most banks welcome these discussions, and offer them free of charge.
