We have all seen the "helpful" posts about reducing our avocado intake or scaling back our love of Starbucks drinks in order to kickstart our savings but I'm here to tell you that there is an easier way. If you haven't read our earlier blog about the best way to automate your savings, I suggest you start there. Now that you understand that saving money is truly a choice that you need to make, we'll talk about an expense that you absolutely need to eliminate.
Personal finance guru's will focus on Netflix and Disney+ subscriptions as the first expenses on the chopping block but there is actually an even more unnecessary monthly fee eating away at most of our savings. THE BANK. These days, bank account fees typically range from $5-$15 and month and some are even higher! Over the course of a year that can add up to $180! No thanks!
With the creation of digital banks, there are options out there that offer no-fee accounts with zero minimum balance requirements. Tangerine and Simplii Financial are two names that seem to be quite common with savvy savers. Take some time to do some research and find a bank that will fit your needs without draining your account every month!
At the end of the day, you work hard for your money and it's your job to protect it. Make sure you are reviewing your situation and assessing your current needs. Remember, you have a choice. Choose what's best for YOU!
Choice Wealth Management has zero affiliation with any companies mentioned in this article. This blog is for information purposes only.