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10 Tips To Bank Right And Save Money In 2020

10 Tips To Bank Right And Save Money In 2020

Posted In: Money Talk

In these tough economic times, we are cash strapped and looking for ways to save on some of our expenses. One easy way to guarantee you extra cash is to change your banking behaviour. Here’s how

As consumers, there are small banking mistakes we tend to unconsciously make. By banking smarter, making a few adjustments will also ensure that you have extra money to spend on additional priorities you’ve neglected and even save for rainy days. To improve your banking behaviour, you need to first understand your bank statement and how you transact on a monthly basis. So tick off these tips below:

  1. Use the banking App and cellphone banking to transact

Banking on the App and cellphone can save you money, time and even transport costs. The digital banking platforms are equipped to provide you with full banking capabilities such as payments, prepaid purchase, transferring money and checking balances.

  1. Avoid using other banks ATMs

 While it can be convenient to use another banks ATM nearby you, it can equally cost you even more money to use that ATM. Ensure that you always draw cash from the bank you bank with.

  1. Use cash-accepting ATMs to deposit cash

The convenience of depositing money using the cash accepting ATMs can save you money and even time instead of going into a branch. Cash-accepting ATMs are convenient, safe and reliable.

  1. Swipe and don’t carry cash

 Avoid drawing cash and use your banking card to swipe for your transactions.

  1. Do not reverse authorised debit orders

Reversing your authorised debit orders will negatively impact your account and credit score, which may affect your ability to get credit. Always allow your debit order to go through as planned.

  1. Bundle your account

You can save money on your day to day transactions by considering the Easy Smart Option account. Bundling your account can help you save money as you don’t get charged for every single transaction.

  1. Take advantage of your banking added value benefits

During this tough economic times,make use of benefits that your bank offers. Find out what they are and save on charges.

  1. Use ATM to print banking statements

Printing of statements at cash accepting ATMs is more cost effective than printing from a branch. Alternatively, you can request a Mini-Statement on cellphone banking for free.

  1. Have enough funds to avoid insufficient penalties

Ensure that you have enough funds in your account by continuously monitoring your balance on the Banking App or cellphone banking. In the event that the transaction is declined because of insufficient funds, you will be held liable to pay a penalty fee.

  1. Keep your bank cards safe

While your banking card can easily be replaced, it can equally be costly to replace it. Keep your bank card safe at all times and avoid losing it as you will save on replacement costs.

Source: supplied

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