4 Tips To Help You More Effectively Manage Your Checking Account
Having a checking account is one of the first steps towards getting your finances in order. A checking account is more than a place to deposit your money; it can be a great tool for effectively managing your money.
Tip #1: Set Up Direct Deposit of Your Paycheck
If you are still picking up your paycheck and making a trip to the bank every payday, it is time to change the way that you get your paycheck. If your employer offers the opportunity to sign up for direct deposit, take advantage of that opportunity. Being able to directly deposit your paycheck into your bank will save you time and allow you quicker access to your paycheck.
Tip #2: Transfer Money to Your Savings Account
Once you have direct deposit set up, it is time to start automating your savings as well. If you don't have a savings account with your current bank, open one up. Then, see if you can establish an automatic transfer of money from your checking account to your savings account on your payday. The easiest way to start saving is to automate it; this is a great way to help you build your savings.
Tip #3: Set-Up Automatic Bill Pay
Get into your bank's automatic bill pay offer. With many banks, you can set-up a system so that your bank automatically sends out payments directly for your bills. You can also set up automatic payment through the bill provider as well. Either way, set up a system so that all your bills are automated. That way, you never have to worry about missing an important payment and getting late fees.
Tip #4: Learn Your Bank Requirements
Fourth, you need to learn your bank requirements to keep your free checking account. Do you have to keep a certain amount of money in your bank account each month? Do you have to have a certain number of transactions? Make sure that you meet the requirements to keep your checking account free; you already pay for enough things, you don't need to add bank fees to that list as well.
Make sure you also know what ATMs you can use to withdraw cash for free so that you don't rack up unnecessary ATM charges.
A checking account can help you get on top of your finances. Set up direct deposit of your paycheck so that you have easy access to your paycheck each payday. Automate your savings and your bills so that you meet all your financial obligations. Finally, learn about your bank requirements so you don't incur bank fees.