5 Ways to Avoid Banking Fees

When you’re getting close to pay day, we all know things can get a little bit tight. That’s when you need to be on the look out for the damaging fees that can occur from bouncing a check or over-drafting your account.

Here are five quick tips to make sure you are financially sound at the end of your pay period – act now, and avoid paying when you don’t have to!

  1. Monitor Your Money

Great things happen to those of us who actually keep tabs on our spending and balances – if you can do this one, you might not need to read the next 4 tips…

  1. Pay with Cash

When you use cash, there’s no way you can bounce a check or over draft on a payment. Keep it simple, but using some green.

  1. Use your Savings – but not all of it

It’s a great idea to stash away some emergency cash. Be sure to put it in a separate account (from your Savings AND checking accounts) and use it for what the name suggests: emergencies. Don’t make a habit out of dipping into this money, and use it to save big on fees and credit score in the long run.

  1. Use online alerts

Many banks let you know when your account is below a certain level. For example, your bank can send you an email or text if your chequing account dips below $50 or $100 – that’s a great reminder that you should curb your spending, or transfer some money in there.

  1. Use Mogo Mini Money!

This is a great ‘shot in the arm’ to your finances without taking a big loan. With easy flexibility and timing to pay back your $200 loan, Mini Money beats bouncing a cheque or over-drafting your account any day.

Good luck – and smart spending!

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