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!
- 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…
- 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.
- 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.
- 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.
- 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!