For some people, managing the checking account, savings account, student loans, credit cards, and other debt becomes a part-time job. Individuals should make sure they are not paying more than they need to and are receiving all the benefits they deserve. Here are some great tips for saving money on banking, debt, and credit.
Step 1: Pay off credit card balances in full each month. A $1,000 balance on a card carrying an 18 percent interest rate equates to $180 spent in interest over a one-year period. That money could be saved or spent on more pressing items like food and heat.
Step 2: Call credit card companies and request a lower interest rate on the cards. If your credit is good and you can provide proof of better offers from other companies, you just might get it.
Step 3: Look for new credit cards with lower interest rates and transfer your balances. However, if the rate is an introductory offer, make sure you can pay off the balance within the introductory period.
Step 4: Consolidate student loans to reduce the interest rate. Some lenders will offer discounts when payments are made on time or automatically transferred from a bank account.
Step 5: Ask student loan lenders if they offer a graduated payment schedule or extended payment period. You may be able to extend payments to 20 years.
Step 6: When using the ATM, visit only those that do not feature surcharges. Though the charge may only be a dollar or two, it adds up quickly. There are plenty of surcharge-free ATMs located throughout the country.
Step 7: Obtain your free credit report each year from each of the three major credit bureaus. Have any inaccuracies corrected as soon as possible.
Step 8: Let your money earn some money by getting an interest-bearing online checking account.