As creatures of habit, we often overlook ways we get complacent and miss opportunities to maximize our financial position. Yahoo Finance lists five common banking mistakes that can waste money:
- Keeping too much money in a checking account
- Using only traditional savings accounts
- Paying unnecessary fees
- Not monitoring your transactions
- Failing to compare banking options
You should only keep enough in checking to pay your monthly expenses. Money market accounts and certificates of deposit generally pay more interest than traditional savings accounts. Be aware of potential fees banks might charge for ATM usage, account overdrafts, and inactivity.
It pays to check your account transactions online to ensure no fraudulent activity has happened to your accounts. There’s nothing wrong with having multiple banking accounts if you find options that will serve you better without having the hassle of closing accounts. It comes down to developing good banking habits that will help avoid mistakes that can add up over time and cost you serious money.
Council of Seniors Works to Help Seniors Enjoy Retirement
Seniors have less worry with extra retirement income. That’s why here at Council of Seniors, we’ve been pushing Congress to pass The SAVE Benefits Act. You need this legislative fix because the annual Social Security cost-of-living adjustment (COLA) has been inadequate in recent years. If we succeed, the amount of $581 will be returned to eligible seniors.
Please sign our petition right away to start helping. Washington politicians have ignored the growing number of Americans expecting action for far too long.
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