Review your bank charges
If you have not already taken the time to review your bank charges, this may be one expense that you can reduce fairly easily.
Many of us have the wrong bank account or the wrong bank fee package for our needs.
Trawling through the details of your bank’s charges may seem like homework, but you can use the online tools on bank or other websites to determine which bank account and fee package will be the most cost-effective.
You need to enter the transactions you typically make each month, and the online tool will identify the bank account and fee package that is best for you, or give you an indication of what those transactions will cost on a particular account package each month.
If you are over the age of 55, you may qualify for reduced bank fees. You need to inform your bank that you have reached the required age.
Look for the fee calculators on your bank’s website or use the banking calculators on ThinkMoney (www.thinkmoney.co.za) or Justmoney (www.justmoney.co.za).
You may also need to review the way in which you use your bank account. You incur high charges for performing transactions over the counter at a branch or for using another bank’s ATM.
While you are at it, take a look at your credit card charges and the benefits you are offered on your credit card rewards programme. You may be paying a high charge for a credit card that offers rewards you are unlikely to access.