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Tips on personal finance
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Banking online saves more than just time
You’ll have instant access to your accounts, you’ll save on postage and potential late fees on bills, you’ll buy and use fewer checks, and you’ll be able to easily transfer money between accounts to keep most of your funds in the highest-interest-bearing accounts. Plus, you’ll never have to worry about bouncing a check again.
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Use direct deposit
Most employers offer direct deposit. You can set up this service for Social Security benefits as well. Ask if your bank will drop or lower checking fees if you have direct deposit to your checking account. Many banks will. This method of payment is faster and safer, and the money is available to you immediately.
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Avoid unnecessary ATM fees
Ask your bank for a detailed list of all fees, including ATM fees. If there is no fee for using your bank’s ATM, avoid using other banks’ machines so you won’t be charged to withdraw money. Take out larger amounts of cash at your bank, if need be, so you won’t have to use other ATM’s.
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Get free or inexpensive checking
Find a bank that will give you a free or cheap checking account with a low minimum balance requirement. Make sure you keep that amount in the account. Even better, look for a bank that allows a combined minimum balance for checking/savings accounts. You can put more money in savings, earning interest before you need it to pay bills.
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Keeping up with credit card purchases!
Enter credit-card purchases in your checkbook, subtracting the amount from your balance as you would a regular check. This gives you a true picture of how much you’ve spent and how much money you have left.
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Don’t cosign your child’s loan
Protect your credit by having your child cosign YOUR credit card. That way, the child will have access to the credit line and build a credit history, while monthly statements will come directly to you and you can ensure payments are kept current. Otherwise, even unintentional late payments can harm your credit rating.
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Lowering Utility Bills
To use less electricity, unplug cell phone chargers when you're not using them, place your computer, printer, fax machine, and copier into energy saving mode when not in use, and ask your family to turn off lights when they leave a room.
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