We are all happy to hear that the government is taking steps to begin to open the economy up. This means that money will start to flow through small businesses and into more pockets as wages start flowing again. We still have a bit of time before things get up to full speed. It is essential to be mindful of all of you budgeting decisions. Saving money on service charges is one way to get the most bang for your buck.
Most commonly, we see service charges on bank accounts and credit cards. In the past, we may not have been as concerned about these items because of the balances we were able to keep to earn a waived fee, or the payment size made to minimize interest and service charges paid.
Many of the larger banks in Canada offer some amazing accounts with features like unlimited debit transaction, free e-transfers, and other rewards at the cost of around $15/mo if you don’t maintain a balance of $3000-5000 in the account.
Since we are in a time of much less spending (and debit card usage), combined with lower income levels, it may be a great time to make sure you are in the right account for your activity and your budget.
No matter which bank you currently utilize, economy account options are available. Here is a comparison list of low-cost account options that might be of benefit.
On the comparison list linked above is this handy comparison tool. This tool lets you identify some of your basic needs and gives you a side by side comparison of features, details, and fees on every type of transaction.
Credit cards are a horse of a different colour entirely. In the next couple of weeks, we will deliver a much more detailed post with tips, tools, and ways to save and minimize your cost of credit.
Step one, for now, is to call your creditors and ask them to lower your current interest rate and waive your annual fee (if you have one) for COVID-19 relief. Most of the large credit card companies are doing things like this to help consumers.
Step two is to subscribe to this blog for two great reasons: 1) to be informed when the credit card tips post is up and 2) to get some exclusive information about a free checking account and high-interest savings account!
We hope that you have enjoyed this post and found it useful. Please subscribe and share! You never know who you could be helping to improve their financial life in this difficult time. We are all in this together!
Take care and stay safe!