Canadians are always looking for ways to make every dollar go further. According to a recent survey, saving money on fees and services is a top consideration when people are looking at a financial institution—yet only about a third of us currently enjoy no-fee daily banking or money-saving accounts. That's just throwing money away. Here are some quick and painless changes you can make to your banking routine that may save you hundreds of dollars per year:
1) Switch to a no-fee banking account. There's no reason you should be paying daily banking fees for your everyday accounts. Switching to a no-fee chequing account is a great solution but be aware that some are better than others. Some enable you to earn interest on your balance, and even earn points on purchases charged to the card at participating stores.
2) Use rewards points to get free stuff. Many credit cards and even some debit cards offer rewards points on your everyday spending, which can earn you freebies. You're going to be spending anyway; you might as well get rewarded for it.
3) Set up automatic payments on your credit card. It's easy—just call your utility, telephone, cable, internet, health club, insurance, or other service provider to arrange it. Not only will you avoid late charges for missed payments, but with rewards credit cards you can earn points on your spending that you can put toward other purchases.
4) Stop using other bank machines. We've all been guilty of this. We rely on our bank or credit cards and find ourselves strapped for cash when we actually need it. Charges levied when using other bank machines can add up. Avoid this by keeping yourself organized and taking out cash at your own bank's machines or by using the "cash back" option when making a bank card purchase at retail stores.
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