Six BetterBanking habits to maximize savings
Banks were made to make things easier when managing your money and achieving your financial goals effectively. Given that most of the time, people tend to open a bank account and don’t think about it much after a while, here is where we come in. We will be providing you with the best service possible to ensure you make the most out of your banking experience.
Check out these six essential money saving tips we prepared so you can maximize your BetterBanking journey with us.
1. Re-evaluate Your Banking Fees
Bank fees can add up quickly, silently eating away your hard-earned money. Regularly review your account statements for any hidden fees or charges. If you find unnecessary fees, contact your bank to discuss options for reducing or eliminating them. Consider switching to a bank that offers low fees or ₱0 interbranch fees.
2. Inform Your Bank About Your Travel Plans
Tell your bank about your travel plans in advance to avoid inconveniences, unnecessary fees, and hassle with your card being declined overseas. This will help prevent your cards from being flagged for potential fraud and ensure uninterrupted access to your funds while you’re abroad. If you’re extra smart about this, you could utilize a rewards card that maximizes the mileage of your expenses during the trip. This isn’t necessarily one of the ways to save money, but more of spending it wisely and making it count.
3. Review Interest Rates
Always keep a close eye on the interest rates offered by your bank, both for savings accounts and loans. If you notice a significant difference between your current rates and what’s available, consider exploring your options with your current bank. But note that significant interest rate differences don’t necessarily mean better service and a BetterBanking experience. Usually, bigger interest rates have a more secure/ lock-in agreement attached.
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4. Close Unnecessary Old Accounts
Old, inactive accounts can generate fees and complicate your financial tracking. Review your accounts and close those that no longer serve a purpose, such as an un-upgraded junior savings account or an unused old payroll account. Consolidating your accounts simplifies your finances, saves on fees, and provides a clearer financial overview.
5. Open Accounts Based on Purpose and Goals
This is called the Storehouses Principle. Consider opening separate accounts (storehouses) for specific purposes, such as emergency funds, vacation savings, or investment allocation accounts, to better manage your finances per aspect. This strategy can help you stay organized, track progress, reevaluate your priorities, and work toward your financial goals. The Storehouses Principle ensures you’re taking a holistic approach to all your goals and not sacrificing one for the other.
6. Switch to the Best Product for You
Make it a habit to periodically evaluate your banking products to ensure they align with your financial goals and situation. There are plenty of ways to save money and having the best products is the first step. Be the first to know the promos and offers we have for you like newly improve interest rates, freebies, and privileges. Compare your current account, loan, or credit card with other available options in the market, and don’t hesitate to switch if you find a better fit. However, don’t forget to check the switching costs you’d incur and ensure the change is worth the cost and hassle.
Making the most of your banking experience requires ongoing attention and effort. By following these six tips, you can save money, avoid unnecessary fees, and ultimately, improve your financial well-being. That is what BetterBanking looks like.
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