This is a Sponsored Post written by me on behalf of StarveABanker, which is operated by Plastyc, the company behind iBankUP and UPsideCard. All opinions are 100% mine.
Managing money should be cheap right. In fact, to the inexperienced, you might even think it should be free. But unfortunately it is not.
The new law I discussed last month is making it so managing money is cheaper for those of us who struggle to manage it and pay the bills on time. Now that government regulation has made it a little easier for college students (and those under 21) to avoid losing money when as they manage it, it may seem that there is no room for saving money improvement. WRONG! There are still quite a few things you can do to trim the small increments of money you spend on managing it.
Some things involved with managing money will simply make it easier on you and you won’t even realize you’re saving money (or time!).
For example — direct deposits. Perhaps at a job they’ve given you this option. Personally at my first job they offered this and I turned it down. Dumb. I’m pretty sure I lost a paycheck in transit. Literally. Anyway, direct deposit means that your company will put your paycheck directly in your account and give you the stub instead of a check. No driving to the bank or going out of your way to deposit a check. Maybe not a direct money saving trick, but if your bank isn’t in a convenient location and you have to drive there, it will definitely save you some money over time.
One of the easiest ways to lose money while managing it is with ATM fees. Most banks will charge you $2 to withdraw money from a competitors ATM. So you belong to Bank of America, and you need cash right this second. Only ATM nearby is Chase. There’s two dollars you’ll never see again. Even worse? Those generic looking ATMs that charge more than $2. They look sketchy and take more money. No good. Look out for these this summer — they’re often spotted at places like the boardwalk or casinos where you need cash and don’t want to leave looking for it.
To avoid this you can either try to withdraw from your bank, or go to the grocery store with your debit card, buy a few things there, and then ask for cash back.
Another losing money tactic…
Here’s my unfortunate personal story: Last semester I didn’t realize I was short money in my checking account. My mom got a notice in the mail at home, but didn’t open it, and so I had no idea I was overdrawing. Long story short, let’s just say I racked up enough in overdraw fees to quickly turn to my next suggestion: online banking.
Checking your card balance on the computer or on your mobile web browser is a better alternative to checking on the phone. Maybe you don’t think about it, but tick tock go your allotted number of minutes. It’s just as easy (if not easier!) to check online!
Another great way to save money is by using iBankUp — which combines some of these money saving techniques. The Visa Prepaid card + money management portal includes free direct deposit and online checks. Plus you can reload money at retailers. And, they are superior to credit cards as they lack the big fees! It’s basically like a checking account in your wallet (wedged between your frequent coffee card and student I.D.) — easy huh?
There’s a great selection of different credit card designs available at iBankUp!
Small amounts of money add up quick, be mindful of saving it!