5 Bank Fees That Are Draining Your Savings
- Monthly maintenance fees
- Minimum balance fees
- ATM fees
Your financial goal. It’s right there in front of you, but sometimes it feels like you’re not making progress. Maybe you’ve tried budgeting, following your friend’s financial advice, or even playing the lottery, but didn’t get any closer.
Here is a simple three-step solution to budgeting like a champion:
Making a budget, even a simple budget, requires focus. So first, pick a day and schedule some time to concentrate on the task at hand.
Next, make a plan, keeping the 50/30/20 rule in mind. 50% of your income should address your needs (such as housing, utilities, and transportation), 30% should cover your wants (like entertainment, dining, shopping, and so on), and 20% should address your financial priorities, such as building your savings and paying off debt.
Finally, automate. Set up automatic bill pay and automatic transfers to make it easier to stick to your plan for your monthly expenses and savings contributions. Remember, anytime you automate payments you should monitor your accounts regularly to ensure your plan is performing as expected. Once this is in motion, you can start seeing the progress you’re making towards your goal.
So remember, reaching your financial goals doesn’t have to be hard – pick a day, make a plan, automate, and you’ll cross the finish line before you know it.
Procrastinating on social media much? Turn a mindless habit into a money-saving routine.Read Article
You earned it.
Now earn more with it.
Online savings with no minimum balance.Start Saving
Discover Bank, Member FDIC
If you're unsure where your money goes each month, learn how to use this banking tool.Read Article
With some creativity and help from friends, it's easy to plan a baby shower on a budget that's right for you.Read Article
Summer excitement have you overspending? Follow these tips to be budget-ready for fall.Read Article
No matter your age, there are steps to take to ensure retirement bliss is in your future.Read Article