Your Bank Accounts 6 Ways to Spring Clean
RUTH SARREAL
Spring cleaning isn’t just for your closets or attic. It can apply to your finances, too. Taking the time to do a deep clean of your spending and deposits can help ensure you’re using minimal effort throughout the year to meet your saving and budgeting goals. Here are a few steps to take when you’re ready to spring clean your bank accounts. REVIEW ACCOUNT TRANSACTIONS FROM YOUR BANK Look through your statements from the past few months for any penalties or charges that have been assessed by your bank. While some banks and credit unions have eliminated overdraft fees, yours might still be charging them. Some banks also charge an inactivity fee if you haven’t used your account in a while. Or your account might charge a monthly service fee. If you’ve been charged an overdraft recently, try asking for a refund and consider what you can do to avoid those fees next time. Find an account that doesn’t penalize overdrawing your funds or charge any monthly or other fees. There are plenty of FDIC-insured banks that offer competitive accounts with no fees and no minimum requirements. HIT ‘UNSUBSCRIBE’ Scanning your bank account can be an effective way to see your subscription payments in one place. The cost of your subscription services can be much higher than you estimate. A survey done by market research firm C+R in 2022 of 1,000 consumers found that consumers, on average, estimated their subscription spending to be $86 per month. Their actual average monthly spending on subscription services was $219. So it’s a good idea to audit your subscription charges. “One of the things I recommend that people do when it comes to subscriptions is to make sure you’re at the right level,” says Mical Jeanlys-White, CEO and founder of WealthMore, a firm that aims to provide accessible and affordable financial advisors for investment and financial planning services. She says to consider whether you need the subscription, and if you do, to see whether a cheaper plan might be enough. “Are you keeping a premium level where you may just need the basic?” she asks. 1 2
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