By Beth Braverman | CNN Business
With inflation pushing the price of just about everything higher, it’s more important than ever to keep track of how you’re spending your money.
1. Bank fees
Whether you’re paying fees for withdrawing money from an out-of-network ATM or paying monthly service fees for simply having a checking account, small fees can add up to a significant amount of wasted money over time. The average monthly fee for non-interest checking accounts (excluding free checking accounts) last year was just over $5, according to a Bankrate survey, while the fee for interest-bearing checking accounts was more than $16 for those who didn’t meet the requirements to waive the fee.
Cut the waste: Change banks. Nearly half of checking accounts don’t have monthly maintenance fees at all, according to Bankrate. The cost of monthly fees, if you’re unable to avoid them with your current bank, likely outweighs any interest you’re getting paid on that account.