Friday, May 3rd, 2019
Whether it's for paycheque deposits, bill payments or e-transfers, everyday life calls for a chequing account.
Since you're going to have one, the next question to ask is: How can you make the most of your chequing account?
Here are three main tips to mastering your chequing account:
Are you currently being charged a monthly fee for your chequing account? Sometimes there's no fee as long as you don't go over a set number of transactions each month. It's something that's easy to ignore. And even if it's not a noticeable sum of money, why pay fees if you don't have to?
You can also find a way to reduce your chequing fees.
Ultimately, you want to get your fees way down or completely eliminated, but not to the point where you're worried about every transaction. It's about peace of mind.
It may come as a surprise, since banking fees can cost a shiny penny, but people often have several chequing accounts. There are good reasons for having more than one, such as having a separate business account, but if possible, you could try to consolidate your chequing accounts into a primary one to simplify your everyday banking.
This will help you track all your incoming money from paydays, freelance work, Grandma's birthday gifts, etc. It will also help you track all your outgoing payments. Seeing your cash flow in and out will help you budget and keep on top of bill payments.
Whatever you're saving for, you deserve to get the best return on your money. Because chequing accounts hold your most liquid money, interest rates are typically very low, if they pay interest at all.
Consider using your chequing account to start an automatic savings program, directing a preset amount of money every month into a separate high-interest savings account.
Look at a chequing account as if it's a transit stop for your money. From it, you begin dispersing accordingly. Don't think of it as a permanent stop: it's a place for your hard-earned money to gather, then go out and work hard for you!