What Old school Personal finance tricks?
A penny saved is a penny earned. The following are some ways to bring back the old-fashioned money management techniques into your financial curriculum. It is not recommended to stash all your hard earned cash under your bed.
Adopt the below mentioned tactics for financial management:
1.Re crown cash- you might be awarded incentives to use the credit and debit cards and cash might be second on your mind. If you are mindlessly spending money over shopping using your credit card and receive a shock at the end of the month when you get the bill. Therefore, it is time you switch from the credit or debit card to cash if you want to save money and exert some control over the shopping spree. Withdraw cash once every week from a no-fee ATM, which you can spend on everything from luxury items in check. Plan your budget and pay cash for buying things that are expensive.
2.Save your change in a jar- you can keep the change that you have saved in a jar and save it. Bank of America offers its customers the chance to keep the change. When a customer purchases something using a debit card, Bank of America will round up to the nearest dollar and deposit the difference in your savings account. The catch is Bank Of America will charge a $12 monthly maintenance fee for customers who do not use the direct deposit. The old school technique, save your change in a jar.
3.Know your local banking staff- previously people knew their bankers by name and other details. These days most of us do online banking and have reduced going in and out of the bank and the personal connection is lost with the email alerts and social media posts can never replace. There are benefits to know your local banking staff, maintain a rapport with them so that your charge disputes are easily resolved and you can get info on the tailored products.
4.Local banking- in early days before people used to use the international bank, people had their financial need met through corner savings and loans. If the big banks have lost their appeal, then look for small, local banks ones that are publicly traded which are non-profit. The difference between the international banks and these publicly traded ones is that they do not have to appease the shareholders an they can focus on its customers first. Local bank focus on personal services, ownership and reinvestment in the community. Credit unions provide financial advice to their members, offer low rates than the traditional large banking models.
Follow these simple 4 old school personal finance tips to help you save money and keep up your financial health.