Did you know that the average person spends between $200-400 a year in bank fees? I don’t have a scientific study to tell me this, just the experience of working with my money coaching clients.
Stop giving the banks your money! Think about it. How much do you pay a month to use that lovely little plastic debit card? For most people it is $5-$30 a month!
If we take the average $15 account x 12 months in a year that adds up to $200 a year, that is $1000 over 5 years!
Now don’t forget about any overdraft fees, interact transfers, cheques and even bank statements! On average my clients have been spending between $60-400 in bank fees and interest payments every month. Now you wouldn’t just walk down the street and give someone $50 a month yet people don’t even seem to question the bank fees.
Want to know what I pay for bank fees?
The most I have paid for bank fees in the last year is $5 and that was only because I sent 5 e-transfers in a month.
How do I do that you ask? I have one account that is completely free and then my other bank offers your fees waived if you balance stays over a certain amount every month. Keeping my account at a minimum balance so that the fees are waived. I had someone ask me once, why don’t you put it in a savings account and make money on it? Because interest on a savings account ranges between .6 to 1.8% even at the highest savings account interest rate I would only make $54 on $3000 in a year.
$54 in interest in year or save $200 in fees, $200 sounds better to me!
This week I challenge you to figure out what you are actually spending in a year on bank fees. Clean up your paperwork. The clutter can actually be affecting your cash flow!
If you are ready to make a change to your money world, contact me.