Money comes and money goes, that’s the cycle of commerce. Learning the rules and keeping in mind different nuances of how your money flows will not only keep you ahead of the curve but also save you from being the friend with “money problems”. Check out these 6 tips and tricks to making your money flow better:
Get Your Bank App
In 2018, every bank offers an app version of their online banking services. I suggest using your bank app to have readily available access to your funds, transactions, and balances. If you want to cash a check, request documents, or even send someone money, your app can do it all right from the palm of your hand.
Check Your Accounts Consistently
From my survey, I’m pretty astonished at how so many people only check their bank statements once a month, and better yet they only scan the first page at that. I cannot stress enough how important it is to check your account at least once a day. It doesn’t matter how much or how little you actually have in there.
What is important is that
you’re staying on top of transactions on your account. Too many times, I have had to call out companies and even my bank for charging small fees, or even unauthorized transactions on my accounts. A simple call to the bank will fix it or give clarification of the charge immediately.
Never Save Your Card on File
Yes, I know it’s convenient and a time-saver, however saving your card on file can lead to craziness in the end. From unauthorized transactions by whoever has your Amazon Prime login to the AKIRA spending binge, you found yourself in last week, saving your card on file is just the fastest way for your money to come out. If you’re trying to save money, make sure to only use the “save card on file” option for bills. Trust.
Set A Threshold on Your Accounts
Many credit cards have this feature, but what many don’t utilize enough if the threshold for their debit card accounts as well. I recommend setting a realistic amount that your money won’t go below. So, if you set a
threshold for $500, you can spend as much in your account as you like until it gets down to $500. Once you get to that amount, your debit card will no longer work unless you call in or visit your bank to remove the threshold. If you want to stick to your guns and make sure you’re staying in the positive, this option is best.
Take Note of Cut-Off Times, Time Zones and Holidays
When depositing, sending money, or even cashing out, it’s helpful to take into account certain cut-off times. When depositing, most cut-off times are 5 or 6 P.M. This means when you deposit a check through mobile, for instance, most banks will give you the first $100 the same day and the remainder will be reflected the next day.
However, that is only if it was deposited before 5 or 6 P.M. in the time zone of your bank. If you miss that cut-off time, you won’t see your money until 2 days later versus just one. Time zones are very important as well. If you plan on calling or even depositing a check, pay attention to the time zones indicated on your bank’s website or app.
Holidays are even more crucial. That deposit or payment you thought you were about to get the day before President’s Day didn’t come in? There’s a reason why you don’t
see your funds. Many, if not all, banks observe national holidays and will not deposit your funds into your account until the next day if it falls on a holiday.
Let Your Bank Know Your Travel Plans
Your bank should honestly be your best friend. Tell them everything! They have your money for heaven sakes! Yes, even if you’re just going to the next state over, keeping your bank in the loop will save you a headache later. Everyone’s account has some sort of fraud surveillance and protection over it.
If your bank sees any inconsistent or odd transactions out of state, they’re going to be the first ones on top of it. Unfortunately, their iSpy tactics usually result in your card getting shut down and all your transactions getting declined. Take extra precaution and just let them know in advance about your whereabouts and sketchy plans. We will, but they won’t judge you!
Tia Muhammad, BS, is an award-winning freelance content & media creative, copywriter, blogger, digital designer, and marketing consultant. She owns the boutique content and digital media company, jackieGLDN|studio.
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