6 Little Money Mistakes That Could Be Costing You Every Month (Fix Them and Save)

December 23, 2019
Article by Conscious Life News

2. Not bundling all of your insurance. 

If you buy insurance policies for your car and your home separately, you could be paying more than necessary. But if you bundle, you’ll probably save money.

According to Angela Testa, a State Farm representative, for each insurance policy that you buy bundled, discounts generally range from 10 percent to 20 percent, depending on where you live. According to data compiled by insuranceQuotes.com, if you live in Louisiana, for example, you could save an average of 19.68 percent off your total auto insurance and home insurance premiums by bundling. That amounts to an average of $584 per year in premiums paid in that state.

3. Overlooking checking account fees. 

Some financial institutions charge service fees typically ranging from $5 to $15 per month for checking accounts. That’s a fee some customers overlook when opening an account.

Many banks will waive these fees, however, if you meet certain requirements, such as setting up a direct deposit account, opening a second account, or completing a certain number of transactions each month.

A Bank of America Core Checking Account, as it is known, levies a $12 monthly fee but will waive it if you make a direct deposit of $250 or more, maintain a minimum daily balance of $1,500 or more, or are a student under the age of 23.

Check with your bank to see whether you’re paying a checking account fee. If you are, find out whether there are ways to have it waived—or whether the bank has a different no-fee checking account that meets your needs and can help you save money.

“If neither pans out, switch to another bank that does,” says Greg McBride, a chief financial analyst at Bankrate.com.

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