Despite advances in the financial services industry, managing money today isn't easy. New services and technologies like payment-to-payment systems are being developed on a regular basis, but they aren't replacing old ones like cash checking services. With an excess of money management tools to choose from, it can be difficult for consumers to know which will make their lives easiest while being the most cost effective.
In fact, many people today are managing their money in ways that are unnecessarily costing them. Recent research from TD Bank found that nearly one-quarter of Americans with a bank account have used alternative banking products such as check cashing services (12 percent), money transfer agents (11 percent) and payday loans (4 percent). When they were asked why they used these products, 16 percent said they did not have a particular reason.
Making decisions like this could add needless cost to your monthly budget. Here are some ways consumers can ensure they're banking properly and not throwing their money away:
Have conversations with your banker
It's your banker's job to stay on top of all of the latest money management tools. So if you're ever unsure whether or not you're properly managing your money, call or stop by your local store to sort it out. This is especially important if you are paying for services such as payday loans. Your bank could offer a similar service at a less expensive rate - and merging the two services under one roof could be more convenient for you. Consider scheduling regular check-ins with your banker throughout the year. That way, you won't miss out on any new tools or services - or, any relationship benefits you might qualify for if you use more than one product or service at your bank.
Stay on top of new technologies
Any type of new technology can be intimidating, especially when using it requires you to share access to your finances and personal information. That being said, embrace the great technological developments in banking and money management, because they allow you to manage your money anywhere, anytime. Many banks offer remote deposit capture for checks, which not only saves you the time it takes to visit your bank location, but also the cost of getting there. To ensure you're being safe, thoroughly research a technology before using it - and if you still have questions, speak to your banker.
At major milestones, reevaluate
The technologies and services you're currently using to manage your money could make the most sense for you right now, but one pivotal moment in your life could change that. Major milestones such as graduating from college and getting married can completely and rapidly change your financial situation, and few people evaluate their banking services in those moments. Doing so could offer you significant cost savings. For example, some banks offer rate discounts to customers who link a checking account with a mortgage. So when you approach big life changes, be sure to check in with your bank to see what they can offer you.
Consider reloadable prepaid cards
According to the TD Bank research, only 13 percent of Americans take advantage of reloadable prepaid cards. This relatively new product category offers many of the benefits of checking accounts, such as the ability to receive a paycheck through direct deposit and to make purchases online. But it also has additional benefits, such as protecting users from overdraft fees. Plus, prepaid cards can serve as an introduction to banking for the "unbanked" population that currently depends on alternative financial service providers. The cards aren't a fit for everyone, but they could offer you significant benefits.
These four tips are designed to not only help you find ways to save money, but to make the process of managing your money more convenient. Getting savvy about the financial tools and services available to you is as smart as staying hip to the latest advances in smartphones and tablets. It will help you manage your finances as seamlessly and cost efficiently as possible.
29 Ways You Waste Cash
29. Impulse Buys(01 of29)
Open Image ModalWho doesn't know that impulse purchases are a bad idea? I've even realized it was a bad idea as I was doing it. So here are three quick tips: 1. Make a shopping list. Take it with you and stick to it. 2. Eat beforehand. An empty stomach can doom the most prepared shopper, especially at the supermarket. 3. Shop alone. Bringing children (or a significant other who acts like a child) is a sure way to fill your cart with impulse buys. (credit:<a href="http://www.flickr.com/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="94" data-vars-position-in-unit="95">Flickr:</a><a href="http://www.flickr.com/people/lrargerich/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" lrargerich" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/lrargerich/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="95" data-vars-position-in-unit="96"> lrargerich</a>)
28. Buying Online Without Comparison Shopping(02 of29)
Open Image ModalWhen you shop online, there are hundreds of sites competing for your business. Buy those shoes at the first site you go to and you may be wasting money. Compare the purchase and shipping price at three or more sites before you buy anything. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="92" data-vars-position-in-unit="93">Flickr:</a><a href="http://www.flickr.com/people/theogeo/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" theogeo" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/theogeo/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="93" data-vars-position-in-unit="94"> theogeo</a>)
27. Paying For Protection You Don't Need(03 of29)
Open Image Modal26. Being Disorganized(04 of29)
Open Image ModalBeing disorganized about your finances leads to costly late payment fees and overdraft charges. You can easily rack up hundreds in fees. For example, even a single $25 late fee per month will cost $300 extra a year. Set up bill reminders and keep your checkbook balanced. (credit:<a href="http://www.flickr.com/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="87" data-vars-position-in-unit="88">Flickr:</a><a href="http://www.flickr.com/people/alismith44/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" aliwest44" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/alismith44/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="88" data-vars-position-in-unit="89"> aliwest44</a>)
25. Expensive Cell Phone Plans(05 of29)
Open Image Modal24. Not Using Coupons(06 of29)
Open Image Modal23. Oil Changes(07 of29)
Open Image ModalCars don't need oil changes as frequently as they used to. If you're getting your oil changed every 3,000 miles, you're probably doing it too often (and wasting money). Follow the recommended mileage in your owner's manual. (credit:<a href="http://www.flickr.com/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="76" data-vars-position-in-unit="77">Flickr:</a><a href="http://www.flickr.com/people/rstinnett/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" robertstinnett" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/rstinnett/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="77" data-vars-position-in-unit="78"> robertstinnett</a>)
22. Premium Fuel(08 of29)
Open Image Modal21. Not Taking Advantage Of A 401(K) Company Match(09 of29)
Open Image ModalMany companies will match an employee's 401(k) contribution up to a certain percent. If you're not contributing enough to meet the maximum match, you're losing out on free money. Ask your HR department for information on your company match. (credit:<a href="http://www.flickr.com/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="71" data-vars-position-in-unit="72">Flickr:</a><a href="http://www.flickr.com/people/urban_data/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" urban_data" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/urban_data/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="72" data-vars-position-in-unit="73"> urban_data</a>)
20. Bill Pay Convenience Fees(10 of29)
Open Image ModalSome online or over-the-phone bill payment services come with fees. For example, my electric company charges $2.95 to pay online through their website. Instead, I use free bill pay through my bank. I still get to pay online, but I skip the fee and save $35.40 a year. (credit:<a href="http://www.flickr.com/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="69" data-vars-position-in-unit="70">Flickr:</a><a href="http://www.flickr.com/people/kalleboo/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" kalleboo" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/kalleboo/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="70" data-vars-position-in-unit="71"> kalleboo</a>)
19. Hotel Fees(11 of29)
Open Image Modal18. Paying For Services You Don't Use(12 of29)
Open Image ModalAutomatic withdrawals make us lazy with our money. If you're paying for something each month - like a gym membership, magazine subscription, or streaming service - make sure you use it, or those charges will add up to wasted cash. For example, here are mine:
1. Gym membership - $29.99 per month
2. Netflix subscription - $9.99 per month
3. Popular Mechanics subscription - $1 per month
That's more than $40 a month. I make sure I get my money's worth out of them. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="64" data-vars-position-in-unit="65">Flickr:</a><a href="http://www.flickr.com/people/asiaticleague/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" Asiatic League" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/asiaticleague/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="65" data-vars-position-in-unit="66"> Asiatic League</a>)
17. Ignoring Your Insurance(13 of29)
Open Image ModalBecoming complacent about your insurance can cost you money. Stacy recommends shopping around for new insurance once a year - because when premiums drop or new, cheaper policies are available, no one's going to tell you if you don't ask. Check out our insurance comparison tool to shop for a better rate. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="62" data-vars-position-in-unit="63">Flickr:</a><a href="http://www.flickr.com/people/comedynose/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" comedy_nose" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/comedynose/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="63" data-vars-position-in-unit="64"> comedy_nose</a>)
16. Wasting Utilities(14 of29)
Open Image ModalGrowing up, I got several lectures on leaving the lights on or keeping the front door open and "air conditioning the entire neighborhood." I didn't care too much then because I didn't pay the bill, but now I'm strict with my electricity usage. The result: My summer utility bills rarely top $100. If you've got lights on in a room you're not sitting in, you're wasting money. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="60" data-vars-position-in-unit="61">Flickr:</a><a href="http://www.flickr.com/people/emdot/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" emdot" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/emdot/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="61" data-vars-position-in-unit="62"> emdot</a>)
15. Dining Out(15 of29)
Open Image Modal14. Morning Lattes(16 of29)
Open Image ModalIn my area, a Grande Caramel Macchiato costs $4.55. Buy one every weekday and you'll spend $22.75 a week, $91 a month, and $1,092 a year. By comparison, a 16 ounce bag of coffee costs me $5.99 and I can make about 82 cups per bag. That is 7 cents per cup, a savings of $4.48 a day. Make your coffee at home and skip the fancy coffee-house drinks. (credit:<a href="http://www.flickr.com/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="55" data-vars-position-in-unit="56">Flickr:</a><a href="http://www.flickr.com/people/kansirnet/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" Kansir" data-vars-item-type="text" data-vars-unit-name="5b9e6e0ce4b03a1dcc9798b3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/kansirnet/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="56" data-vars-position-in-unit="57"> Kansir</a>)
13. Buying Software(17 of29)
Open Image Modal12. Long-Distance Calls(18 of29)
Open Image Modal11. Baggage On Airlines(19 of29)
Open Image Modal10. Full-Priced College Degrees(20 of29)
Open Image Modal9. Credit Reports(21 of29)
Open Image Modal8. Buying Books(22 of29)
Open Image Modal7. Brand Names(23 of29)
Open Image Modal6. 411 Calls(24 of29)
Open Image Modal5. ATM Fees(25 of29)
Open Image Modal4. Credit Card Interest(26 of29)
Open Image Modal3. Bottled Water(27 of29)
Open Image Modal2. Checking Accounts(28 of29)
Open Image Modal1. Cable TV(29 of29)
Open Image Modal