Everyone wants to save more of their hard-earned money. Apps, spreadsheets and other budgeting tools are all common ways to track personal expenses and promote savings. However, many people don’t realize that banks can be useful tools in helping them achieve financial stability.
Below, Wallkill Valley Federal Savings & Loan shared their advice on how to make your bank a partner in saving.
Fees do happen, but there are several ways to avoid some common occurrences:
- Avoid ATM fees by using debit cards or withdrawing cash at a branch location ATM.
- Keep a cushion in your account to avoid non-sufficient funds and uncollected funds fees.
- Be sure to factor in time for your deposits to clear.
- Open a free checking account.
Stay on top of your balance
A minimum balance requirement means that if you drop below the required amount in your account during the month, a fee will be charged. Downloading mobile banking apps can help you be aware of your account balance, and adjust spending accordingly.
This is a great way to foster good savings habits. The truth is, it’s hard to miss money you don’t see. By utilizing direct deposit services, allocating a specific portion of a paycheck to a savings account is an easy way to save.
Choosing a bank that values relationships and is willing to help you be more fiscally responsible is invaluable. In many instances, local banks such as Wallkill Valley Federal Savings & Loan tend to be more community-minded, and are willing to invest time into their customers.
To learn more about the community-focused approach to banking at Wallkill Valley Federal Savings & Loan, visit their website or stop by any one of their eight branches across the region.