Your money is your money, and you thought that the bank account was going to help you save money right? Not always, but if you make yourself more aware of what type of bank accounts are out there you can avoid some types of bank fees and keep your money longer.

Bank fees are charges on the accounts for certain things that you do with your money while it is in that account. Service charges are fees on a bank account just for having an account. Isn’t that nice of them?

A service fee could be a monthly or a yearly fee. Some accounts have transaction fees if you write more than 10 checks a month, or if you do not keep a monthly balance in your account. Service charges can run from $1.00 to $10.00 or even more. Know what your bank service charges are and what the transaction limits are on your accounts.

The Bank Taking Money Directly from Your Account

You might think you have $20 left in your account but banks fees have taken more than half of that money and now you have less, which can lead you to a checking account that is going to bounce a check. Service charges and transaction fees can be taken out of your account as they are incurred without notifying you every time.

Some types of bank fees include overdraft fees, ATM fees, and transaction fees. While these can range from $5.00 to $50.00 it can also lead to more problems with your checking account as you do not have as much money as you thought you did at all. Bank fees are legal and they are stated in the papers that you are given when opening any account. Services fees on accounts at the bank are all about how the bank is going to make money.

Using ATM Cards

If you are using your ATM card, your debit card, at a bank that is not your own, you are most often charged some type of fees by the bank. While you could go right down the street to your own bank, you went to another bank, and now the bank fees are going to be taken out of your account the same time your money is going to reach your hand. Transaction fees and ATM fees are similar. These are not hidden charges because when using your ATM card, the screen is going to ask you if you accept the fees for using your debit card at the bank that is not your own.

Bounced Check Fees and Charges

If you have an overdraft protection on your account, this is going to be a service that the bank provides to honor checks even when you do not have the money in your account. While your check is still going to be “good” and the money will pass through your account, you will still be charged a bank fee, an overdraft fee.

Wire transfers, sending money electronically and sending money anywhere by use of electronic means can often add up the bank fees as well. Know what the fees are and ask the bank if you must. Refer back to the papers given to you on the account when you opened the account. If you are not aware of how much the bank is going to take for a type of transaction it can come back to hurt you as you will have less money than you originally thought in your bank account.

A material world indeed we live in. Rising levels of disposable income are not the only mark of our culture of consumption. It is also marked by rising levels of disposable income and a decline in personal saving by our rising consumer debts. An increased debt on the personal level is cause to worry even though economists say that consumer spending keeps the economy alive.

From 1985 to 2005 it was reported by the Federal Reserve Bank of Cleveland that there was a decline of approximately ten percent in personal savings in the U.S. At the same time the debt-to-income ratio nearly doubled. The household debt in Canada has also risen to twice the rate of the disposable income.

While we seem to think overspending is normal it is not wise. It can be disastrous. Recognize common financial mistakes and avoid them:

Unneeded Spending

A dollar at a time is how fortunes are lost. When you get that double iced mochaccino or go the movies or order something online you may not think it is a big deal but everything adds up. You spend $1300 a year with only $25 per week spent on dining out. Your mortgage or car payment could have been made with that.

Indefinite Payments

Cable television subscription radio and cell phones have continuous payments that leave you with nothing. Do you really need to keep paying for them?

Charging

It is now standard to live off borrowed money. Gasoline and groceries is just a couple of the things that will be gone before the bill is paid but people are willing to pay double-digit interest on them. The price of things charged to credit cards increases due to the interest charged for them.

New Cars

Few people can afford to pay cash for a car, but millions of them are still sold each year. Even if you can make the payments if you cannot pay cash for a new car you cannot afford one. You pay interest on depreciating assets when you borrowing money on cars. The cars value and what was paid for it become a wide gap now.

While the factory warranty is usually for ten years or 100,000 miles most people still trade cars every few years.

How Much Car Do You Need?

Most of us have to have a car. How many of us actually need an SUV? SUV’s are not only costly to buy, but to insure and gas up as well is a small fortune. Is an oversized engine worth it when you don’t have to tow a boat or trailer? If you don’t make a living with your SUV it isn’t worth the extra cost. Consider buying a car that uses less gas and is cheaper to insure and maintain when you get it.

Too Much House

When you buy a house, smaller may be better. A six thousand square foot homer is usually more than you need unless you have a huge family. Your monthly budget will decrease largely because of the taxes and upkeep of such a large house. Not to mention the utility bills.

Don’t Refinance

Your castle is your home. You give your house away when you refinance it. Thousands are spent on interest and fees. You shouldn’t be paying for eternity but building equity

Living Week to Week

You need everything you make when you overspend. This is a bad position. It could be a disaster if you miss a paycheck. It’s a matter of spending less not making more. The choice of saving should be a priority.

The Great Depression is the last time the U.S. household savings rate was at levels it is. That wasn’t even one percent in 2007. The savings rate in European countries is ten percent or more while in Asia it is about thirty percent.

Can You Really Afford a Purchase?

Small expenses add up. Begin keeping track of them to avoid the dangers of overspending. Larger expenses are next. Remember being able to make payments and being able to afford something are different. Before adding new debts consider them carefully and make saving a top priority.