holes in bucket
finances money spending

5 Ways Plug Up Those Damn Money Holes!

Earlier this week, I shared a story about going into one of my banks to close an account.  As I prepared to step to the window, I grabbed my identification out of my purse. Once there, I handed it to the representative and stated I wanted to close my two accounts and get a cashier’s check for the amount.

After taking my ID, he went away to the back and did whatever they do and came back to the window to inform me that he would be happy to assist me with my request.  And with a straight face stated, “there will be an withdrawal fee of $25“.    You know those cartoon characters that shake their heads and their eyeballs jump out bouncing side to side…that was me.    After the shock, I politely told him that I would not be paying the bank today for taking my money out and closing the account.  I reminded him that the bank has had the pleasure of using my money for whatever investment purposes they deemed necessary for their own interest while only paying me a meager percentage of that privilege.  Then, I proceeded to direct him to get a manager to waive the charge.  He did.

All’s well, that ends well!

When my transaction was complete, I left and as I was driving off, I had a thought ~ “these damn fees are like holes in a bucket. You think you’re filling the bucket up and all the water is running out!

It’s time to plug up those damn money holes, folks!  Hidden fees, open fees, late fees – all kinds of fees tap into your HARD EARNED money while you passively let the fee-mongers have at it.

Here are some fees that you can eliminate altogether just by changing your money game strategy:

  1. Bank Debit Card Withdrawal Fees – When using your bank debit card at an ATM that is not affiliated with your bank, you will be charged a huge fee, sometimes up to $3 per transaction.  Simply, pull the cash out of your bank and use it instead.  When you finish spending the cash, the spending ends.
  2. Late Fees – Whenever you pay anything late, you will inevitably be charged a fee.  Sit down and create a strategy for paying your bills early or on the due date.  Use your banks automatic deduction feature so you don’t have to worry about it.
  3. Overdraft Fees – This can be tricky!  If you happen to get paid on Friday, your check may be deposited directly into your account.  However, some banks do not post the amount until the following business day, which is Monday.  While you go about your weekend spending what you think is available, the bank is charging you overdraft fees because “technically” the money hasn’t been released.  Now, note, there have been some changes in this process and most banks will release the funds immediately with direct deposit.  But, before you get card happy, call the bank or go online to make sure there are AVAILABLE funds to your account.  Then, you can spend with peace of mind>
  4. Loadable Debit Card Fees – These cards should be banned! In my opinion these cards keep people in a repetitive cycle of debt.  You can’t win with these cards.  You are charged a fee for loading money onto them; you are charged a fee when using the card at an ATM; you are charged a fee when you want to withdraw cash from the card.  How is this card a good thing?  Especially, when it has ZERO impact on your credit worthiness.  Get rid of it!
  5. Interest Rate Fees – I learned a simple rule from YT sensation, Jasphreet Singh, “If you can’t afford to buy 5 of them (cash), then you can’t afford to buy one!”  So, in essence, don’t use the credit card to buy one of anything, if you cannot afford to buy 5 with cash.  The credit card interest rate should be considered a fee, because everytime you carry a balance on that card, you are paying the card company the lion’s share of your payment each month.  It takes you longer to pay off that one-time “had to have” item, and you end up paying at least twice the amount in interest alone when you done.

These simple behavior modifications in your spending habits will change your money game.

Now, go plug up those damn money holes!

To Your Remarkable Life & Legacy…

Kim Harris

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