How To Look After Your Bank Account
It’s always a good idea to keep out of the red, but keeping your bank account from going overdrawn can often be a little frustrating and difficult. Here are some of our most reliable ways to help you keep track of your account especially if you’re playing it safe and don’t have an overdraft set up.
Set Up Online Banking
The first step is to get this done – the possibilities are endless with online banking with regards to managing your account. With most services you can check your balance, transfer money between accounts, make payments and set up direct debits. Also you can see your previous statements at any time which is unbelievably handy. Check it daily when you wake up.
Know Your Payments
Sometimes you feel tempted to splash out but you might also have an imminent bill such as broadband or council tax about to come out – if these are on direct debit and you don’t have enough they might not go through or put you overdrawn. Use your online banking to stay appraised of the approximate dates your bills come out, and keep track of them, to avoid this.
Take Care With Contactless
Contactless payments are super cool – you can just swipe the card on the scanner to pay for around 30 pounds worth of shopping. But did you know there’s a small delay period where the payment isn’t deducted and your statement isn’t updated after using contactless? It’ll look like no money has gone out for around four days, and this can often lead to accidental spending and going overdrawn. Take care.
Get Overdraft Text Alerts
Sometimes you go into the negative – even if you didn’t plan on it. The easiest thing you can do to avoid incurring charges for an unarranged overdraft is get your bank to text you if your account goes below a certain amount or goes overdrawn. If you replenish the funds and go back into a positive amount of money some time in the morning you won’t get charges.
Always Have A Plan B
Of course, no amount of preparation can save you from the pitfalls of life – you will sometimes be left in sticky situations with your bank account, so the best thing to do is open a saver account and transfer a small amount into it for these situations, or just use it to save for your electricity bill. Online banking means your small emergency funds will be easy to access.