How to bank smarter every day

As the summer comes to a close, and the pace of work and family life picks up, finding the time to stay on to of your daily finances like bills and statements can be quite challenging.

Here are some simple but effective things you can do to help you better manage your day-to-day banking and save your money:

– Make sure you are in the right bank account

Accounts are tailored for different needs, so make sure you are in one that gives you the right features and services for your type and frequency of use.

– Consider maintaining the minimum monthly balance in your bank account

This may make sense for you and may allow you to avoid a monthly fee.

– Bank and pay your bills online, and automatically

Save time and money on stamps and envelopes by using online banking. Online banking allows you to review your spending history quickly and easily. It is more convenient, and environmentally friendly.

Schedule the payment(s) so the money is withdrawn from your account just in time to make the due date, so you’re not giving away your money before it is necessary. Keep in mind that transactions can take up to three business days to process.

Consider setting up pre-authorized debits to pay your credit card and other bill balances each month so that you can be sure to never miss a payment. This can save you money on late fees and interest and help maintain your credit rating.

Your day-to-day bank account should include features and services that make it easier for you to pay your bills on time, keep your finances organized and avoid any additional fees. Make sure you are getting the most out of it.

By Raymond Chun

Raymond Chun works for TD Canada Trust and has 19 years experience in financial services.