The World According to Me

So now you know where you are and where you want to go. The tough part is mapping out the route you are going to take to get from one to the other. Like many maps you have choices to make about the path you will take. There is almost never only one way to get there.

Choice 1: Where can you cut spending? Bank Fees.

The first place to start is bank charges. Many accounts charge fees for every transaction. Look at your bank fee history and then talk to your bank about how you can lower your charges. Remember when you are talking to the bank that it is like any other store you go in. If they don’t have the product you want you do not have to buy it. There are many banking options out there and it pays to take the time to ask questions about what a bank can do for you. If you can’t get what you want from your current bank, look for a new one. You wouldn’t settle for ill fitting, ugly shoes, so don’t settle for high bank charges either. Do you have charges for insufficient funds and transaction charges on your accounts? Talk to your bank about lowering your bank charges by having unlimited transaction fees or overdraft protection on your account. The other charges to be aware of are the fees charged for using a bank machine to take out cash. Either take out larger amounts less often or switch to a bank that has no charges for those transactions.

If you are a couple who is maintaining separate accounts, ask yourselves if it is affecting your ability to manage your money effectively. If you are incurring charges because you have to transfer incoming money from your individual accounts to a joint account, it may be time to change the way your money is managed. Have all income come into a joint account to minimize the chances of there not being money to cover the bills. If you cannot give up your individual accounts, pay yourselves from the joint account instead of the other way around.

Look at what you are being charged on your credit cards. Talk to the credit card companies about lowering your interest rate. If they refuse, it may be time to consider doing a balance transfer to lower your interest charges. Credit card debt is one of the worst to have in terms of high interest charges.