Did you know that the average overdraft fee at major banks is $35?
On top of that, some banks charge monthly maintenance fees, ATM fees, and other types of fees. In total, Americans paid a whopping $34 billion dollars in overdraft fees alone as of 2017. Yikes.
Now, we know you may need a bank account to park your hard-earned dough. But, you probably don’t want your bank account to keep a portion of your cash in fees. Right?
To put things in perspective, here are seven things you can buy when you save money on bank fees.
1. Your latte
“Ditch the latte!” is a common piece of advice in the personal finance world. While it makes sense to cut back where you can, giving up your precious latte won’t provide the wins you need with your finances.
Focusing on lowering your major costs like rent, food and transportation can be much more fruitful.
And, just think: If you save money on bank fees, you can buy your latte, guilt-free.
2. Date night at the movies
Going to the movies isn’t exactly cheap these days. But when you save money on fees, you may be able to handily afford a date for two at the movies.
3. Term life insurance
Bank fees can slowly chip away at the money you earn. But, what if you used money saved from not paying bank fees to help your financial situation?
In fact, maybe you can afford term life insurance.
Term life insurance is fairly affordable when you’re young. For example, online life insurance company Bestow offers term life insurance starting at eight dollars per month and up.
With term life insurance, you choose a policy amount and term length. For example, you can get a 20-year term with a million-dollar policy. This means that if something were to happen to you during that time, the policy would pay out up to one million dollars to your beneficiaries.
4. Renter’s insurance
If you can save money on bank fees, perhaps you should consider getting renter’s insurance.
Renter’s insurance can protect you and your belongings for a pretty low monthly cost. For example, I spend $13 per month on my policy.
This type of insurance covers your belongings in the event of theft or other types of damage. Additionally, if your items get stolen while you’re outside of your apartment, you may still be covered.
For example, if you’re at a coffee shop and your laptop gets stolen, you can make a claim with your insurance company and you may get money back for that stolen item.
5. An upgrade
Have you ever booked a flight and wished you could have afforded that extra legroom seat for an extra $35?
Well, think about it this way: With the money you could be saving on fees, you may be able to swing that upgrade.
6. Concert tickets
There’s nothing like live music. But let’s face it, concert tickets add up fast.
Yet, if you switch to a bank account with no hidden fees, you may be able to splurge on concert tickets in your area. Better yet, you can check out deals on Goldstar.com or Groupon.com to see if you can get two tickets for the price of one!
7. Something meaningful
Is there something you’ve had your eye on? Something that means something to you yet you can’t really afford?
Spending money on something meaningful to you is always money well spent. So, why not say goodbye to bank account fees and spend your money on something you value?
Ditching fees and spending on your values
Here’s the best news: You don’t have to live with bank fees.
From getting your latte in the morning to protecting your future with life insurance, you can free up cash – for you. This way you can enjoy your money while also saving for your financial future.