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Set a Family Budget That Saves On Bank Fees

With the invention of the ATM machine, visiting the bank and seeing the bank teller has become a thing of the past. It's so much more convenient to drive up to an ATM, punch in your pin number and withdraw enough money to meet your current needs. The ATM is also a time-saving way to pay your bills. For many people it's the only way they bank.

All of that convenience does come at a price though and you may not even realize how much it's costing you. Almost every bank charges some fees for their customers to use ATMs and if in a pinch you have to get money quickly and the only ATM in the vicinity is another bank's it might cost you much more than you are willing to pay.

It's rare when you sit down to set a family budget to consider the price that your banking is costing you. You instead budget for things like food, utilities, housing payments and car costs. These are all essentials but the monthly fees your bank is charging you need to be taken into consideration as well.

Most monthly banking plans offer a set number of ATM transactions. If you go over this amount they are authorized to automatically charge a fee per transaction. If you frequent the ATM quite often, this can quickly add up to a significant expense.

A first step in determining how much your banking fees are impacting your finances is to look at your last banking statement. This will explain what fees you were charged and if any of them relate to your ATM usage. If they do you can make some easy changes that will help you keep the banking fees at a minimum and allow you to account for that amount when you set a family budget. If you approach it this way, your fees will always stay the same and you'll know what to expect to pay each month.

To keep banking fees at a minimum consider trying the following:

• Keep a minimum balance in the account. Often banks will waive monthly fees if a minimum balance is kept in the account at all times.
• Try to pay bills in alternate ways. Perhaps you can visit the department store where your credit card payment is sent or you can visit a kiosk at the company that supplies your electricity to pay the bill. Often companies will have payment drop-off boxes that may be on your way home from work. Paying this way can save ATM fees.
• Withdraw as much cash as you'll need for the week. Instead of taking $20 out 5 times in the span of a week, withdraw $100 once a week. By doing that you've already saved four ATM transactions for the month. This could keep you under the minimum and also not paying extra fees for usage.

It's also important to bear in mind that every family member who banks has to pay fees. This is something that you'll want to keep track of when you set a family budget that everyone needs to follow.

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