What Are Some Tips for Managing a Bank Account?


Quick Answer

Tips for managing a bank account include receiving electronic bills instead of paper ones, opting for online banking, using banking apps and automating bill payments, according to Money Crashers. Consolidating bank accounts, regularly checking the budget and paying some bills during a second pay period rather than the first whenever possible are some other bank account management ideas.

Continue Reading
What Are Some Tips for Managing a Bank Account?
Credit: TaxRebate.org.uk CC-BY 2.0

Full Answer

Receiving electronic bills instead of paper ones is more convenient because it makes it easy to see and pay bills online quickly and efficiently, notes Money Crashers. This is preferable to receiving a paper bill and potentially setting it aside and forgetting to pay it, which can result in late fees. Depositing checks, transferring funds and opening a new account online are also more convenient than having to take a trip to a brick-and-mortar bank.

Banking apps facilitate keeping track of when bills are due, setting up budgets and keeping track of debts, according to Money Crashers. Several apps are free to download and use and help people save money and time.

Automating bill payments reduces the chances of late bill payment that result in extra fees, notes Money Crashers. When using automated payments, it is essential to keep enough money in the account to cover all scheduled payments, otherwise an account overdraft may occur.

Learn more about Bank Accounts
Related Videos

Related Questions