As it’s a smart move to continually increase your finance knowledge, continue reading to discover a couple of financial tips that everyone should know!
Wise financial tips everyone should follow:
1. Don’t give out your pin numbers or bank account login details to anyone
It may seem self-explanatory but you may be horrified to discover just how many individuals share their pin numbers for their debit and credit cards or their online bank account login details with their friends and family members.
While in the perfect world you would be able to trust your loved ones unconditionally, in reality even someone who you trust unconditionally such as a spouse could use your pin number or log in details to withdraw money from your accounts, without your expressed permission.
So do yourself a massive favor and keep your pin numbers and your bank account login details to yourself.
2. Don’t use the same pin numbers on each of your cards
Again, you would be surprised to discover the percentage of individuals who use the same pin number for all of their debit and credit cards. Which is a serious security risk as if one of your cards becomes comprised, all of your cards will effectively become compromised. Which is a scary thought!
3. Don’t allow your laptop or smartphone browser to save your bank account’s login details
Whatever you do, don’t allow your laptop, tablet or smartphone browser to save your bank account’s login details. As you don’t want another individual to use your electronic device and to have access to your hard earned money!
4. Make sure that your bank accounts offer competitive interest rates
While most people are loyal to a single bank, it’s a far wiser move to put yourself first and to do your banking with the bank which is willing to offer you the most competitive interest rates available.
Just think if you’re able to switch your long term savings account to a bank that offers an interest rate which is 2% higher than your current long term savings account, what a difference moving banks will have 10 years down the track. Especially when you factor in compound interest into the equation.
5. Don’t be afraid to ask your bank manager to consider giving you a higher interest rate on your long term savings account
The more money you have in your long term savings account, the more clout you’ll have with your bank manager and the more likely they’ll be to offer you a higher interest rate. Than the interest rate which their bank commonly grants clients.
6. Also, make sure that your bank account doesn’t charge you fees for taking money out of your chequing account
Not all banks charge fees when you take money out of your chequing account to pay for everyday purchases using your primary bank account card. So if your current everyday chequing account does incur such fees, it’s definitely the right time to change the bank which you currently deal with.
Remember that there’s no time like the present to adopt the wise financial tips listed above into your everyday life.