The Huffington Post recently ran an article about being frugal with your money. Even though the article was specific to people living in New York City, I believe the principles of the argument translate for a lot of people. ATM FEES ARE A KILLER! We’re all guilty of using a generic ATM vs. one from our own bank. Some people use them more than others, but when we do, it costs us!
Personally, I have automatic deposit for my paychecks, so I rarely see my bank to begin with. If I need to withdraw money, though, chances are I will use the first ATM that comes into view, even though my bank’s smartphone app has an ATM locator feature. (Yeah, I know.) Why go out of my way for $20 when I could have it in 30 seconds?
But not only does the ATM get $2 of my money, my bank takes $2-$3 of my money, too! So instead of just a $2 fee, it doubles or triples with every transaction. I know it’s easier said than done, but if you use your bank’s smartphone app to track down their closest ATM, you will save so much money on fees. Another solution to this problem would be to carry money on you at all times. (I’m definitely guilty of not carrying cash on me… Sorry muggers, you won’t get anything from me!)
For example, if you take out $100 for the week from your bank’s ATM, you will save roughly $25 a month in ATM fees—that’s $300 per year in wasted money. That’s pretty significant if you ask me. (And if I know I only have a $100 budget, I’m typically more selective with how I spend it.) And after a while it will become routine to pick up money at the bank every week.
Good luck saving