Change your habits and you could save hundreds of dollars every year.

Just paying the bills can be hard enough, let alone adding unnecessary bank fees to your weekly outgoings. Check how much you're paying in fees and take action. There are lots of ways you can save:

 

Use your bank's atm

Plan ahead and use your bank's ATMs free before you run out of cash - you get charged if you use another bank's ATM. Even if it's just 50 cents a time, they soon add up. Do this early as, chances are, when you need cash there will only be other banks' ATMs nearby.

 

Read the fine print

Research all fees before you take out a new loan. Is there an application fee? What's the penalty if your repayments are late? Do they charge a monthly administration fee?

If you're shopping around for a home loan, ask about all costs. These often include well-hidden discharge fees, which apply if you pay off your loan early.

 

Don't overdraw

Keep track of your bank balance and don't buy things if you can't afford them. Some lenders charge a significant fee every time you don't have the cash in your account to cover a cheque or direct debit. Overdrawing may seem OK, but the penalties are high. Get organised and don't end up in that position.

 

Consolidate accounts

Some accounts charge regular fees of up to $10 a month, so it makes sense to consolidate your accounts. There's no need to have more than one everyday account and one for savings.

It's the same with credit cards - you only need one. They're laden with fees and can get you into trouble. Your credit limit should reflect the amount you can afford to put on plastic, so there's no need for another card.

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