Thursday, 23 June 2016

Is any one else tired of all those text messages from the banks and the crazy deductions? I definitely am. Every time I do a transaction or a text comes through, I'm thinking "dang, I just lost some money. Okay so it's not a large amount, It's rather small. But guess what? Those small amounts add up to a lot of money! And I've decided I'm going to save those little amounts which will add up and give me big savings.

In my home, my dad calls me "Dutch girl" as I'm VERY careful with my money. Not tight- just very careful :) I don't see any reason why money that I can save for myself should be gotten by my bank.  I've come up with a few tips that can help your save money from going into your bank's pockets.

1. Do you really need those SMS alerts for transactions? If you have a smartphone, tablet or PCs with regular internet access, NO. Chances are you have an active data subscription or access to wifi at home or at work. Subscribe for email alerts instead - they are free. You should get an email once a transaction Indonesia on your account.

I have more than 1 personal account. A few actually. I was shocked at how much I was spending on those messages coming from different banks to my phone. For each bank, I have 2  personal accounts (savings & current) multiply that by a few different banks ( no money laundering, I promise) business accounts with 2 different banks and dom accounts with 2 different banks.  I opened those accounts not because I have a lot of money, but just for convenience.

2. Sending money online to a different bank includes some charges. I hate those charges. I don't see why I need to pay for a transaction that takes little effort. Those charges range from N70 - N100 per transaction depending on your bank. 5 transactions monthly cost N500 with one of my banks. So if I need to send money to someone, I ask if they have an account with any of my banks. Chances are they might or know someone who does. Simple

3. Cash machines are a source of irritation. The queues, the heat, security concerns and worst of all  rude and impatient people - gosh! Definitely not something that should be done too often. And then include the N65 per withdrawal. Some cash machines are designed to extort, giving just N10,000 and still charging N65. I think people should be allowed to withdraw up to N100,000 at once and pay just once. Cash machines in the UK allow you to take up to £300 about that in Euros too in other European countries. Like most services in Nigeria, it is designed to rip citizens off.

Use cash points at your bank branches. There is no charge for that. Take out as much as you need for a couple of weeks to avoid all that cash machine hassle. To avoid the queues at the cash points, you could use the fast track system inside your bank to avoid queues and get as much as you want. Some banks have a limit. Find that out.

4. Let's talk about that stamp duty. I don't understand it, probably never will. I don't even care to understand it. Zibby is NOT paying for that N50. Apparently this stamp duty does not apply on transactions done via savings accounts. So if i need to do a transfer online, I transfer from my current to my savings (no charge) and then from my savings to the other account I'm sending to.
It's just N50 but it's my N50 and it deserves to be in my account.

5. Do you really need a card for all the accounts you have? The answer is NO. First you have to pay for the card, and then the ridiculous card maintenance fee. If it gets missing, you need to pay for a new one. Seems like Nigerian banks keep taking and give nothing back. You can have a card for one, maybe 2 depending on how many acts you have. You don't even need cheque books. Open a savings account and get your online banking. Transfer to your bank account that has a card or use a withdrawal slip in the banking hall that's free.

I've saved myself between N7,000 - N8,000 monthly combined from all my accounts. Depending on how many accounts you use and amount of transactions, you could save either more or less.  Save the money and treat yourself, or maybe even someone else. It is your money after all.

Let me know how much you are able to save.

Zibby :)

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Hiya, im Zibby and this is a brief intro about me :)

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