7 Terrible Money Practices That Can Drain Your Money

4. Avoiding overdraft fees: Are you aware of overdraft? If no then an overdraft occurs when you withdraw money from your account and the available balance in the account touches zero. Dipping into an unauthorized overdraft could lead to fees and charges and there are chances that the account provider could even close your account if this exceeds the limit. You can avoid such situation by keeping track of your money regularly. Yet another way to avoid such overdraft fees is to open an account without an overdraft. You can even request you bank to offer mobile account alerts via text messages that will warn you when your balance crosses a certain limit.

5. Having more than one account: Most people find it convenient to have different bank accounts depending on their personal needs like household, taxes, child care, college, vacation or medical. However, handling these many accounts at the same time might get expensive for you as the bank might charge you for this. Handling too many bank accounts with a low balance in each of them is actually costly. You might be forced to pay monthly fees for each of such accounts. To get away from such scary situations try to combine your several account in to one, so that you can meet the minimum balance requirement.