Keeping track of household spending can feel tricky — especially if you’re juggling weekly pay, monthly bills, and unexpected costs. Even careful planners can end up paying bank charges, overdraft fees, or late payment penalties.
The good news? With a few simple steps, you can avoid extra fees, reduce money stress, and stay in control of your finances. As a trusted credit union, Eastern Savings & Loans (ESLCU) can help you manage your money smarter.
1. Track Every Pound: Awareness Stops Overspending
How can I keep track of my money?
The first step to avoiding bank charges is knowing exactly what you spend. Even small missed payments can trigger fees.
Try this:
- Use a simple app or spreadsheet to record income and spending.
- Separate spending into essentials (rent, bills, groceries) and non-essentials (takeaways, entertainment).
- Check your spending weekly to spot potential overdraft risks.
Pro tip: Just knowing where your money goes can stop accidental overdrafts and protect your bank balance.
2. Set Up Alerts: Your Personal Money Guard
Can alerts really save me from fees?
Yes! Most banks let you set up free alerts when:
- Your balance is low
- Direct debits are due
- Spending is unusual
Do this:
- Turn on text or app notifications.
- Match bill payments to your weekly or monthly pay schedule.
Alerts act like a safety net, giving you time to fix problems before a fee hits.
3. Know Your Accounts: Pick the Right One
Which account helps me avoid fees?
Not all accounts are the same. Some charge high fees or overdraft interest, which can cost you money fast.
Check your options:
- Look for fee-free accounts or credit union accounts with fair terms.
- Compare overdraft interest rates and monthly fees.
- Switch accounts if your current bank costs too much.
Pro tip: A small change in account now can save hundreds in fees every year.
4. Plan Your Payments: Timing is Key
How can scheduling bills save money?
Many overdrafts happen when bills don’t match your pay schedule. Timing your payments is simple:
- Pay direct debits and standing orders right after payday.
- If possible, split bigger bills into smaller amounts to fit your pay cycle.
- Keep a small buffer in your account for unexpected costs.
Extra tip: Consider two accounts:
- One for bills
- One for day-to-day spending
This makes it easier to see how much you can safely spend after all bills are paid.
5. Use a Credit Union: Safe, Low-Fee Alternatives
How can a credit union save me money?
Credit unions like ESLCU are designed to protect your money. They offer:
- Low-cost loans with repayment dates that suit your pay schedule
- Savings accounts to build an emergency fund
- Friendly support and tools to help you manage money efficiently
Unlike high-interest credit or Buy Now Pay Later plans, credit union loans are predictable, fair, and tailored to your income.
Pro tip: Using a credit union account can reduce reliance on high-fee bank services and keep more of your money in your pocket.
Summary of Tips to Avoid Bank Charges
- Keep a weekly spending log
- Set up low-balance and payment alerts
- Pay bills on time to avoid late fees
- Make sure your bills match your income cycle
- Keep a small buffer in your account
- Use a credit union for loans and savings instead of high-interest alternatives