Your bank statement can tell you a lot about your banking behaviour and how you manage your money. Here’s what you can learn from yours.
You’re spending more than you earn
Do you withdraw from your credit facility quite regularly? Are you living in overdraft? If you are, you have a budget shortfall.
What is a budget shortfall? Put simply, you have a budget shortfall when your expenses are more than your income.
Tip: Do more with your money. Manage your budget shortfall in 12 steps.
You need to break some bad money habits
Your bank statement also shows you what you’re spending your money on. Are you eating out and going to the movies too often? Spending too much on iTunes? Cutting your unnecessary expenses can add up to big savings over time.
Tip: Bank on the go. Get our cellphone app and use the budget tool to plan how you’ll spend your money.
You’re not paying the best bank fees
Are you paying the best bank fees on ATM withdrawals, balance enquiries, cash deposits and debit card purchases? You may not pay much attention to your fees, but over a lifetime the costs could add up to an overseas holiday for you and family.
Tip: Know what you get, know what you pay. Make sure you pay the best bank fees.
You’re using more expensive ways to bank
You’re not saving enough or getting the best interest
Prevent irregular and unforeseen expenses from ruining you financially. If you don’t have enough savings to protect you, you may end up taking credit you can’t afford to get you out of trouble.
If you are saving regularly but your money isn't growing as much as you thought, switch your account in 3 easy steps and benefit from our competitive interest rates.
Keep track of debit orders
Knowing which debit orders go off from your account helps you keep track of your money. It also helps you pick up any possible fraudulent activity on your account such as unauthorised debit orders.