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In this generation, it seems that we can easily get money. But
this also entails we can easily spend it. This is because more than anything,
money is represented in various forms like credit cards and ATM cards. We can
withdraw money just about any time. But who are we to complain? Opening a
savings or checking account in a bank comes with a free ATM or debit card. This
could mean we could be able to get immediate and convenient access to our
savings. This is definitely great news.
However, in spite of the accessibility that the ATM cards
could provide we as owners must be responsible with its use. As such, in order
to maximize it, here are some of the things we need to avoid doing with it.
Mistake 1: Putting all your money in your ATM
One evident mistake of many ATM card holders would be putting
all their money in their ATM card. I know that some ATM cards are connected to
their savings account however it is highly suggested that you get to have a
separate non ATM savings account. The reason being why you should not put all
your money in your ATM card is because you can easily spend it. You would be
confident to shop and spend around since you know you can withdraw your money
in any ATM machines. This then defeats the purpose of having a savings account
in the first place. The temptation to shop and spend will always be there especially
if you know your ATM still has money.
Mistake 2: Withdrawing anywhere
There is no denying that one can withdraw money from just
about any ATM machines. However, be mindful if you withdraw cash from a machine
different from your bank. There are fees associated with every transaction and
some of these fees are pretty heavy. That is why, always make the effort to use
your card in the right bank machine. Those little fees can still be used to
something important. In order not to commit this mistake, always plan ahead and
identify how much money you would need and withdraw it from your bank. This is
also a good avenue to know how to budget your money.
Mistake 3: Using it in every purchase
Our ATM cards also serve as debit cards. It can now be used
for shopping and even online. You will only need to show your card and press
your pin number and voila, your shopping transaction is paid for. Though debit
cards are way better than credit cards, using our ATM often for this purpose
can lead to more shopping spree. As much as possible use cash whenever you shop
since we are more hesitant to use it.
As ATM card owners, we must be responsible with its use. To
date, there are many advantages it can provide like convenience and
accessibility. However, it is imperative that it should be used to aid us and
not a card to abuse.
P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 24 already! Did you deposit the next amount yet?
P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.