ATM Card Mistakes That We Should Avoid

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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.