4 Secrets Hiding in Your Bank Statement That Can Give You More Money
Depending on your relationship with money, the sight of a bank statement can be uncomfortable. But when you look at the statement for signs that things are working, your feelings can change.
Some of the most reassuring signs don't jump out, but they're there — kind of like secrets. Once you perceive them, you can employ them to improve your monthly financial standing.
Here are your bank account's hidden indicators confirming you're handling your money better than you think.
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Absence of Bank Fees
Most people scan their bank statements for fees, not the absence of them.
If overdraft fees, monthly maintenance fees or ATM fees no longer appear on your statement, that's a good thing. A typical overdraft fee is around $31 per transaction, while monthly maintenance fees average around $15 and combined ATM fees (from the bank and the ATM operator) average between $4 and $5. Not paying fees keeps more of your money where it needs to be, in your bank account.
Money You Can Take Back
Monthly subscription charges and app renewal fees show up clearly on a statement. The secret is that they all symbolize money you can take back.
The average American spends $1,080 per year on subscriptions, with $200 of that spent on unused ones, according to a recent subscription-spending survey by CNET. Finding those unused subscriptions could free up valuable cash without having to deprive yourself of something you enjoy.
Earning Power You Didn't Notice
Even though the interest you earn on your bank accounts is small enough to go unnoticed, it reveals a hidden secret: Your money is staying put long enough to work for you. Over time, it adds up and earns more interest on its own. All you have to do is wait.
Fewer Transfers
When statements show less shuffling of funds between accounts, it often points to better financial stability. Although you may already feel less financial stress, noticing this hidden secret can reinforce that you're in a stronger financial position than you thought.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal, or tax advice.
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