7 Ways to Keep More of Your Money In Your Pocket

There are two parts to wealth generation; making money and managing money. If you want to achieve financial freedom, then you must be smart about both sides of the equation. For making money, I highly recommend starting a home based business. No one ever got rich by working a job. To help you manage your money, try these seven tips for keeping more cash in your pocket.
#1 Avoid ATM fees – It seems insane but you can pay up to $2.50 per transaction for accessing your money from a non-proprietary ATM. Avoid the fee by only using your bank’s ATMs or opening an account with an online bank who will refund those fees to you.
#2 Free Checking – In this era of free checking, there is no good reason to continue using an account that charges you every month to hold onto your money. Switch to a no-fee, or free, checking account and save $120 or more every year.
#3 Open an Account – On average, check cashing places siphon 3-4% of your check every time you use the service. Avoid these fees by opening and using a free checking or savings account.
#4 Prepaid Debit Card – Another good option for those without bank accounts is to use a prepaid credit card. Most cards allow direct deposit and will waive the monthly fee if you deposit a minimum amount into the account every month.
#5 Negotiate Credit Card Rates – Banks are raising interest rates in an effort to recapture some of the money they lost in the housing crisis. If you have good credit and have been a good customer, then call the credit card company and renegotiate your rates. If they won’t budge, threaten to move to another company. If they still won’t cave then transfer your balance to a credit card company that offers a better rate.
#6 Pay Off Debt – A better plan is to pay off credit card debt all together. You’ll save thousands of dollars in interest rates and will enjoy the peace of mind that comes with being debt free.
#7 Pay Cash – You are far more likely to spend money if you use your debit card. Cut down the temptation by paying only in cash. You’ll actually feel the pain of parting ways with your money which will force you to think about whether or not you really need what you are buying.