How to Build a Better Relationship with Your Bank Account


How do you feel when you check your bank balance?

At the end of each month, do you dread getting an alert in your email inbox or a letter through the door about how much cash you have left to spend, or how much you owe? Do you sweat every time you approach an ATM machine, because you’re not sure whether you’re going to be able to get your hands on some cash, or just discover that you’re overdrawn?

You’re not the only one who feels this way. A lot of Americans struggle to maintain a positive relationship with their bank accounts, particularly in today’s complicated climate. However, there are ways that you can start to make a positive change.

Let’s take a look at some of the best ways to get started.

1.   Start Checking your Credit Report

One of the best ways to improve your relationship with not just your bank account, but your entire financial strategy is to begin checking your credit report more regularly. You can find various tools online that allow you to examine your current score without leaving any marks on your rating. This is an excellent way to make sure that you know where you stand when it comes to applying for loans, new homes, and even jobs.

Some employers will check your credit report to see how trustworthy and reliable you are. If you want to make sure that you can get the lowest rates on your loans, and the best income from your career, you need to keep an eye on your score. Remember, a good credit score could reduce the cost of a vehicle loan by thousands of dollars over the course of your repayment period.

2.   Learn How to Use your Bank’s Features

You might not be making the most of your bank account and the unique features that it has to offer. For instance, a lot of bank accounts come with the option to check your balance online. If you’re not using this solution already, it could be a great way to make sure that you’re tracking exactly how much you spend each month.

You might also be able to take advantage of tools that allow you to automatically pay money into your savings at the beginning of each month, so you don’t forget to pay towards your long-term goals. Some banks also come with the option to make mini payments into investments every time you make a purchase, which means you build more cash for the long-term. These tools take the left over cash from your payments to round them up to an even number. For instance, if you paid $8.