We discussed our daily banking fees late last night and we've made a decision. We are going to switch to a PC Financial no fee daily banking account. This saves us a total of $167.40/ year as stated in my previous post which may not seem like a lot but in 10 years that's $1674.00. Quite frankly I have already been banking for more than 10 years and I will certainly be banking for decades to come so that's hefty all said and done. I don't want to look back 30 years later and realize I wasted $5022.00 on monthly banking fees!
It won't happen too quickly- first we'll need to go to the Real Canadian Superstore to apply for a joint account. Once that is up and running it will take some planning to start moving everything over. Right now everything we have is automated- paychecks, RSPmatics, bill payments. It will be a bit of a juggling act to make sure everything is paid in the process of moving everything over.
It was so nice to discuss and make this decision together. So, it's only $13.95/month- but that's now $13.95/month that will go towards debt repayment.
This is an easy way to cut spending especially since it is an unnecessary expense- look for daily banking accounts with no fees. It's easy to find no fee savings accounts, but you want to look for a no fee daily banking account.
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