Be WalletWise and manage your everyday banking

Opening a bank account is your first step. Learning how to use it to your advantage is the next.  Not only can your bank help you manage your money better, but it can also help you save and grow it.  Here's how to make the most of your bank account on a daily basis and become WalletWise.  Modern living is much easier when you have a bank account.   It's a safe place for your salary or wages or any money you get from family and friends to get paid into.  

You can then pay accounts and people with this money or transfer it to a short- or long-term savings account.  Over time, money in a bank account earns interest and grows.   Of course, a bank is a business like any other service provider. It charges a fee for the services it provides so it's important to find the right bank account for your needs.  It's also important to understand how these fees work so that you can avoid unnecessary charges.    

Remember, different banks have different accounts with different service fees so it's up to you to do your homework, compare offerings and find the one perfect for you. 

Transactional accounts are good for your day-to-day banking and Savings accounts are good for different savings goals  Follow these tips and become a pro at everyday banking: 
• Use your own bank's ATM wherever possible because it is cheaper than using other banks ATMs. 
• Plan your cash withdrawals and save on service fees.  Paying with cash also makes you think more carefully about how much you are spending and on what.  
• Give yourself a weekly allowance on everyday purchases like food, transport, data and entertainment and try not to spend more than this.  
• When socialising, budget for your spending and stick to your budget. 
• Self-service channels such as ATMs, cellphone or internet banking will cost less than going into the branch. 
• Check your bank statement regularly to see how much you pay for service fees. 
• Make sure the account you have is suitable for your needs. • Use other channels like registered spazas or retail shops. 
• Make sure you have enough money in the account to keep the minimum balance so you don't get charged extra.  Spending money is unavoidable. But choosing the right bank account and learning how to use it to your advantage, means you don't need to waste money on a daily basis.  As your circumstances change, you may need to change your bank account to match your new financial situation. Develop good banking habits and become WalletWise.