How to make the most out of your checking and savings accounts

Micah Gamino, Staff Writer

Published: April 27, 2008

Financial experts say getting the best use out of everyday checking and savings accounts may be more important than ever.

Sue Lynn Sasser, associate professor of economics at the University of Central Oklahoma and executive director of the Oklahoma Council on Economic Education, said the nation’s shaky economy and rising gas prices are cause for people to pay closer attention to their finances and everyday spending habits.

“If gas prices continue to escalate, you’re going to have to watch your checking and savings accounts more closely,” Sasser said, “because you’re spending more money. Just that alone says you really have to monitor carefully and make sure you’re making good choices.”

Most importantly, Sasser suggests — “pay yourself first,” because saving is “critical.”

“As prices escalate, it’s so easy to pay all your money out and not have anything left for yourself,” she said.

Derek Martin, senior vice president of consumer product management for Bank of Oklahoma, echoed Sasser’s sentiments and added some banking tips.

Open both a checking and a savings account and link the two.

Use direct deposit to get pay checks immediately into a checking account. This eliminates the hassle of finding time to drive to the bank’s nearest branch.

Then, consider setting up automatic transfers from checking to savings to establish a savings plan.

Sasser also stressed the importance of monitoring ATM and debit card usage.

“Make a habit every night of writing down or tracking how you use that ATM card,” she said.

Martin added:

- Review monthly bank statements. Martin suggested getting monthly bank statements electronically inside of by mail. This eliminates the chance of statements getting lost in the mail.

- Consider paying bills electronically. It's generally free at most banks and makes bill paying less of a headache, Martin said. Plus, paying bills electronically saves money to buy postage.

Martin also offered thoughts on what not to do:

- Do not write Personal Identification Numbers (PIN) on the back of ATM cards.

- Only give out account and check card numbers to trusted sources.

Sasser added:

- Use ATM and debit cards instead of credit cards whenever possible because they don’t carry an interest rate.

- If a credit card must be used, then pay the full balance of the card at the end of each month.

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