Skip navigation

<< Back to News

Money Management


How to Avoid Overdraft Fees

Consolidate Your Accounts

If you have multiple checking or savings accounts, consolidate them to one of each – and do the same with retirement accounts. This will reduce paperwork and time spent checking different accounts. To further reduce time checking different accounts, utilize Southern Bank's Personal Finance Manager (PFM) that offers you an integrated solution to have a clear view of your total financial life in one spot, including accounts and credit cards not associated with Southern Bank. Through a single sign-on, you can now see all your balance and transactions together. Personal Finance Manager pulls all your financial information into one place, making it easy to see the entire picture. PFM is available FREE to anyone with a Southern Bank Online Banking account.

Stop the Paper Flow

If you’re still receiving statements in the mail, enroll in e-statements so you can manage your accounts at your convenience – 24/7. For loans, you can get reminders of when payments are due, or set up automated payments to your account (and likely save money with a better rate).

Only Use One Credit Card

If you have multiple credit cards, try to pay each of them off starting with the card with the highest interest rate. Get your stack of cards down to two if possible: one for emergencies (such as an unexpected medical bill or car repair) and one you use regularly. This way, you only have to keep track of your everyday purchases and expenses associated with one account.

Work to Become Debt-Free

Budget your spending so your income is more than your outgoing expenses. If you buy less “stuff,” you’ll have more to pay your bills, save, and even splurge on things. Work to become debt-free and try to increase your savings as well. Living this way can reduce a lot of unnecessary stress. Southern Bank's free Personal Finance Manager can also auto-generate a budget for you based on past spending (or you can create your own from scratch). By taking steps to simplify your finances, you’ll have more time to relax and enjoy life.