In “Why you might want to ditch the checking account you opened in high school” Jonnelle Marte of The Washington Post points out how our reluctance to change can cost us:
“It’s not unusual for people to procrastinate financial actions until the last possible moment. And once a decision is made, many people are likely to stick with that choice — even for decades — as better deals pass them by.”
While you may or may not still have your high school checking account open, it is possible that you need to examine your banking relationship. You could be paying more in fees than you need to pay. You may be able to get better interest rates if you switch. And whether you stay at your current bank/credit union or find a new one, research to find out if you can get more perks than you get right now. There may be no extra perks available, but you won’t know if you keep the exact same account and don’t ask about extras.
We also tend not to do things like switch insurance companies because it seems like a hassle, but it may be worth it if you can save a substantial amount of money. Princeton Survey Research Associates International conducted an insurance survey for insuranceQuotes.com and found that an average driver will stick with the same insurer for a dozen years. However, after an online search for a new insurance company, customers saved and an average of $200 a year.
If you would like a professional to help you review your finances, make an appointment with a Fee-Only financial advisor. Not only can a Fee-Only financial planner cast a fresh eye on some of the financial products and service providers you use, he or she can also help you plan ways to make the most of your resources in the future.