Many people are revising their budgets to see where they can make some savings, as inflation and global disruptions continue to drive up prices. Even if you’re fortunate, and in a strong-enough financial position to absorb price increases, it won’t hurt to take a step back and see where you can make better money choices.

Here are 4 ways to cut banking costs and help keep your budget balanced:

1. Draw cash at the tills

Bank fees for drawing cash are so yesterday. Did you know that you can draw cash at the tills at major retail stores throughout the country? It costs less than drawing money from a branch, and you are allowed only a limited number of free withdrawals a month from an ATM. Most major grocery chains in South Africa will gladly let you draw cash when paying for your shopping, and several now partner with Nedbank to allow customers to withdraw money sent to their phones from a Nedbank account by SMS.

2. Cut your account fees

No matter which bank you use, you'll be charged a monthly account fee – unless, of course, you’re on a Nedbank MiGoals Account. If you have more than one account with more than one bank, all these monthly charges can add up quickly. It makes sense to stick with one bank for all your accounts instead, and even more sense to pick a bank that consolidates your accounts into bundled packages with a single monthly fee and offers that are based on your needs and banking habits.

Then there are bank charges for specific services, like depositing cash or transferring money between accounts. Don’t forget that some transactions that have a fee if you make them at a branch or an ATM are free, or cost less, if you make then online or through your banking app instead. Always check your bank’s annual pricing guide for the transactions you can do digitally at no charge.

Remember that swiping, tapping or inserting your Nedbank card to pay for most purchases is free – except when you buy certain items like fuel or LOTTO tickets.

3. Use digital platforms

Two years of online working, shopping and socialising from home have made us all more comfortable with and more reliant on digital services. You can usually make cheaper digital payments using a range of apps and services. You can bank using online banking on your computer, or with banking apps like the Nedbank Money app on your smartphone – using these banking channels, you can even apply for a home loan online.

You also have access to cellphone banking even if your phone isn’t smart, using USSD ‘short codes’ (*120*001# for Nedbank). These options offer you full-service banking combined with digital convenience and lower costs, allowing you to make and receive payments and manage accounts.

Digital convenience is also the best word to describe Nedbank’s  Avo SuperShop. More than 1 million users are signed up to Avo, using it daily for shopping, gaming, buying electricity, airtime or data, accessing services, browsing Avo Auto for a new car, and even booking discounted family holidays.

Doing all your banking and shopping online are simple ways to save you more money – and we aren’t referring only to the savings on your fuel bill. The constant stream of deals and special offers you’ll find on the Money app and the Avo app allow you to get more while spending less.

4. Take advantage of promotions and rewards

You get more value out of your banking costs if you take up special offers that relate to products or services you need or use often. Movie fans, for example, currently enjoy substantial discounts on tickets prices and listed refreshments at Nu Metro cinemas if they pay with a Nedbank Visa, Mastercard or American Express Credit Card.

Signing up for any rewards programmes linked to an account is also a better money choice. Our Greenbacks Programme helps you save money by spending your Greenbacks instead of cash. You can earn Greenbacks for a whole range of activities using your Nedbank debit card, credit card and other bank services. Crucially, you get rewarded for good money decisions and habits, like responsible borrowing

You can redeem your Greenbacks in several ways. You can convert your Greenbacks to cash, use them to pay all or part of your monthly bank fees or shop online or through any of our digital channels.

These small but consistent savings all add up and can help you reduce the number of cuts in your budget that the rising cost of living will force you to make.