When the economic conditions are tough, every penny saved is penny earned. Banking and credit card services can cost a substantial amount of expense that usually goes unnoticed because it happens in small measures. But smart financial planning can help to reduce both banking and credit card costs and save a good amount of money over a period of time.

Use Fixed Deposit Account and Get Overdraft Cover

Different bank accounts have different interest rates attached to them. A savings account usually offers a low return in terms of interest, in comparison to a fixed deposit account. Therefore, if there is surplus money, a large part of it should be kept in fixed deposit account, and a smaller part can be in a savings account for regular withdrawals and deposits.