Savings Chart Update Week 38: Perform Own Mutual Fund and Stock Trades Through an Online Discount Broker = $300 in Savings
This week my son and I stopped into our local bank. Once our business was complete, the banking manager proceeded to launch into a sales pitch in an attempt to convince me that my husband and I should sign up for more of their services. One of his primary selling points was that the bank could execute any mutual fund or stock trades that we need in our accounts if we upgrade our level of service. I informed the banking manager that I am a former investment analyst who performs her own trades in our Scottrade accounts. He quickly realized that allowing the bank to perform the trades at a rate of $37 per trade was not going to entice me since I complete our trades through an online discount broker, Scottrade, which charges only $7 per trade.
I probably trade on average 10 times a year in our various accounts which results in a savings of $300 annually. This savings increases my savings chart total to $4,186.78. Head over here to check out my Week 1-37 savings chart entries. I encourage you to join me in recording your weekly savings with this free printable savings chart. It is fun to track how much money you can save by making simple, smart money decisions.
By the way, you may be thinking there is no way you could execute your own trades for your retirement and investment accounts. That is simply NOT true. Trust me, people get intimidated by trading securities and I completely understand why, but it is much simpler than you may realize. Trading platforms like Scottrade make conducting your own investment analysis and performing your own trades so easy that you do not have to have any professional experience at all.
If you have any interest in learning more about how to manage your investments, let me know by listing your questions in the comments. I would be happy to share my insights.