Share tips on how to save more

The past few years I've been trying to stash extra money in my rainy day fund.

Actually I'm expecting a deluge with college, retirement and some elder care needs all hitting at about the same time. And have I mentioned that my family calls my old house "the money pit"?

Obviously, I'm not alone. So many people are worried about their job security that the country's savings rate is the highest it's been in 18 years, according to Bloomberg News.

Just this week, I saw a survey from the National Foundation for Credit Counselors that said more people are paying down their debt as well. More than half of the 3,201 people who responded said they had reduced their debt since the recession began. Another 20 percent said that for the first time they were tracking their spending and following a budget.

Now there are some - economists, for instance - who say that all this paying down debt and saving money is bad for the economy. They say we should be spending. But I applaud those who are scrimping and saving.

That we're able to save more money is particularly laudable because decent interest rates, the usual incentive, are virtually nonexistent.

Worse still, banks are charging more fees than ever to make up for the revenue they say they're losing by complying with new consumer protection laws.

How bad is it? The FDIC recently went so far as to issue some tips for consumers to help them keep the costs down on their checking and savings accounts. I'll share:

Comparison shop especially if your bank adds new fees.

Monitor all communications from your bank. Regularly check your account for errors or unexpected fees. Read the inserts that come with your statements, if you still get statements, and read any online messages. I failed to do the latter recently and missed a note from Wachovia telling me that they were now charging $2 a month for the digital imprints of checks sent with monthly statements.

Understand your overdraft options. The cheapest way to avoid fees is to keep a good record of your transactions and keep enough money in your account to cover withdrawals. Look for less-expensive alternatives to overdraft coverage such as linking your checking account to a savings account or line of credit.

Minimize ATM fees. For instance, if you're not near your bank or one of its ATMs, make a small purchase and get cash back. Of course, banks could start charging for this convenience as well.

One I'll add is to comparison shop at your own bank. I was playing around on Wachovia's site and found a chart that compares all the various checking accounts. I hadn't looked at it in a while and realized that my recent birthday now qualifies me for a 50-plus account that brings with it some extras such as two free withdrawals at non-Wachovia ATMs each statement cycle. Of course, I'll need to keep checking. Our sister paper, The Charlotte Observer, reported last week that Wachovia was getting ready to quit waiving ATM fees.

If you've seen unexpected fees popping up at your bank, let me know. Also, if you're a saver - new or old - tell us what you're doing to put more cash aside and whether it's working. Your tips could help another.

If that's not reason enough to share, we've got an incentive: a clear tote box stuffed with $100 worth of stuff from the Container Store (it's opening a Raleigh store in October). We'll put your responses in a container and do a random drawing for the winner; the best tips and motivations we'll share in a future story.

More about the drawing is on Sue Stock's blog takingstock.newsobserver.com, but submit your responses to me at marycornatzer@newsobserver.com. Be sure to go to the blog to read requirements and to see what's in the box.