Watch Out for Hidden Fees
Small amounts can add up over time.
It's easy to overlook the small ways that you can protect your finances. Here are a few tips that can help you save money that may otherwise be wasted on fees.
It's easy to overlook the small ways that you can protect your finances. Here are a few tips that can help you save money that may otherwise be wasted on fees.
- Bank Accounts - Find a bank account that doesn't charge fees or find an account where you can meet the minimum requirements to have the monthly fee waived. Monthly fees vary, however, they can easily add up. Instead of paying the bank, that money could be added to your savings/rainy day fund.
- Car Insurance - If possible, it's ideal to pay your full car insurance premium in full. Why? Typically, when you pay monthly (or other split methods) there is usually an extra fee charged to each payment. Many people do not pay attention or notice it, but it's there. Those fees go away when you pay in full and sometimes even with a discount.
- Auto Pay Discount - Some cell phone companies (and others) offer a small discount when you sign up for auto pay. You no longer have to worry about missing payments AND you get a small monetary reward. Win, win.
- Paperless Billing - Some companies now charge you for paper statements (I've seen this often with banks). Avoid these pesky fees by enrolling in paperless billing.
- Late Fees - Pay bills on time to avoid the excessive late fees that drain your funds. Fees for late credit card payments are usually high and annoying and once you add to that the interest, it can make a once small bill quite large. Avoid, avoid, avoid.
In short, watch out for hidden fees when banking and paying bills. If you're able to shield yourself from these sometimes hidden charges, you can save more and spend less.