Fees are the root of all evil. Ok, so that may not be the case, but it sure feels that way when you keep getting dinged for this fee and that fee. You just want the insanity to stop!
Stop Paying These Unnecessary Fees
Paper Statement Fees – There is no denying that we live in a digital world. Companies are getting serious when it comes to postage when it comes to sending paper bills to customers. It is easier (and less wasteful) to send digital bills, so embrace them. Yesterday our quarterly garbage bill came and they tacked on an extra $1 as a “Paper Bill” fee. Yes, that’s $4 per year that we will save and the amount is small, but each one of those dollars adds up over time. Just think, I could splurge on a Starbucks Refresher at the store with my savings (or get 2 in a can from the grocery store with my savings).
Overdraft Fees – You know when your bills are due once you have created a budget. Each of your bill due dates should be written down on the calendar. Make sure you have money in the bank before you pay your bill. Sometimes it is tough having enough money….and you may find yourself pinching pennies or working a second job. Once you have your debt paid off and your savings account started you will be so happy.
Bank Account Fees – Paying monthly bank account fees (including minimum balance fees) is silly. There are plenty of banks out there that don’t charge these fees. If your bank is one that does then kick them to the curb and start saving your money! Credit Unions are excellent choices. If you don’t have a lot of cash to deposit then an online bank like Ally is another great choice. With Ally bank you are not charged any fees for monthly usage. When you withdraw money from an ATM there is a fee for that (as if the ATM machine will let you forget…you always have to check yes to proceed with their silly fee). However, Ally reimburses your ATM fees each month. If you go over the IRS recordable minimum you will have to pay taxes on that money.
Annual Credit Card Fees – Unless there is a bonus that off sets the annual credit card fee, it’s just not worth it! We have a Chase that is tied to Marriott. Each year we pay around $60 for our membership fee. In return we one free night at any Marriott property up to Category 5. For us, the yearly benefit outweighs the annual credit card fee because we always use the free night at an expensive hotel. If there comes a time when we don’t use our “free night” then we will cancel the card. There are many credit cards that will not charge an annual fee and if you are pinching pennies then one of those cards is the way to go!
If you can eliminate any of these fees you will have more money to spend in other budget areas. Fees are not mandatory. Do what you can to escape paying extra money for something you can get for free today!
Which fees have you cut out of your life? Leave a comment with your best money saving tip!
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