Posted by:
Sarah Kaufman

Sarah Kaufman

June 30, 2015


How to Say Goodbye to Fees

Paying late fees and penalty charges for credit cards and bills are some of the biggest money mistakes you could make. Why? Because they can all be easily prevented by being smart about your finances. Check out these simple ways you can stop paying money-draining fees once and for all.

Read the fine print.
One of the biggest mistakes many people make when opening a new bank account or credit card is failing to read the fine print in the terms of agreement. Before they know it, they’re hit with fees of all sorts and they have no idea where they came from. Before you open a credit card, make sure you’re aware of whatever annual fee, if any, comes with the card. Annual fees range from $15 to $300, but many cards come without them. Also look out for overdraft fees, ATM fees, late fees and minimum balance fees. There are even currency conversion fees — many credit card companies charge a 3 percent fee when you use your card in another country. You could even get hit with that fee if you purchase goods or services online from an overseas website.

Pay your bills on time.
One of the most common fees is a late fee, which ranges from $25 to $35. The best way to avoid these pesky charges? Pay your bills on time (it’s that simple!). Set reminders for yourself, or use account management and bill reminder service to get automated bill pay reminders via text or email. Paying late fees is one of the biggest money wasters out there, so avoid throwing your money down the drain by making sure you pay your monthly bills on time.

Monitor your accounts.
The more aware of your accounts you are, the less likely you’ll be hit with any late fees or penalty charges. Plus, even if you are hit with a fee, you’ll be quicker to notice it and therefore, quicker to fight it. Use to check your accounts with just one password so that you don’t have to go to multiple websites to see what’s going on with your money.