Little Fees And Expenses Can Eventually Add Up To Big Budget Busters

Many people seldom think about those so-called little fees and expenses that they come across in their daily lives. While these “hidden” fees seem harmless, they can, in fact, make it hard for you to save and increase your savings. You can get nickelled and dimed until those costs add up to real big budget busters.

Avoid Overdraft Fees By Keeping Accurate Records

When you do withdraw cash or make a retail purchase with your debit card, record the amount immediately in your checkbook’s register. Do not trust your ATM receipt for your account balance. The total reflected on the receipt may not show some debit card transactions that are still pending or checks you have written that have yet to be posted to your account. You can avoid expensive bank overdraft fees by keeping accurate records.

Do Not Mail In A Payment Late Or Just In Time

Just because you mail in a payment just before it is due does not mean that you will not be assessed a late fee. It does not matter when you mail it, remember. It matters only when the credit card company receives your payment and processes it. Late fees on your credit cards can add up very quickly. Even though you may make what you believe are timely payments, you can still be assessed a late fee.

Do Not Spend your Check To The Wrong Mailing Address

Believe it or not, people still send their money to the wrong address for their credit card payment despite every card sending users an envelope. For whatever reason, many people misplace or lose the envelope and use their own. Sending your credit card payment to the incorrect address can also result in extra late fees if it is misrouted. Most card companies have specific addresses for payments and other addresses for other business functions. You can’t get them confused, or your payment will be delayed possibly past the due date. Therefore, make sure that you are mailing your payment to the right address before it’s sent. Even if you make a payment electronically, it still can take more than a couple days for the company to receive your payment and credit your account. Therefore, paying in advance is the best safeguard whether you use snail mail or make a payment electronically.

Many people will not take the time to lower the rates or reduce the fees on their credit or debit cards as it takes a good deal of energy to rectify these situations. However, if you do resolve to contact the appropriate people by phone or in writing, you can be assured that you can possible save hundreds of dollars each year if you ensure that these little fees do not continue to nickel and dime you to death.

Tagged as: Credit Cards, Debt