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COSTS YOU SHOULD ALWAYS AVOID

Even the smartest people let stupid costs creep into their budgets.

You might focus on stretching every last dime, but you can sabotage yourself if you rack up costs you could easily avoid. Here are some common expenses that can add up over time:

Bank fees

Whether through overdraft penalties or automatic teller machine fees, banks charge customers in many ways. Avoiding these fees requires people to simply pay more attention. Leave a small cushion in your bank account to prevent overdrafts. Look for banks that offer free checking and savings accounts or better yet, ones that would pay interest on your balances. And try to avoid ATM fees by anticipating your cash needs in advance so you’re not forced to turn to the closest machine if you find yourself in a rush and low on money.

Late payments

It’s easy to forget a bill. But your bad memory or poor organization skills will cost you through late fees and higher interest rates. Avoid late payments by paying all your bills together on a specific day each month. You can also arrange for your bank to automatically pay your bills as soon as they arrive.

Automatically renewed memberships and subscriptions

Many people sign up for memberships and subscriptions that automatically renew each month with the best intentions. In reality, they don’t end up using them and they continue to be charged. Review all your memberships and subscriptions and ask yourself if you’re using them. If you aren’t, it’s time to cancel them.

 

SOURCE: THE STREET



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