Day 1 : Eliminate Fees
Check your last bank statement. Are you paying an account maintenance fee? How about ATM-related fees? Are you paying for banking services that you aren’t using? Do you have a savings account with a minimum-balance requirement? Are you paying too much for checks?
Take a second look at your phone bill. Do you see any features that you no longer use? How about a calling-card fee for a calling-card that you don’t need? Could you do without some of those features? Be sure to check your phone bill every month, to verify that you are being charged for legitimate services.
Grab that latest copy of your cable or satellite bill. Do you really need all of those channels? Could you switch companies and save some money? Have you considered eliminating the television all together.
You get the picture. Review all of you bills, all of your accounts, all of your financial relationships, and look for those not-so-hidden fees that are eating away at your bottom line. Need some math to back up this tip? Check this:
$25 in hidden fees, per month, equals $300 per year.
$300 per year, invested at 10% for 40 years, equals $159,420.
Yep, you just read that correctly. So, start combing through that stack of old bills and eliminate as many fees as you can.
If you have suggestions for how folks can eliminate fees, leave a comment. If you are a blogger, write a post about eliminating fees and contact me. I’ll be more than happy to link to your post.
Resource associated with this tip:
Click here for the online Savings Calculator that I used to calculate how much you could save if you invested this money instead of spending it. (I used $25 per month, invested for 40 years at 10%, compounded monthly.)