Life is expensive, so why pay fees when you can get it for free?

Regularly monitor your bank and credit card accounts, monitoring your accounts will help you spot fees you are paying for that can be eliminated, watching your accounts will also alert you to anything out of the ordinary that could indicate fraudulent charges or suspicious activity.

Bank Fees

Look for a bank that does not charge checking account or other fees. If you do use a bank that charges fees, for example some require a minimum account balance, meet your account’s given amount to avoid the fees.

Avoid paying ATM fees when using your debit card, use a bank that is part of a nationwide ATM network. This lets you use an ATM at convenient locations nationwide without paying a surcharge fee.

Choose a bank that does not charge NSF fees or overdraft fees. If your bank does and you don’t want to change, regularly check your account balance, set up low balance alerts so you are notified when your balance falls below a certain amount to avoid the fees.

Banks may start charging inactivity fees after the account has been inactive or dormant for a set amount of time, typically 6 months or a year. The bank may send you a notice, but some don’t. If you have an account that you no longer need, transfer the money to an account you use regularly, then call the bank and close the account.

Some banks charge for paper statements, log into your account and sign up for electronic statements to avoid the charge.

Credit Reports

Never pay for a copy of your credit reports, you are entitled to a free copy of your reports due to the 2003 Fair and Accurate Credit Transaction Act (FACTA) Go to https://www.annualcreditreport.com/ to request your reports from Equifax, Transunion and Experian. You can also request a copy of your report from each bureau online, by phone or through the mail. Innovis is a lesser-known agency. You can contact them to receive a copy of your report. https://www.innovis.com/

Late Payment Fees

Avoid late payment fees by always paying your bills prior to the due date, schedule automatic payments or set calendar reminders so that you’re never overdue. Late payments not only cost you money, but they also damage your credit score.

Credit Card Fees

Use your credit card as a tool to earn cash back and reward points and build your credit score. Purchase only what you can afford to pay off in full each month by the due date, paying interest is a waste of money. Choose a credit card that does not charge an annual fee.

Shipping Fees

When shopping online always aim for free shipping and free returns. If you order online often at places like Amazon and Walmart calculate the cost of membership to determine if you would save more by signing up. Often you can avoid shipping fees by making sure your purchase meets the required amount to qualify for free shipping. You can add items to your cart over time and place the order once the minimum is met.

Baggage Fees

When shopping for airline tickets, look for airlines that allow you to check bags for free. You may be limited to one or two. Or try to pack everything in your carry-on. Most airlines allow passengers to bring one carry-on and one personal item – such as a briefcase, purse, laptop bag, diaper bag or small backpack – at no extra cost.

Partial Payment Fees

Some businesses allow you to pay an annual bill in installments but may charge a fee to break the bill down. If you can pay in full do so, put money into a checking or savings account each month so that you have saved enough to pay the bill in full when the time comes.

Streaming Services

You might sign up for free streaming service trials and forget to cancel when the trial ends. When you sign up set a calendar reminder to cancel before the end date. Monitor your monthly statements so that you spot anything you may have forgotten to cancel.   

Extended Warranties

These are usually offered during checkout, refuse them. Most products already include a manufacturer’s warranty. Additionally, if you pay for the item with a credit card most offer purchase protection as well.

Cell Service Activation Fees

Some phone carriers charge an activation fee when you sign up for their service, shop around for a provider that does not charge a fee or ask for the fee to be waived, most of the time a carrier will agree to wave the fee to avoid losing your business.