Do you find little bits of money constantly being drained from your wallet? Do you wonder where all that money is going? Here are five hidden fees that you should know about in order to save some money:
How often do you find yourself needing to withdraw money but your bank's ATM is nowhere near you? Withdrawing money at ATMs that aren't affiliated with your bank can end up costing you a lot of money every year. Every time you take money out of a bank that isn't your own you will incur a fee that's taken straight out of your bank account. According to a report by Bankrate, ATM fees are at an all-time high, averaging $4.69 per transaction. All it takes is a little bit of planning to withdraw money from your own bank's ATMs to be able to avoid these pesky fees.
Foreign Transaction Fees
Planning a vacation where you intend to just use your debit card for purchases? Or has something caught your eye online but you have to purchase it in a foreign currency? Be careful when doing this as most banks typically charge a fee for every foreign transaction that you put through. Some banks even charge you this fee in addition to a percentage of the cost of your transaction! It's well worth checking your bank's policies before making any online purchases or traveling without having converted some money.
When traveling anywhere by plane make sure you read the fine print with your chosen airline to see what sorts of hidden fees are involved. Depending on the airline you may have to pay to check in a bag, choose your seat, or for any refreshments you might want during the journey. Some airlines, especially cheaper ones, have even begun to charge you for taking a carry on onboard with you. When booking your flights make sure you check all of your options to see who's the cheapest when those hidden fees are included.
How many free trials have you signed up for over the years that you've forgotten to cancel even though you aren't really interested in paying for the product? When you sign up for the free trial most companies tell you that once the trial is over they will automatically go ahead and deduct the first month from whatever credit or debit card that you gave them. As soon as you sign up for the trial it'd be a good idea to also set a reminder in your phone or make a note on your calendar to remind you to cancel before you start incurring fees.
Modem and Router Rental
Have you ever looked at your internet bill and seen a small charge every month and wondered what it was? Your internet company charges you a small fee every month for renting the router or modem from them. You can easily avoid this fee by buying your own router to use instead. While these routers often cost between 50 and 60 dollars you will have made that money back within a year.