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6 Clever Ways to Reduce Fees on Savings Accounts and Other Expenses

clever ways to reduce feesPaying fees is never fun, but it’s a necessary part of life. However, there are some clever ways to reduce fees (and possibly eliminate certain fees) from things that you use regularly.

6 Clever Ways to Reduce Fees on Savings Accounts and Other Expenses

Here are some areas where you might be paying fees and how you can save money on these expenses.

1) Mortgage

If you make house payments, you may be able to reduce interest fees by switching your mortgage to a different lender. Many lenders don’t charge loan processing fees, and choosing to go with a bank or credit union that doesn’t charge this fee can save you money.

If you’re in the process of buying a new home, you can also save money by coming up with a larger down payment.

2) Bank Accounts

Some banks impose service charges on accounts that don’t carry a minimum balance amount. Even though the service charge is usually small, having to pay it several months in a row can eat away at your funds. By opening checking and savings accounts with a bank that doesn’t charge a minimum balance fee, you won’t have to worry about your money being wasted.

Related: How to Make Passive Income With a Checking Account

3) ATM Fees

If you use an automatic teller machine at a bank that differs from where you have your accounts, you’ll likely be charged a fee just to withdraw funds. This fee can sometimes be more than $4 and is an expense that you should avoid paying whenever possible.

A great way to get the cash that you need if you’re not near one of your bank’s ATMs is by getting cash back from a grocery store if you go in there to make a purchase. Also, if you end up having to pay an ATM fee, your financial institution may reimburse you. Just ask!

4) Credit Report

No one should have to pay to see their credit information nowadays. The only exception would be if you need to see your report several times within a year, which may incur some service charges. There are many companies that offer free credit report with up-to-date information that’s highly detailed.

5) Unused Subscriptions

You might have forgotten that you signed up for certain services that you no longer use, and failing to cancel these subscriptions in a timely manner could result in you having to pay their fees. It’s especially easy to forget about subscription services that bill once a year. Small monthly fees for unused subscriptions may also go unnoticed if you don’t check your bank statements regularly.

6) Shipping Fees

If you’re a frequent online shopper, you could be wasting a lot of money on shipping fees. It’s best to look for items that come with free shipping on retailer websites. You should also stay up to date on free shipping promotions that apply to all store purchases.

Another idea is to look online for coupons and promo codes that will save you money on shipping costs.

Clever Ways to Reduce Fees – Are You Ready?

Not having to pay extra fees on products or services that you use can help you keep some more money in your wallet. By following these tips, you’ll have more money to devote to other important expenses in life.

The question now is, are you ready to implement these clever ways to reduce fees??

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My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

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