Ways to Save Money Part 7

Today’s tip for saving more of the money you earn will be especially helpful for many of you.  As with all of our tips, please read them with an open mind.  We don’t want for you to automatically reject a suggestion because it is too hard or too uncomfortable for you to implement.  Changes in our finances may not happen over night.  However, you can begin taking baby steps immediately.

Tip #7:  Eliminate Late Fees and Other Penalties!

One of the biggest ways to waste our money is through late fees and/or over limit fees. The average late fee charged by a creditor is $30.  Some mortgage late fees can be as high as $60 per month!  Did you know that if you pay 3 late fees per month that you are giving away an average of $1,080 per year in excess fees?  Many people lose even more than $1,080 per year in late or over limit fees!  Be honest, for most of us losing $1,080 or more per year hurts.  This is money that you could be using for more important needs and bills.

The only way to successfully stop these fees from occurring is to take control of your monthly spending.  Making a budget and, more importantly, sticking to your budget, is the best way to overcome this problem.  Once you have your budget set up, you may want to consider scheduling automatic payments for some or all of your monthly bills.  By scheduling automatic payments you can eliminate the possibility of simply forgetting to pay a bill on time.

Finally, remember that you can always call a creditor and request for a late fee to be waived if you accidentally forget to make a payment on time or if you are unable to make a payment on time.  If it is your first time requesting that a late fee be waived you are more likely to see it removed.  Also, be kind and don’t just take “no” for an answer.  If the first employee tells you that your late fee cannot be waived then respectfully ask for a supervisor.  Don’t be rude, but be persistent until you are transferred.  You just might save some money.

If you need professional help with your credit or help establishing a personal budget, please give HOPE a call at 704-503-3669.  We would love to offer you our assistance.