Some fees are a not worth paying. Other fees are worth paying. Here are five fess that you can feel good about paying from your frugal wallet:
1. Overdue Fees at the Public Library
My three-year old daughter and I use the public library a lot. We always seem to have at least a dozen or so books checked out at any given time. Despite our best efforts (and the convenience of being able to renew items online) we sometimes return items late.
The late fees are 40 cents per day for adults (up to a maximum of $16.00) and 20 cents per day (up to a maximum of $8.00) for children. I don’t mind paying late fees to the public library at all. I am an active user of their services and the fees go towards supporting the wonderful services that they offer.
2. Auto Club Membership (e.g. a CAA or AAA membership) Fee
With my auto club membership, I am buying peace of mind. Yes, I do get free maps, a magazine subscription, and travel guides, but I also get towing service, emergency gas delivery, and battery service if I ever need it. One single tow can easily make the cost of the yearly membership worthwhile.
3. ConsumerReports.org Subscription Fee
I believe that Consumber Reports magazine is one of the most useful and powerful tools available to consumers – period. It is my preferred resource for reviews and advice before making any major and/or important purchases. My consumerreports.org subscription helps determine which products offer the best value for my money (a super important factor for any frugal shopper). While I can read and borrow copies of Consumer Reports magazine for free at my local library, the convenience of an online subscription is worth it to me.
4. Bank Overdraft Protection Fee
Having a cheque bounce is bad. Overdraft protection can be added to your bank account to help ensure that this never happens. It can be set to automatically kick in if there are insufficient funds in your account and your balance in danger of falling below zero. Banks normally charge a few dollars plus interest each time this happens, but this is small change compared to the cost of a returned cheque and the potentially negative impacts this could have on your credit score (and subsequent borrowing costs).
5. Hiring a Professional plumber, lawyer, electrician, accountant, etc.
Resist the temptation to automatically hire cheapest (or the most expensive) plumber or lawyer or any other professional. Instead, seek out referrals from friends or friends of friends. These are often the most reliable and honest referrals that you can get. You could also research reviews online (less preferred because it’s hard to tell which ‘reviews’ are real or not). If applicable, ask these professionals for recent referrals and speak to these people.
After you have done your homework, don’t be afraid to pay appropriately for quality service. Paying a fair market price to hire a good lawyer or electrician, etc. is well worth it in the long run.
Which Fees Do You Feel Good About Paying? Please Leave a Comment Below.
Author: Jason Milburn Google
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