The CBS Early Show recently featured the CEO of Billshrink who discussed the many things that we tend to pay way too much for.
Non Bank ATM Fees
You can pay an average of about $3.50 every time you have to use an out-of-network ATM, says Peter Pham, with Billshrink. According to Bankrate, Americans pay more than $4 billion in ATM fees per year. Pham offers this tip: take some time to search for a bank with a good ATM policy.
Credit Card Late Fees/Overdraft Fees
All of these fees can really add up, says Pham. Consider a card with an annual fee. A fee could save you thousands in interest rates. Also, try to cut back on the amount of cards that you have. Consolidate your debt into one or two cards, says the article. Watch out for “processing fees” as well.
Car Maintenance at the Dealership
I learned my lesson when I was young and didn’t know any better and continued to take my car to the dealership. Now, I ask around and find a reputable locally-owned garage. Almost $9,500 is the average amount spent by Americans to maintain their car each year. Those repairs can often be done by a local shop. And you’re helping out your fellow neighbor. Negotiating a job is also easier when you are at a mom-and-pop shop. Another tip from Pham: check out a local community college and see if they have an automotive technical program.
Pseudo Health Products
Watch out for fad health foods. Check the ingredients. They may not really be as healthy as you think and are often more expensive. Think about making some of your own healthy snacks, suggests Pham.
Cell Phone Plans
According to the article, 80 percent of us overpay on our plans. The biggest reason is people don’t really know how much they use texting, voice minutes and data. Many more people are getting family plans to help. Sit down and go through your cell phone bill. Look into a family plan, look at who you call the most and see which carrier they are with. Take advantage of the free phones they often offer with contracts and get rid of those services you really don’t use, says the article.