Sunday, April 10, 2011

The High Cost of Hidden Fees - AOL's WalletPop Canada

Kelley Keehn Apr 3rd 2011 at 12:54PM More Filed under: Banks, Budgeting & Planning, Credit Cards

Emerson emailed me looking for some financial assistance. He's self-employed, single and his annual income hovers around the $55,000 mark, although it fluctuates radically from month to month.

He's stressed about his finances as, in his words, "It's always gone before I even receive it". To figure out the mystery of his missing money, I had him take my 30-day anti-budget challenge. He agreed to track every dollar he was spending over a 30-day period and we sat down to figure out where his money was going. I also poured over his bank and credit card statements for the past year. One of the main culprits gobbling up his disposable income? Hidden fees that amounted to a trip or two a year if he had been aware of them.

Read on to see if you're making the same mistakes as Emerson and something as simple as not paying attention to the fees you pay could be standing in the way of your next vacation and more!

No comments: