Fees. I despise them. I hate fees with a passion, and I think you should too.
While most fees are immaterial, these little and extra charges add up over time. Not only does the simple accumulation of fees add up to incredible amounts, but also, if you consider the impact of compounding, these fees could have become significant savings.
One of the reasons I hate fees is that some of these fees are avoidable. There may be alternatives or actions we can take to minimize fees. For example, late fees on any payment are generally preventable. Annual fees for credit cards that you are not reaping sufficient rewards and value from might be excess fees that can be avoided by changing credit cards.
If you were charged a fee, it’s important to review it and find ways to eliminate it in the future. If appropriate and given the circumstances, you may also consider calling the vendor to ask that the fee be reduced or removed. These little actions can help build fee-free habits that help you save and invest more in the future.
More broadly speaking, it’s good to review all expenses with a critical eye. Each expense should serve a purpose and adds value to you. If the value does not justify the cost, then cut the expense and find an alternative.
The principle here is to review all fees and expenses to ensure each dollar is going the furthest it can.