 We encounter
so many fees as consumers that the word
“fee” is almost an expected part of purchasing transactions. We see so
many of them because many businesses and non-profit organizations alike
find them to be an excellent source of additional income. The recent use
of this word in the debate between Dan Onorato and Tom Corbett,
Pennsylvania gubernatorial candidates, has drawn more attention to fees. In their case
the debate is if either candidate would accept raising state fees as an
alternative to raising taxes. The result is still an increase in the total
amount citizens are paying.In our personal lives fees often come as part of the convenience we look for when making purchases. Fees are sometimes collected as a penalty for not conforming to previously agreed upon deadlines, such as returning a DVD on time. Fees can be part of a upgraded experience such as moving to the front of the line at Kennywood, via the VIP coaster tour. Convenience based fees allow us to do things like charging more on a credit card when the limit would have normally been overextended. Unlike some taxes though, fees are much more manageable and negotiable. The fees you have the most control over are the ones that exist due to convenience. By organizing your buying habits and making smarter purchases you can reduce the amount you pay in fees over the year. You will often find opportunities to ask for fees to be waived in trade for your continued business. If the gym, motor club, or professional organization, for example, asks you for an enrollment fee you should either get something extra for that money or ask to have the fee waived in exchange for your business. We may not be able to influence the potentially higher government fees coming our way, but some planning and preparation on a personal level could save you hundreds in convenience fees each year. For more information visit BowmansMoneyCollege. You are invited to join me at LinkedIn! |