Savings Tip: Avoid late fees

You work hard for your money; you should keep as much of it as you can! One way to do that is by avoiding late fees, which can take a big bite out of your budget if you’re not careful.

Late fees come in all shapes and sizes, attached to most of the payments you make, from your credit cards to your mortgage. Here are a few words of late payment caution:

Credit cards
How many credit cards are in your wallet? If you use them often and you’re not careful with your payments, the late fees can burn a big hole that could get even larger if the credit card company decides to raise the interest rate on your card because you’re now considered a risk. And, there could be penalty fees, and a stain on your credit report.

There are ways to avoid credit card late fees, including shifting the due date and requesting email payment alerts.

But remember, it’s not only a matter of paying those credit card bills on time. You also have to avoid the costs of going over your established credit limit which could have the same — or higher – consequences.

Your mortgage, etc.
Missed your mortgage payment due date and the grace period? There’ll be a late charge for that. Good Housekeeping has 4 handy tips for staying on top all your monthly payment deadlines.

Bank fees and overdrafts
Then, there’s the matter of banking fees and overdraft charges. Read what CNNMoney has to say about overdraft protection, linking your accounts, and avoiding surcharge fees. Or, stop by any office and we can help you work out the ways you can save.

Bottom line? The best way to increase your savings is to avoid late payments.

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