A few dollars here and there might not seem much at the time, but it all adds up in the long term. Here are a few common scenarios where you could be parting with more than you need to…
1. Shelling out for double insurance cover when you have multiple super funds
Approximately 1 in 5 Australians (19%) have more than one superannuation fund, according to the ING DIRECT/Financial Services Council Your Super Futurereport (2015), yet holding multiple funds may mean you’re paying multiple super fees and life insurance premiums too.
To reduce unnecessary fees, consider consolidating your super into one super fund which offers value for money, and choose only the services and products you really need.
2. Tipping when the service charge is already included
Ever left a few dollars on the table without checking the bill first? If service is already included you could be tipping your server twice.
Service fees are becoming more common especially when group bookings are involved, so scan your final bill to check whether you’ve already tipped before you leave some extra.
3. Paying ATM fees when you don’t need to
Australians have voted ATM fees their most hated bank fee, with 43% saying they would rather get cash out at the supermarket than pay an ATM fee (2014).
Although the average fee is around $2, using an independent ATM could see you racking up charges of over $12 per withdrawal. To minimise fees, check for fees before you withdraw cash, or better still open a bank account which allows you free access to all ATMs Australia wide.
4. Paying card surcharges when you could transfer money for free
Scheduled payments can be an efficient way to take care of regular bills but be aware of potential fees associated with your payment method. Some providers may charge extra for credit card payments and, while a $1 payment surcharge may not seem like a lot, it can add up if you’re making multiple monthly payments.
If you are incurring card fees, consider transferring money via direct debit or direct deposit instead and save on unnecessary surcharges.
5. Booking fees by phone when you could save by booking online
Booking a holiday? The cost of a phone call may be negligible these days, but telephone booking fees could noticeably push up the price of your flight.
Some airlines charge a premium to make or change a booking by phone so to be on the safe side, check the fees before you make the call – it’s often quicker and easier to book online, and you may be able to save yourself money at the same time.
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