Smart Money Techniques, Minimizing payment of fees: This week we are talking about the Smart Money Management Techniques. We have already seen an outline of the seven ways in which we can manage our money in the smarter way. These techniques are:
1. Make a good financial foundation
2. Make more and more investment
3. Make a money mindset
4. Minimize payment of fees
5. Make an increment to your income
6. Make a distance from Consumer debt
7. Ignore money habit of your friends
Every day we have been discussing one topic. On Wednesday we discussed about the foundation of the Smart money management techniques. In this we discussed how the money can be managed in a way that it leads a strong financial position and the day before yesterday we discussed about how to make more and more investment. We also discussed the ways in which the money could be earned. Yesterday we discussed about the making of money mindset. In today’s topic we will be discussing about minimizing the payment of fees.
Minimizing payment of fees:
It may sound like unbelievable to minimize the payment of fees. But it is possible. Management of money is an art, which I am discussing about. It may be somewhat challenging to execute but the simple formula here is to increase your income and decrease your expenses. One of the basic component of expenses if the payment of various fees. Today we will be learning about management of fees.
The first and foremost thing to be remembered when talking about minimizing the payment of fees is PAY YOUR BILLS ON TIME. Yes! This may actually minimize your payment of late fee. It may also reduce your extra financial charges.
Another thing you can try is reducing of your interest payments. Try to avoid taking of overdrafts. Make use of ATM more and more rather than using the debt money. Pay your highest interest loan first.
Make use of those investments which are charging fewer fees. The investments like ETF is quite less expensive when compared to mutual funds.
If you are trading or investing in the financial market the choice of a good broker is also helpful in reducing the fee. You should choose a broker who charges fewer fees for the quality services.
The investor should be conscious about those opportunities which are charging the lesser fees. You should not compromise on the quality of the services for lesser fee or it will put a negative impact on your finances.