By Rod Davis, CEO BBB serving Southeast Florida and the Caribbean

While it is always smart to keep costs low and use options to maximize financial returns, in times of inflation it becomes even more important. 

Let’s discuss a few ideas that might help your money go further. 

Reduce or Eliminate Interest Fees:  According to Motley Fool, the average American pays $1,627 per year in credit card interest and that figure is continuing to increase.  Fortunately, credit card companies continue to offer teaser rates with 0% interest for balance transfers.  There is usually a fee for the transfer, but since you will be able to pay off the debt without incurring additional interest, the fee is easily offset.  Motley Fool provides guidance to help you explore options:  https://shorturl.at/dsxJ1

Bank Fees:  Bank fees are another expense that adds up quickly.  If you are paying a monthly fee, ATM fees or significant overdraft fees, you should compare options and find a good bank or credit union that delivers the services you need in the most cost-effective manner.  Bankrate shares good tips and information to help you make an informed decision.  https://www.bankrate.com/banking/checking/checking-account-survey/#overdraft-fees

Reduce Subscriptions and Monthly Fees:  Over time we add on new services whether it is streaming music, videos/TV or monthly products.  Look over your bills and decide whether you really use or need each service.  If you have both Netflix and Amazon Video, perhaps you should choose one and cancel the other.  Rocket Money is a new service that is available at a fee, to help consumers manage subscriptions.  They will also negotiate fees on your behalf.  If they successfully reduce a subscription, they usually charge you 50% of the savings while you have your fee reduced by 50%. 

Put your Money to Work:  If you have money in your checking or saving account, maximize the interest you earn.  The recent increases in interest rates by the Federal Reserve make borrowing more expensive, but the flip side is that financial institutions can pay customers a higher interest on funds put into their financial institution.  Again, compare options to find a quality bank or credit union paying a good rate on the funds you deposit.  Bankrate.com has detailed information about some of the options to consider with assisting you in your research.  

Don’t Waste your Money:  Every day consumers file complaints with BBB when they have been outright scammed or when they end up paying more in time and money due to working with a bad business.  Use the resources at www.BBB.org to find quality businesses providing good services and products.  Nothing is worse than having to pay twice to have a job done. 

There are great resources available to assist consumers and doing a little research and having financial discipline will help you through the months ahead.