My Best Financial Advice: The Simple Dollar

The Consumerist asked some top personal finance bloggers to give a short summary of their single best piece of financial advice. Here’s how The Simple Dollar responded:

Don’t pay fees unless you like giving your money away. There are many financial institutions out there that offer fee-free banking, checking, and investing.

For more details on this line of thinking, see Thinking Of Making A Banking Change? Here’s How To Compare Competing Bank Accounts.

FREE MONEY FINANCE

Comments

Edit Your Comment

  1. Amy Alkon says:

    I would also advise people to look at the hidden fees they pay — the stuff you probably don’t give much thought to. For example, if you aren’t under contract on your cell phone, why pay insurance on it? (You can re-up and get a new phone free or cheap if it breaks.) Or, if it’s a cheap phone, it may be cheaper to just buy a new one if it breaks. I save about $50 a year by not having insurance on my phone.

  2. shoegazer says:

    @Amy Alkon: That applies to insurance products in general. Apart from the big 3 (Life, Home / Renters’ / Home Contents, and Car) insurance products, you probably don’t need any blanket policies. Buy travel when you travel, etc.

  3. Amy Alkon says:

    I find that Applecare has been worth the money, especially on my laptops. And I never buy travel insurance or life insurance. Then again, I only go to France, and if I die, I leave only a very cute dog, no spawn.

    But, what about health insurance? Maybe you forgot that one.

  4. jrdnjstn78 says:

    Why bank at a bank when you can go to a credit union. Credit unions offer better loan rates, are mostly non-profit, free checking, no minimum cash amount you have to keep in checking or savings, doesn’t cost you an arm and a leg to talk to the teller or withdraw money. Why use ATM’s, just go to the store purchase something (you know you need toilet paper) and get cash back without paying any of those stupid fees.