• Natalie Reynolds

The Accession Finance Savings Challenge - Week 7


This week's post. FIGHT FEES!

We are in the process of refinancing our loans to a better loan for us. (More about that another week... or use our contact us page to call Tim) We are leaving our current lender at the end of this month.

In reviewing our bank account, we noticed that we were charged our annual package fee of $395! It might have been the timing that this payment was due, but we quickly jumped on to the phone and within 10 minutes the fee was reversed- we weren't going to be getting the benefits of the loan for a year, so we shouldn't have been charged the fee, and with this argument, we saved a nice little $395 that would have just been otherwise absorbed as a cost of switching loans.

When you are charged a fee from a bank that you don't believe is fair- FIGHT IT!

AND here's my little tips on ATM fees: You know the one, the $2 fee to withdraw your money from a generic or other bank ATM.

First of all- I want you to be mindful of scale- if you take out $20 from your bank, and you are charged a $2 fee- that's a massive 10%!!! If you withdraw $100 and are charged that same $2 fee, it's only 2%. So it's better to take out more money- less often.

Other tips to save: - don't use other banks ATMs where it can be avoided - use eftpos where possible unless they charge you a fee - don't spend more to use your card- take a walk to your banks ATM- or you can take out cash at supermarkets and stores like Big W and KMart, or you can go to McDonalds and take out cash- choose something cheap and then at least you're getting something rather than just paying a fee for convenience.

It's only $2, or it's only $10, or it's only $40 or in our case- it was only $395!!! And all of a sudden, the banks are earning millions in extra revenue. You might not need it but they definitely don't- so fight the fees, even if you're wrong, if they say no, you're no worse off than you were before, it just doesn't hurt to ask.

We are looking good so far, if we can keep up this pace then our $10K could become $25K...

Week 1 - Insurance $190 saved

Week 2 - Gifts/Fun Memberships $388 saved

Week 3 - The $10 Sacrifice $520 saved

Week 4 - Time for the Snip $ 0 saved

Week 5 - BSS $600 saved

Week 6 - Kids Entertainment $1400 saved

Week 7 - Fight Fees $395 saved

Total: $3493 saved

So far in 7 weeks we have made changes that will have saved us $3493 by the end of the year.

See you next week,

Nat x

General Advice Disclaimer:

This represents general information only. Before making any financial or investment decisions, we recommend you consult a financial planner to take into account your personal investment objectives, financial situation and individual needs. This information is based on our personal circumstance and it will be different for everyone. Information provided on this website is general in nature and does not constitute financial advice.

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WITH THE RBA DROPPING THE CASH RATE TO A NEW RECORD LOW ON OCTOBER 1ST, THERE'S NEVER BEEN A BETTER TIME TO REVIEW YOUR LOAN. 

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