Recent Savings

Every now and again I prune the services I use that charge a monthly fee. My most recent cancellation was from Verizon. I had a land line with them that cost around $24 per month, and I only used it for faxing. If you figure that $1K in the bank at 5% interest earns around $4 per month, the $24 / month fee that Verizon was charging me was equivalent to me having $6K in the bank. Interesting, no?

So how do I fax now? I signed up for TrustFax, a service from Comodo. I'm very impressed with the service so far. For $4.95 I get 50 faxes per month, and extras are affordable. A net savings of $20 / month, pretty good I'd say.

I also wrote to my bank requesting that they waive the $12 monthly maintenance fee because I have such large loans with them. If they do not I'll try to cancel the amount.

As I get busier, its easy to ignore these small monthly fees, but it is important to keep an eye on them as they can really add up and impact not only cash flow but your bottom line. You can instead put the monthly savings into an interest bearing account, or pay off your debt at a faster rate for more savings.