Before making a big purchase, consider the hidden fees with each. You may think you have enough money to afford the monthly bills, however there are often times many “hidden” costs we forget about.
- Owning a home – utilities, furniture and ongoing maintenance are hidden costs many forget to consider. You may have enough to make your monthly payments on your home but what about having furniture? Will you buy the furniture all at once or will you tack this on to your monthly payment? Make sure you have a plan before making as large as a purchase as a new home. Other hidden fees to consider: moving expenses, homeowners association fees, landscape upkeep, closing costs, appraisal fees, home inspection, and pest control – just to name a few.
- Buying a vehicle – this is one of the largest and most common purchases with hidden costs, besides buying a home. Before you decide you have enough to make your monthly car note, don’t forget insurance and other fees – this may seem obvious but some of us do forget! These include: gas (which depending on the type of vehicle, can be up to 50 or 60 dollars a tank and may require filling up weekly), maintenance (oil changes, tires, windshield wipers), batteries and required inspection stickers every year. Inspection stickers average about $15-$20 and oil changes cost about $40 every three months.
- Electronics – cell phones, computers, printers – they all have hidden costs that you must consider. Do you have money set aside each month in case your printer runs out of ink or in case your computer shuts down and must be repaired?
There are many other purchases that include hidden costs, such as home appliances, vacations, hotels, and the cost of moving.
Be aware of these hidden costs and be sure that you have enough money for accidents, emergencies and maintenance before making such a purchase!
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