From the time we are expected to stand on our own two feet, we are hit with the hidden costs of living. Whether we are talking about the extra costs associated with attending college or the extra costs associated with simply putting a roof over your head, these payments can add up.
In college
For most of us, the idea of college means taking out student loans and accepting any scholarships available to us from a range of sources. However, when you are considering college, you will be hit with a number of fees you may not have expected.
Upon viewing your tuition bill, you may notice health center fees, health insurance fees, student activity fees, orientation fees, technology fees, and more. While many of these are necessary to upkeep campus resources, they’re certainly not provided at face-value.
Altogether, these fees can cost you thousands over the course of your four-year college career.
When buying a home
You have been approved for a mortgage loan and had your offer accepted for the home of your dreams. Now, you must look to meet the demands of your mortgage provider, who will usually ask for a home inspection to take place at the cost of the buyer.
In some states, a buyer can use any inspection already completed prior to a sale taking place on the property. You will also be liable for a range of fees from the administrative costs of originating your loan to the appraisal of your new home.
Some of these costs can add up, but there may be workarounds based on local legislation. Ask your realtor or mortgage lender about your options.
During your wedding
Your wedding day is the best day of your life, and your vendors also want a piece of that good fortune. You find the perfect venue and then the hidden costs begin to appear.
Many people don’t know that wedding venues, entertainers, and planners expect a gratuity once the event is over. Based on the size of your wedding, this can cost you hundreds of dollars.
Many venues also implement service fees that are not factored into the venue rental. These account for all the little tasks staff must take on, including cake-cutting, cleanup, etc.
On vacation
Hotels are one of the biggest culprits when it comes to hidden fees. You pay for your room and taxes, but that’s hardly where it stops. Most hotels also charge a resort fee to pay for the services the hotel expects you to use during your stay, such as the pool, hot tub, fitness room, etc.
You’ll also likely encounter WiFi fees, parking fees, and the infamously overpriced mini bar.
The best way to avoid the surprise of hidden fees is to request a pricing breakdown upfront for any and all major services. Don’t wait until after the fact. Even if there’s no way to prevent paying the hidden fees, you can at least be prepared financially.
Ask questions, do your due diligence, and always leave with a detailed receipt of your transactions. Life may be filled with fees, but you can always coax them out of their hiding place.