You may have noticed that more stores and businesses are adding on extra fees or surcharges to transactions. According to NBC News, some of the additional charges come when you use credit cards or because of tariffs.
“Think of surcharges as an additional cost that you the consumer pay to a company to buy goods and services in addition to the regular cost of that good or services,” said Annie Cole, EdD, money coach and founder of Money Essentials for Women. “Businesses may add surcharges to products during times when the products themselves are going up in price, or are anticipated to go up in price.”
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Given the ongoing tariff changes, according to Cole, many companies are putting into place preemptive surcharges to cover their anticipated higher costs, asking customers to foot part of the bill to the cost of goods.
So, how can consumers avoid paying surcharges for goods they buy on a regular basis? Here’s what financial experts told GOBankingRates.
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Buy Local
First, per Cole, buy local and direct whenever possible, which may help you find products and prices that are less likely to be influenced by tariffs and surcharges.
Comparison Shop
Second, according to Cole, price shop between stores to find the best rates given the product price and presence of or lack of a surcharge.
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Review Your Budget
Cole said to review your own budget and try to find places to cut costs and set aside additional funds in a high-yield savings account.
“If prices do continue to climb, having room in your budget and cash in the bank may make all the difference between financial well-being and financial stress,” Cole said.
Strategically Plan a Vacation
Vacation surcharges are often tied to service costs, according to Kevin Estes, founder and financial planner at Scaled Finance.
“Planning ahead can lower both the base cost and fees on hotels, car rentals and parking. Avoid holiday and peak season travel where possible,” Estes said.
Pay Cash
“Businesses often charge more for credit than debit card transactions,” Estes said. “Consider whether the points or cash back are worth the extra processing fee. It may even make sense to pay cash.”
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This article originally appeared on GOBankingRates.com: Don’t Let Growing Surcharges Crash Your Budget — 5 Ways To Avoid Them
