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Five things you didn't know had hidden costs

Fairness and transparency should be the status quo when it comes to customers and their purchases, but this isn’t always the case.

Fairness and transparency should be the status quo when it comes to customers and their purchases, but this isn’t always the case. While a company like Koodo wants you to know exactly what you’re paying for on your monthly phone bill, you may find that your other life purchases aren’t as clearly defined or above-board. Surprise! Let’s take a look at 5 other situations where you could end up spending more than you’d originally planned.

1. New Home Envy

Recently constructed homes may be the envy of those looking to buy, but hidden costs can accrue in a brand new residence. Necessities like appliances or landscaping may not be included in the sale, while the allure of fancy upgrades might entice you into spending more than the list price. If you decide to opt out of a home inspection or if you do not have a warranty, quality of construction can also cause issues. If you’re the first owner of the property, you may discover inefficient waterproofing or improper electrical work (both are costly). And, if the new home is in a developing area, you won’t be able to judge variables like neighbours or growth in empty lots – things that may eventually impact your quality of life.

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2. Self-Employment Stress

Many assume that being your own boss means more profit goes into your pocket, but the reality is that hidden costs take a good percentage of your income when you’re self-employed. The cost of doing business is grossly underestimated - from licensing fees to industry association dues, fees for professional advice to long-term costs associated with developing your business, these expenses can and will add up. And, don’t forget taxes, insurance, and the added stress of making enough to cover your payroll, all while trying to maintain your standards of living.

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3. Cost Of Living Surprises

Hidden costs on your monthly bills might seem like a drop in the bucket in comparison to your overall expenses, but over time, these hidden costs can really add up. Banking fees, cable and internet service charges, and phone bill overcharges seem minimal when evaluated once a month, but they can certainly make a dent in your finances over the course of a year.

Luckily, they don't have to, at least when it comes to the purchase of your mobile device itself. Koodo's Tab program allows you to spread out the cost of a new phone over a 24-month period. You can choose how much you want to pay for the phone up front, and put the rest on your Tab, up to a total of $360. After your phone is paid off, your monthly bill actually drops. And when’s the last time that happened?

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4. Wedding Bell Blues

You’ve spared no expense for your wedding, making sure you’ll get everything you dream of for the amount you can afford…but did you plan for some wiggle room on those figures? Added costs like postage stamps for mailing the invitations, alterations and steaming fees for the bride and groom’s attire, and corkage fees and gratuities are the most common reasons for going over-budget. These costs often go unreported until long after the couple has already made it down the aisle.

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5. All-Inclusive Anxiety

Cruises and all-inclusive vacations appeal because of their budget-friendly price tags, but the truth is that travelling = lots of hidden fees. Checked bags and in-flight meals now come with a charge that you might have taken for granted in your pre-trip planning. After you’ve checked into your room and moved into relaxation mode, the daily housekeeping tips/gratuities for all the free drinks you consume will start to add up. And don’t forget the applicable taxes or fees on your rental car excursions!

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