When it comes to money, the little things add up. Minding your financial accounts for unnecessary fees and higher-than-average expenses can have a real effect on your bottom line. It’s not always obvious, though, as to which of those “little things” do the most significant damage to long-term financial life. Here are a few places where you might be paying more than you should right now.

Bank and Credit accounts
Watch out for low balance fees and transaction-related fees. Plenty of banks offer free chequing services these days, so you shouldn’t have to go too far to eliminate that type of expense. You can often find banks that offer a cash bonus for signing up or for setting up direct deposit with them. Use it to your advantage: Be proactive in your choice of bank, even if it includes threatening to move your account(s).

The credit card market is inundated with accounts offering bonus airline miles or points redeemable for certain products. These benefits can be worthwhile if you use the card regularly and are disciplined about paying off your balances. The caveat: generally higher expenses and/or interest rates, as well as annual fees, application fees… etc. Make sure you read the fine print carefully before choosing these types of cards. And always keep your balance low, preferably clear, on a monthly basis.

Your cell bill
With the smart phone market taking off, cell phone bills have gone from a few pages to resembling, in size and the scope, Dickensian serials. Since the first truly net-capable phones hit the market, carriers have honed in on pricing and now offer multiple data and phone plans for varying customer needs. Most providers post usage metrics, which show exactly how much data and call time you generally require, and what are the associated fees. You can — and should — adjust your services to avoid paying for minutes and gigabytes you don’t use, or paying premiums for over-usage. Providers’ customer service reps are generally good (read: honest) about helping you tailor and/or adjust your plan. The bottom line: Don’t just sign up for one plan and stick to it.

Car Insurance
Applying for car insurance isn’t the easiest thing, and most people just want to secure coverage fast. If it’s been a few years since you signed up with your current provider and you haven’t had any tickets or accidents, you could be getting overcharged. Check you auto insurance bills for unnecessary services charges that provide benefits you don’t need or use. E-bills, semi-annual or annual payment plans (as opposed to monthly and direct pay benefits often offer a discount if you opt to get on board with more favorable payment terms to the insurer.

Mortgage interest and expenses
With interest rates at historic lows, if you obtained a mortgage more than four years ago it is very likely you’d be able to refinance at a lower interest rate. Even a quarter percent cut in your annual interest rate could mean real money over the life of the mortgage. Once again: Watch the bill for errant fees not related to standard loan expenses and don’t be afraid to reach out to the lender if you have questions about certain charges.

Investment accounts
Just like bank accounts, investment accounts can have inactivity fees, annual maintenance fees and excessive charges that you may not have to stomach. If your broker or advisor doesn’t really add value, don’t be afraid to question certain charges, or switch to a lower-cost provider. Some advisors offer investment guidance at an hourly rate, instead of levying your investment principle directly.

Try and keep the overall cost of an advisor, plus any trade commissions and fees your broker charges, under 1% annually. If you do get charged more than that, ensure you are getting your money’s worth: Make sure your percentage return after expenses exceeds the annual return of the local stock exchange. If your advisor can beat the market, maybe the extra cost is worth it. The same is true of mutual fund expenses: For a fund that has a higher cost, you should expect a higher return.

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Image courtesy of RogueSun Media.