Exchange-traded funds, those increasingly popular baskets of securities traded like individual stocks on an exchange, offer another low-cost opportunity. They can be bought and sold throughout the trading day. Most have lower expense ratios than mutual funds, though you must pay a commission to buy and sell their shares.

Exchange-traded funds used to be purely index funds and were therefore extremely low-cost. But as more focused and intricate ETFs are increasingly introduced, expense ratios have been rising, according to Tom Roseen, research manager for U.S. and Latin America with Lipper Inc. in Denver.

"While people think ETFs will always have the lowest expense ratios and always be tax-efficient, that's not necessarily true," warned Roseen. "Costs are rising for those ETFs that require more research and intervention."

ETF expense ratios are still usually lower than conventional mutual funds, though not always. Vanguard Total Stock Market ETF (VTI) has an annual expense ratio of 0.07 percent, lower than its mutual fund counterpart, while HealthShares Euro Drugs ETF (HRJ) has an expense ratio of 0.99 percent.

"You see an ETF range from really cheap expense ratios — a couple of basis points — to those in the .80 and .90 range," said Roseen. "At that point, you can start matching them up against the expense ratios of funds offered by American Funds, Vanguard and the like."

Fees at banks are on the rise but can generally be avoided altogether with smart planning.

Read fine print when shopping for bank accounts to determine the fees you could wind up paying. A recent study by the General Accounting Office said the large amount of fees paid by consumers in checking and savings accounts raised "questions about consumers' awareness of their accounts' terms and conditions."

"Bank fees have been marching steadily higher for the past decade, particularly punitive fees such as bounced-check fees," said Greg McBride, senior financial analyst with Bankrate.com in North Palm Beach, Fla. "ATM surcharges and credit card late fees and over-limit fees have increased most notably."

Free checking is widely available, said McBride. It provides the saver with a transactional account unencumbered by balance requirements or heavy fees, freeing up money you can then devote to higher-yielding investments.

"With a savings account at the same bank where you have your checking account, you can link the two together, so your savings account will serve as overdraft protection," advised McBride. "That's an important line of defense against overdrawing your account."

Online access to your account, which is available to you 24/7, can also help you avoid late and other fees, he added. Finally, find the location of a nearby ATM where you can make free withdrawals, monitor your available account balance, and avoid overdraft and other charges, he concluded.

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Andrew Leckey answers questions only through the column. Address inquiries to Andrew Leckey, P.O. Box 874702, Tempe, AZ 85287-4702, or by e-mail at andrewinv@aol.com.