5 costly mistakes people make with money
Who hasn’t made a costly money mistake? Maybe you bought something that you thought was a good deal, but it turned out to be a bigger headache than it was worth. Or maybe you invested in the latest cryptocurrency only to see it crumble.
Either way, we can all learn a lesson from our money mistakes to avoid doing the same things over and over again.
Here are some of the worst financial mistakes and how to fix them.
1. Let home repairs drain your bank account
It happens to everyone. Sooner or later something breaks and you are forced to make expensive repairs.
Whether your roof leaks, your air conditioner breaks, or your refrigerator stops cooling, something bad is going to happen. It’s just a matter of when.
But you don’t have to worry. Fortunately, with a home warranty company called America’s 1st Choice Home Club (AFC), you can protect yourself against giant repair bills. From dishwashers and water heaters to ovens and air conditioners, everything can be protected.
Once you’re covered, you can call their 24/7 hotline for service. Plus, they work with any licensed and insured technician you choose or can send you one from their nationwide network if you don’t have yours.
No more worrying about breakdowns and costly repairs! Get a free quote in 30 seconds.
2. Lose $ 279 per month on your mortgage
If you’re like most Americans, you’re probably stuck with a mortgage that costs more than it should.
With interest rates rebounding from historic lows, now is the perfect time to refinance your mortgage. And your time may be running out. Many experts say that the rates are likely to increase in the near future.
Let’s say you refinance a 4% rate on a 30 year fixed rate loan at 3%. On a loan of $ 500,000, you will save $ 279 per month! It’s money better spent than fattening your lender’s bottom line.
With Rocket Mortgage, the largest mortgage lender in the United States, refinancing your home is quick and easy. Just answer a few questions about your mortgage and you’ll get a personalized rate in no time.
If you’re ready to see your refinancing options and lock in your new rate before it’s too late, get started today.
3. Fall victim to your credit card company
If you’ve been to a big city, you’ve seen bank skyscrapers. How do they build these monuments to money? At least in part with the exorbitant interest rates they charge you on credit cards.
Tired of paying 15%, 20% or more? Then check out a website called Credible.
If you have a balance on multiple credit cards, Credible can match you with a low interest loan to pay off all of your credit cards at once, saving you thousands of interest.
Plus, you will get real prequalified rates on the loans offered to you without any impact on your credit score. And you can do it all from your phone in minutes.
Checking your rate online is free and only takes two minutes. (Disclaimer: Use a consolidation loan to destroy your debt, not create more.)
4. Stay with the same car insurance for years
We all know the best way to save money is to shop around and compare prices. But when it comes to insurance, do you actually do it? If you don’t, you are almost certainly paying too much.
Now the good news: With a free auto insurance site called The Zebra, you can compare rates from multiple providers at the same time and save an average of $ 368 per year.
To get started, just answer a few basic questions about you and your car, then pick the best deal and you’re good to go. It really is that simple – and you can do it all online, without a phone call.
Find out how much you can save by comparing quotes now.
5. Hire the wrong financial advisor
It might sound crazy, but there are advisers out there who will push you towards expensive products that pay them big commissions but are not good for you.
If you want to avoid being taken on a boat, make sure your advice comes from a registered trustee, which means it’s required by law to act in your best interests.
These days, finding a trusted advisor has never been easier. With a free matchmaking service called SmartAsset, you’ll be matched with up to three Certified Trust Advisors in five minutes.
Just take SmartAsset’s Advisor Match Quiz, review your shortlisted matches, and speak with advisors – all at no cost to you.
If you’re ready to be matched with local advisors who will help you reach your financial goals, take this quiz now.
Bonus: get $ 991.20 free every year
Over one million Americans said they saved an average of $ 991.20 each just by reading the completely free Money Talks newsletter.
Our newsletter gives you a daily dose of precise advice to help you earn more, spend less and invest like a pro.
It takes less than five seconds to subscribe and, if you don’t like it, less than five seconds to unsubscribe. Sign up for our free newsletter now and see what you’ve been missing out on.
Disclosure: The information you read here is always objective. However, sometimes we receive compensation for clicking on links in our stories.
I like the article