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With rising costs of living, are you wasting money?
Think back to just a few years ago. Gas prices and interest rates were half of what we pay now, putting food on your table was more affordable, and housing didn’t eat up over 30% of your gross income. Maybe you could even afford a few luxuries like traveling for vacation.
Unfortunately, rising inflation is showing no sign of slowing down, making times tough for most Americans. You’re trying to find ways to save money and make your dollar go further – but what if you’ve been sabotaging your savings by wasting money without even knowing it?
There are several ways your hard-earned money may be going down the drain and not meeting your savings potential:
1. Credit Card Interest Piling Up
Did you know that the total amount of credit card debt in the U.S. has ballooned to $930 billion? Americans are paying a steep price for that debt; the average household pays more than $1,000 annually in credit card interest.
Imagine what you could be doing with an extra $1,000+ each year!
NerdWallet is a company that works to help Americans in consolidating credit card debt as well as other loan options. They can connect you with the top credit card loan specialists that will help you consolidate and spend less on credit card interest payments while paying on flexible terms.
2. Invest In Assets That Last
Investing your money is smart. But for beginners, knowing the right place to invest can be intimidating. Or, maybe in the past you’ve tried investing, chosen a volatile asset, and ended up losing money. In tight economic times, we recommend you invest your money in assets that are secure and won’t lose value over time.
Surprisingly, more Americans are investing in gold and precious metals than at any time in the past. Did you know gold has been the world’s currency of choice since 4000 BC? That’s 6,000 years ago!
While gold is an increasingly popular investment, there’s still plenty of opportunity to invest in such a timeless and recession/inflation-proof asset. It’s good financial practice to invest in 401ks and Roth IRAs, but we also suggest diversifying your portfolio by investing in gold and other precious metals.
Lear Capital Gold is a precious metal and gold investment company that helps Americans learn about and get started with investing in gold. They are currently sending out free gold and silver investor kits to educate Americans, go get one today!
Hot Tip: Before investing, be sure you have emergency funds saved up. We recommend a nest egg of 6-8 months of expenses to be ready for whatever may happen.
3. Auto Repair Costs Piling Up
Like many Americans, you’ve paid off your car and owned it for over 10 years – meaning it’s no longer covered under warranty. Every car requires maintenance and repairs – even newer cars. If your manufacturer’s warranty has expired, it’s only a matter of time before you face costly repairs that are no longer covered.
Uncovered auto repair bills could cost you thousands of dollars. How can you avoid paying for these costly repairs?
There are many auto warranty companies that charge a small monthly fee to cover auto repair costs. Using a highly-rated auto warranty company like CarShield gives you a high level of vehicle protection at a low monthly cost.
4. Home Repairs Are Busting Your Bank Account
If you own your home, wear and tear can start creating problems – electrical, plumbing, paint, and other issues can require replacement or repair. Home repairs and renovations tend to be extremely expensive, straining your bank account.
Why wait until something breaks and then pay a fortune to fix it?
Instead, get ahead of repair costs with a home warranty. For a low monthly payment, home warranty and insurance companies cover most damages to your property. By planning ahead you can avoid paying thousands on repairs with a home warranty plan that fits your budget.
Choice Home Warranty is our top pick in home warranty. As America’s number one home warranty provider, Choice Home Warranty has serviced over one million homes and handled over three million service requests. Live freely without worrying about those big home repair costs and have confidence in your home!
5. Overspending On Auto Insurance
While auto insurance is a necessary expense, you don’t have to simply accept annual rate hikes. But what if you could get the same coverage at a lower cost? It’s a no-brainer to switch.
Shop around each year to find the best deal on auto insurance in your area. Stop overspending on insurance when you don’t have to! Every extra dollar spent on car insurance is money unnecessarily leaking from your bank account.
Cheap Auto Saving is an insurance comparison site that helps consumers save hundreds of dollars each year. Think of it like the Kayak.com of auto insurance. Enter details about your vehicle, select the amount of coverage you need and Cheap Auto Savings will find the least expensive rates on high-quality coverage.
6. Cut Down Electricity Bills With Solar Energy
The average family with solar panels can save up to $30,000 over the lifetime of solar panels. Why don’t more people opt for solar panels?
It’s because of the barrier to entry: expensive upfront costs. The good news is there are government programs – like the Federal Tax Credit for Solar Photovoltaics – and companies that help with the upfront costs. Installing solar panels saves on electricity costs and typically turns a profit within a year or two.
Smart Solar Savings is a solar comparison site that generates the best price for solar installation, finds state-specific solar installation prices, and saves you thousands of dollars in electricity costs for your home.
7. Make Money With Your Money
Do you have money in your bank account that just sits there, collecting minimal interest? Most savings accounts receive a measly 0.06% Annual Percentage Yield (APY) and checking accounts even less at 0.03%. That’s hardly better than storing your money under a mattress or a piggy bank on the shelf.
It’s time to put your money to work for you – with Chime.
Chime gets you a whopping 1.50% APY on every dollar placed into your Chime account with NO limit on interest earnings PLUS there are absolutely no fees or minimums. The best part is, Chime even helps build your credit!
To get started, all you’ll need is a Chime Checking Account. Applying is free and takes less than 2 minutes!