5 Costly Mistakes People Make With Money

Money mistakes can cost you thousands. Here are some of the most common, along with simple solutions.

MTN Staff • October 14, 2021 • Advertising Disclosure

Who hasn’t made a costly money mistake? Maybe you bought something 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 newest cryptocurrency only to see it tank.

Whatever the case may be, we can all take a lesson from our money mistakes to avoid doing the same things again — and again — and again.

Here are some of the worst money mistakes, and how to fix them.

1. Letting home repairs drain your bank account

It happens to everyone. Sooner or later, something breaks, and you’re on the hook for expensive repairs.

Whether your roof leaks, your air conditioner falters or your refrigerator stops refrigerating, something bad’s 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 from giant repair bills. From dishwashers and water heaters to furnaces and air conditioners, it can all be protected.

Once you’re covered, you can call their hotline 24/7 for service. Plus, they work with any licensed, insured technician of your choosing or can send you one from their nationwide network if you don’t have your own.

Stop worrying about breakdowns and costly repairs! Get a free quote in 30 seconds.

2. Losing $279 a month on your mortgage

If you’re like most Americans, you’re probably trapped in a mortgage costing more than it should.

With interest rates bouncing off historic lows, now is the perfect time to refinance your mortgage. And your time may be running out. Many experts are saying rates are likely to rise in the near future.

Let’s say you refinance from a 4% rate on a 30-year fixed-rate loan to 3%. On a $500,000 loan, you’ll save $279 a month! That’s money put to better use than fattening your lender’s bottom line.

With America’s largest home lender, Rocket Mortgage, refinancing your home is fast and easy. Just answer a few questions about your mortgage, and you’ll get a personalized rate in record 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. Falling victim to your credit card company

If you’ve been to any big city, you’ve seen bank skyscrapers. How do they build these monuments to money? At least partly with the exorbitant interest rates they’re charging you on credit cards.

Tired of paying 15%, 20% or more? Then check out a website called Credible.

If you carry a balance on multiple credit cards, Credible can match you with a low-interest loan to pay off all your credit cards at once — potentially saving you thousands in interest.

Plus, you’ll get actual prequalified rates on loans available to you with no impact on your credit score. And you can do it all from your phone in minutes.

It’s free to check your rate online, and it only takes two minutes. (Warning: Use a consolidation loan to destroy your debts, not create more.)

4. Staying with the same auto insurance for years

We all know the best way to save is to shop around and compare prices. But when it comes to insurance, do you actually do that? If you don’t, you’re almost certainly overpaying.

Now, the good news: With a free car insurance site called The Zebra, you can compare rates from multiple providers at the same time and save an average of $368 a year.

To get started, just answer a few basic questions about you and your car, then choose the best deal, and you’re done. It really is that easy — and you can do it all online, without a phone call.

Find out how much you can save by comparing quotes now.

5. Hiring the wrong financial adviser

It might sound crazy, but there are advisers out there that will push you toward expensive products that pay them big commissions but aren’t good for you.

If you want to avoid being taken for a ride, make sure your advice is coming from a registered fiduciary, meaning they’re required by law to act in your best interests.

These days, finding a trustworthy adviser has never been easier. With a free matching service called SmartAsset, you’ll get be matched with up to three certified fiduciary advisers in five minutes.

Just take SmartAsset’s adviser match quiz, review your pre-screened matches and speak with advisers, all at no cost to you.

If you’re ready to be matched with local advisers that will help you achieve your financial goals, take this quiz now.

Bonus: Get a free $991.20 every year

More than 1 million Americans have reported saving an average of $991.20 each simply by reading the totally free Money Talks Newsletter.

Our newsletter gives you a daily dose of specific advice to help you make 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 right now and see what you’ve been missing.

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