Money

7 Mistakes Many of Us Are Making With Our Money During the Pandemic

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We’re only human, so we all make mistakes. But right now, you especially don’t want to be making mistakes with your money during the pandemic. In these financially uncertain times, it’s more important than ever to make sure you’re not your own bank account’s worst enemy.

Here are seven mistakes people are making with their money during the pandemic, and what you can do instead.

Mistake 1: Not Collecting $225 for Watching the News

It’s been a historic year in news, and we’re all constantly refreshing for the latest updates. You probably know more than one news-junkie who fancies themselves an expert in respiratory illness or a political mastermind.

And research companies want to pay you to keep watching. You could add up to $225 a month to your pocket by signing up for a free account with Swagbucks. They’ll present you with short news clips to choose from every day, then ask you a few questions about them.

You just have to answer honestly, and Swagbucks will continue to pay you every month. This might sound too good to be true, but it’s already paid its users more than $429 million. We talked to one user in Pennsylvania, 52-year-old Carolinda Hendrickson, who earned $1,200 in a year.

It takes about one minute to sign up, and start getting paid to watch the news

Mistake 2: Passing up $500 in Free Stocks

Yes, the stock market certainly is scary right now. Stock prices shoot up and down like a roller coaster ride, and it’s all just so unpredictable. But, what if you could get stock for free?

A company called Robinhood is doing just that by giving free shares of companies like Microsoft and Facebook.

Yeah, you’ve probably heard of Robinhood. Both investing beginners and pros love it because you can start investing with just $1. Plus, it doesn’t charge commission fees, and you can buy and sell stocks for free — no limits.

To get your free stock, download the app and fund your account with at least a few bucks (it takes no more than a few minutes), Robinhood drops a share of free stock into your account. It’s random, though, so that stock could be worth anywhere from $5 to $500 — a nice boost to help you build your investments.

Mistake 3: Not Taking This Extra Money

Here’s the deal: If you’re not using Aspiration’s debit card, you’re missing out on extra cash. And who doesn’t want extra cash?

Yep. A debit card called Aspiration gives you up to a 5 percent back every time you swipe.

Need to buy groceries? Extra cash.

Need to fill up the tank? Bam. Even more extra cash.

You were going to buy these things anyway — why not get this extra money in the process?

Enter your email address here, and link your bank account to see how much extra cash you can get with your free Aspiration account. And don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s nerd talk for “this is totally safe.”

Mistake 4: Not Setting Aside $1M For Your Family

Have you thought about how your family would manage without your income after you’re gone? Chances are your checking account balance won’t last forever.

Here’s the thing: You should keep a healthy amount of savings in the bank, but if you want to give your family up to $1 million, use something called term life insurance.

We suggest a company like Bestow. Maybe you’ve considered this before, but thought it was only for rich or older people. But we’re hearing that people are getting it for as little as $8 a month.

You can take advantage of Bestow until you’re 54 years old, but the sooner you take care of this, the cheaper it could be.

You don’t even need to leave your house to get a free quote from Bestow — it takes minutes. Instead of leaving your family with what’s in your checking account and a bucket of worries, they’ll be able to afford the life you’ve always wanted for them.

Mistake 5: Spending Too Much on Homeowners Insurance

You’re probably wasting money right now. And it’s probably on something you’d never expect — your homeowners insurance policy.

This isn’t something you actively think about — you just know you’re required to have it.

The problem is, you’re paying too much. Luckily, an insurance company called Lemonade makes it easy to find out how much you’re overpaying.

Lemonade’s policies start at just $25/month. And just because you’re saving money doesn’t mean you’re skimping on coverage. Lemonade will make sure you have what you need.

Just answer a few questions about your home to get started.

Mistake 6: Not Canceling Your Car Insurance

When was the last time you shopped around for car insurance? Was it more than six months ago?

If so, you’re probably overpaying — by hundreds of dollars. Yep. Experts say you should compare rates twice a year to get the best deal.

Twice a year? Yeah, we don’t want to do that either. 

A service called Savvy does all the shopping for you to find cheaper insurance — with the same coverage and deductibles you already have. And it saves customers an average of $825 a year.

You don’t have to fill out any forms. Just link your existing insurance account and enter your driver’s license, and it will start looking for cheaper coverage.

Plus, after you sign up, Savvy will keep looking for savings. No more shopping.

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Woman’s World has partnered with The Penny Hoarder to bring you expert money saving tips like these.

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