Money

8 Things You Should Never Do With Your Money, According to Experts

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We all make mistakes with our money. We just do. Let’s not kid ourselves. But in these uncertain times, it’s more important than ever to make sure you’re not your bank account’s worst enemy.

The good news? This may be easier than it seems.  Here are eight common financial mistakes people make — and what you can do instead. 

1. Don’t Waste Money on Homeowners Insurance 

Even as you read this, you’re almost certainly wasting some money. And it’s likely on something you’d never expect — your homeowners insurance policy. 

This probably 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 Policygenius makes it easy to find out how much you’re overpaying. 

Policygenius has policies starting at $25 a month. And just because you’re saving money doesn’t mean you’re skimping on coverage. Policygenius will make sure you have what you need. 

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

2. Don’t Miss Out on $1M in Life Insurance 

What would happen to your family if something bad happened to you? Have you thought about how they’d manage without your income if you were gone? How they’d pay the bills? Send the kids through school? 

Now’s a good time to start planning for the future by looking into a term life insurance policy. 

You’re probably thinking: I don’t have the time or money for that. But your application can take minutes — and you could leave your family up to $1 million with a company called Bestow

Rates start at $8 a month. Plus, the peace of mind of knowing your family is taken care of is priceless. 

If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow

3. Don’t Pay Your Credit Card Bill 

If you’ve got credit card debt, you know just what a nightmare it is — the anxiety, the interest rates, the fear you’re never going to get out… 

What makes it worse is your credit card is getting rich by ripping you off with high rates. But a company called AmOne could help you pay them off tomorrow.

Here’s how it works: AmOne will match you with a low-interest loan you can use to pay off every credit card balance you have. The benefit? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster. Plus, no credit card payment this month.

AmOne won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could save you thousands of dollars. Totally worth it. 

4. Don’t Blow Money on Car Insurance 

Ask yourself: How often are you even using your car these days? Regardless of that, there’s one thing we’re nearly certain of: You’re overpaying on car insurance. 

That being said, shopping for car insurance is a pain, which is why we like using a free service like Gabi. In just a few minutes, you can see if any other companies are offering a cheaper rate with the same coverage and deductibles you already have. 

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. 

They save customers an average of $825 a year. Plus, after you sign up, Gabi will keep looking for savings and alert you if there’s ever a way to reduce that monthly bill even further. 

5. Don’t Pass Up Free Stocks 

The stock market can be intimidating and unpredictable. Stock prices go up and down and up and down. It’s like a roller coaster ride, but it’s not always as fun. 

What if you could get stocks for free, though? A company called Robinhood lets you do 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. This takes no more than a few minutes. Then Robinhood drops a share of free stock into your account. It’s random, so that stock could be worth anywhere from $5 to $500 — a nice boost to help you build your investments. 

6. Don’t Pay More Than $15/Month for Your Cell Phone 

Cell phone bills are so expensive. Unnecessarily expensive, really. The big wireless companies will charge you an arm and a leg, and it feels like the cost just keeps going up. 

One company is slashing prices, though. In this economically shaky time, a discount wireless carrier called Twigby just rolled out three new smartphone plans starting at $15 a month.

It worked for Zak Wilson. He’d been paying Verizon Wireless about $180 a month for two lines. So he tried Twigby. For both phones, he’s now paying $60 a month. 

With Twigby, you get to build your plan. Each plan comes with unlimited texts, then you choose how many minutes and how much data you need each month. Plans also include free Wi-Fi calling and texting. 

Twigby uses both the Sprint and Verizon networks for its coverage. You can bring your own phone, plus new customers get 25% off the first 6 months of service

7. Don’t Let Your Credit Score Cost You Money 

Your score is like your financial fingerprint. Everyone’s is different and for different reasons.

That means everyone’s strategy to improve their credit score will look different… but how in the world are you supposed to know where to start? 

Some websites will try to charge you money to help you fix your score, but there’s a free one called Credit Sesame. It will take a look at your credit report and let you know exactly what you need to do to improve your score. 

Take, for example, James Cooper. He didn’t know anything about credit, but Credit Sesame showed him the exact steps he needed to take to improve his score — from a 524 to 801.* 

Then there are people like Salome Buitureria, a working mom in Louisiana who, in using Credit Sesame, found a major error on her report. The site helped her fix the mistake and take additional steps to raise her credit score nearly 200 points.* 

It takes 90 seconds to sign up and get started

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

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