8 Things You Should Never Do With Your Money, According to Experts
One way or another, we all make mistakes. It’s the human condition.
But right now, in the midst of a pandemic, one thing you don’t want to make mistakes with is with your money.
Sure, we’ve all let bad financial habits creep up on us. But in these 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.
1. Don’t Waste Hundreds 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 Policygenius makes it easy to find out how much you’re overpaying.
Policygenius has policies starting at just $25/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 Skip Out on $1M in Life Insurance
Have you thought about how your family would manage without your income after you’re gone? How will they 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 just $8 a month. 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 have credit card debt, you know. The anxiety, the interest rates, the fear you’re never going to escape…
Your credit card is getting rich by ripping you off with insane 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 Waste Money on Car Insurance
How often are you even using your car right now? Regardless, 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 $961 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 $1 Stocks
Take a look at the Forbes Richest People list, and you’ll notice almost all the billionaires have one thing in common — they own another company.
But if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach.
That’s why a lot of people use the app Stash. It lets you be a part of something that’s normally exclusive to the richest of the rich — buying pieces of other companies for as little as $1.*
That’s right — you can invest in pieces of well-known companies, such as Amazon, Google or Apple, for as little as $1. The best part? When these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends.
It takes two minutes to sign up, plus Stash will give you a $5 sign-up bonus once you deposit $5 into your account. Subscription plans start at $1 a month.**
6. Don’t Pay Than $5/Month For a Cell Phone
How long have you been with your cell phone company? Probably a while, right? Which means you’re probably paying way too much.
But we found a discount wireless company called Tello that offers plans starting at just $5 a month. How much are you paying now? Exactly. Imagine cutting that to just $5.
Tello operates on Sprint’s nationwide network, offering 4G LTE data everywhere Sprint does. It lets you choose a wireless plan based on how many minutes and how much data you want, and you can even use Tello’s coverage tool to see how strong its network is where you live.
You can bring your own phone (Tello works with any Sprint-compatible phone), or buy a new one through them. Even better — there are no early termination or activation fees, no contracts or phone-exclusive plans, no tricks of any kind.
If you decide you don’t like it, you can always just change your mind. See how much you could save here.
7. Don’t Let Your Credit Score Cost You Thounsands of Dollars
Your credit score is like your financial fingerprint. Everyone’s is different and for different reasons. One person’s credit score might be under 700 because they have an error on their report. Another person’s credit score might be under 700 because they have a bill in collections.
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?
Thankfully, a free website called Credit Sesame 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.*
Want Credit Sesame to show you exactly how to finally get your score over that 700 hump? It takes 90 seconds to sign up and get started.
8. Don’t Leave Behind This Free Money
Here’s the deal: If you’re not using Aspiration’s debit card, you’re missing out on free money. And who doesn’t want free money?
Yep. A debit card called Aspiration gives you up to a 10% kickback every time you swipe.
Need to buy groceries? Free money.
Need to fill up the tank? Bam. Free money again.
You were going to buy these things anyway — why not get free money in the process?
It takes just five minutes to sign up for a new debit card and see how much free money you could earn with the Aspiration Spend and Save account.
*For Securities priced over $1,000, purchase of fractional shares starts at $0.05.
**You’ll also bear the standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash and the custodian.
The Penny Hoarder is a Paid Affiliate/partner of Stash. Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. This material has been distributed for informational and educational purposes only, and is not intended as investment, legal, accounting, or tax advice. Investing involves risk.