The Penny Hoarder Issues “Urgent” Alert: 5 Companies Are Overcharging You
You’ve done what you can to cut back your spending.
You brew coffee at home, you don’t walk into Target and you refuse to order avocado toast. (Can you sense my millennial sarcasm there?)
But no matter how cognizant you are of your spending habits, you’re still stuck with those inescapable monthly bills. You know which ones I’m talking about: rent, utilities, cell phone bill, insurance, groceries…
Although we can’t swipe these off the table for you, we can stop you from OVERPAYING them…
1. Car Insurance: Cut Your Bill to $29/Month
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 Insurify.
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. People are finding policies for as low as $29 a month.
Enter your zip code here to see how much you can cut from your insurance bill.
2. Life Insurance: Take Back $100s
Have you thought about how your family would manage without your income if you’re gone? Chances are your checking account balance won’t last forever.
You’re probably thinking, I don’t have the time or money for that. But a company called Fabric can help you apply for a term life insurance policy that could give your family a big chunk of money (the coverage amount you applied for) if you pass away. (We’ve heard people are getting policies for as little as $14 a month.)
Maybe you’ve thought about this before, but it feels too overwhelming. The truth is, this is one of the easiest (and smartest) things you can do with your money right now. It takes about 10 minutes to apply, and you don’t even have to leave your house — you can do it all from your browser.
So if you want to help make sure your family is set up for life after you’re gone, take 10 minutes to fill out an application.
*Coverage Amount is based on eligibility. Sample pricing based on $100,000 in coverage for a 28 year old female in Colorado with excellent health.
3. Credit Cards: Ask This Company to Pay Them Off
If you have credit card debt, you know. The anxiety, the interest rates, the fear you’re never going to escape…
And the truth is, your credit card company doesn’t really care. It’s just getting rich by ripping you off with high interest rates. But a website called AmOne wants to help.
If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.
The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you’ll get out of debt that much faster. Plus: No credit card payment this month.
AmOne won’t make you stand in line or call your bank, either. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could help you pay off your debt years faster.
4. Cell Phone: Cut Your Bill to as Little as $5/Month
One of the biggest offenders when it comes to overcharging? Your cell phone provider.
How long have you been with your current company? Probably a while, right? Which means you’re probably paying way too much.
But we found a discount wireless company called Tello Mobile that offers plans starting at just $5 a month. How much are you paying now? Exactly. Imagine cutting that to just $5.
Tello recently switched to a nationwide GSM network, which means improved 4G LTE/5G coverage, faster data speed and a more stable network. 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. More than 7,000 customers have given it an excellent rating on Trustpilot.
Plus, Tello is super flexible. It lets you choose the plan that makes sense for you. Plans are priced based on how much data and how many minutes you want. For example, a family of four can get 2GB of data each, plus unlimited talk and text for just $56 a month total. Free hotspot and unlimited texts are included in every plan. Plus, there are no early termination or activation fees, no contracts or phone-exclusive plans and no tricks of any kind.
It’s easy to get started and see how much you could save. Tello makes it simple to switch and even keep your phone number. No need to even leave the house — you can do everything online. You can bring your own GSM phone or buy a new one through them. See how much you could save.
5. Homeowners Insurance: You Might Be Wasting Hundreds of Dollars
You’re probably wasting money right now. And it’s probably on something you’d never expect — your homeowners insurance policy.
The thing is, you need it. Think about it. Basically everything you own — everything you’ve worked hard to afford — sits in your home. What happens if someone breaks in? There’s a fire? A massive water leak?
Unless you have insurance, you could be out of luck.
But you’re probably paying too much. Luckily, with a company called Lemonade, prices start at as little as $25 a month for homeowners.
Even better? No phone calls. No lengthy sign-up process. The whole process takes just 10 minutes. Just answer a few questions about your home to get started.
*Investing involves risk.