5 Costly Mistakes People Make With Money

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 First American, 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 Upgrade.

If you carry a balance on multiple credit cards, Upgrade 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.

4. Staying with the same auto insurance for years

If you’re like most Americans, you’re probably paying too much for car insurance. But shopping around for a better deal is such a hassle.

Well, it used to be.

Now you can just check out Provide Insurance, the largest online marketplace for insurance in the U.S. Provide Insurance lets you compare quotes from more than 175 different carriers in minutes.

All you have to do is answer a few questions about yourself and your driving history. Then Provide will show you the best options for your needs and budget.

You could save up to $610 a year on car insurance by using Provide Insurance. That’s money you could use for other things, like investing, saving or paying off debt.

Don’t let your current insurer overcharge you. Try Provide Insurance today and see how much you can save on car insurance.

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 vetted 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.

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