Americans are often unknowingly spending too much on everyday things, adding up to a huge amount over time. From financial missteps to missed savings opportunities, here are the biggest culprits and some tips to avoid them.
1. Overpaying for Auto Insurance
On average, Americans overspend on car insurance by $417 per year. Checking rates on sites like Coverage.com can show you how much you might save in just 30 seconds by comparing multiple insurers.
2. Struggling with Credit Card Debt Alone
If you have over $10,000 in credit card or medical debt, you may qualify for a debt relief program. National Debt Relief, for example, helps people reduce debt by an average of 23%, making debt freedom a reality within two to four years.
3. Ignoring Ad Blockers
An ad blocker can save you time and money by cutting down on distracting ads. Many people use Total Adblock for $2.42 per month, which blocks ads, speeds up page loading times, and helps protect your privacy.
4. Skipping a Financial Advisor
Managing finances solo can be overwhelming. A financial advisor can help you beat the market by about 3% each year on average. Services like WiserAdvisor can help you find a well-rated advisor in your area.
5. Not Using Home Equity
If you need extra cash and own a home, a Home Equity Line of Credit (HELOC) could be a flexible option. It works like a credit card based on your home’s equity, which you repay with interest. Sites that compare HELOC rates can simplify finding the best deal.
6. Paying High-Interest Debt
With the average American holding around $6,500 in credit card debt, high interest rates can be crippling. Switching to a lower-interest personal loan may save money. Bankrate offers tools to compare loan options.
7. Missing Out on “Cash Solitaire”
Side gigs, like Solitaire Cash (an iOS game), offer an unusual way to earn money. You compete in quick games with cash prizes up to $80 per game. It won’t make you rich, but it can add up as a fun way to earn while you play.
8. Skipping a Home Warranty
Unexpected repairs can be costly. A home warranty covers essential repairs, from plumbing to appliances, reducing stress and expense. Services like AmericanHomeWarranty.org help you compare providers.
9. Not Getting Paid for Opinions
Apps like Kashkick pay users to take surveys and test apps. Users can make up to $250 by completing tasks and cash out via PayPal once they’ve earned $10.
These quick adjustments can put more money back into your wallet and help you avoid overspending in areas you may not have considered.
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Photo: Getty