It’s been a tough few years for savers. In June, the national annual inflation rate rose to a 40-year high, which means the money you have just isn’t buying what it once did.
Is it just inflation, though?
What about all the little things that fall below the radar? Like paying for car repairs or busted appliances. We all have bills, but sometimes the cost of things we never even thought about can take a serious chunk out of our savings.
Here are several things that many Americans often overlook and how you can avoid them.
Although having homeowners insurance is necessary, it also falls short. There are numerous systems and appliances in your home that are not covered by homeowners insurance and that can (and will!) malfunction.
It might be difficult to find a reliable repair firm quickly, and the prices can be dreadful — particularly if two or three things fail in the same year.
Don’t struggle to make repair payments. With the help of American Home Shield, defend yourself from them. The Consumers Advocate’s top recommendation for house warranties is this business.
Depending on the plan, they cover almost everything that could go wrong, including kitchen and laundry appliances, electrical and plumbing systems, heating and cooling systems, and more.
Call American Home Shield day or night if something breaks down due to normal wear and tear. The business has a sizable network of trustworthy repair people who can make the necessary repairs.
2. Don’t waste thousands on expensive car breakdowns
As a nation, we’re hanging on to our cars a lot longer: The average U.S. vehicle is now 12.1 years old. Trouble is, most of the big-ticket auto repairs happen long after the warranty has expired.
Don’t pay thousands out-of-pocket. Protect your investment with CarChex.
A CarChex vehicle protection plan will work at any licensed repair facility in the United States, from independent shops to dealers.
The shop diagnoses your car, gets approval from CarChex, does the repair and then gets paid directly from the company. CarChex can save you hundreds, even thousands of dollars in covered repairs.
You can choose from among five different plan levels. Their plans can last up to 250,000 miles on cars up to 20 years old. Plus, all plans include benefits like 24/7 roadside assistance, towing, rental cars, gas delivery and more.
CarChex is the real deal. They have an A+ Rating from the Better Business Bureau and are recommended by companies like Carfax, Kelley Blue Book and CarBuyingTips.com.
Protect yourself from costly auto repairs. Get your fast, free quote today.
3. Don’t let medical costs deplete your nest egg
Here’s hoping that your retirement years are active, healthy and vibrant and that you’re able to function as you always have, right up to the time you shuffle off this mortal coil.
But don’t bet on it. According to the U.S. Department of Health and Human Services, 7 in 10 people who turn 65 today will probably need some kind of long-term care.
Think you can’t get long-term care (LTC) insurance after age 40? Think again. GoldenCare writes LTC coverage for most people. (Unless they live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)
“But won’t Medicare take care of all that?” Nope. Medicare doesn’t cover long-term custodial care — and paying for it out of pocket could take a huge chunk of your retirement savings. That plus inflation could mean near or total depletion of your nest egg.
Without LTC insurance, your options aren’t great: running through savings, borrowing money, burdening your family with your care and possibly losing independence because you can’t live on your own.
It’s impossible to say whether your current health will stay good. That’s why investigating long-term care insurance is so important: It protects you and your family.
4. Don’t let scammers empty your bank account
In 2021, the FTC reported $5.9 billion was lost to identity theft and fraud, including romance scams, investment fraud, government impersonations and tech support fraud.
Don’t be a victim. With a service called Aura, you can protect yourself and your family from identity theft, fraud and online threats.
It only takes a few minutes to enroll, then Aura will constantly scan for threats to your identity. Aura watches your bank, retirement and other financial accounts. It also puts out monthly credit scores and provides credit monitoring, including “near real-time” alerts for any queries on your credit profile.
Aura is confident: All plans come with $1 million in identity theft insurance on eligible losses, 24/7 U.S.-based dedicated support and up to four times faster fraud alerts than competitors, according to the site. They also offer a 60-day money-back on annual plans purchased through its website.
The cost? As low as $9 monthly, and up to 50% off right now, depending on the plan. That’s pretty low for peace of mind knowing that you are safe online.
5. Don’t let credit card debt ruin your life
Debt happens. Unfortunately, debt also grows, often faster than you can pay it down. Here’s a not-so-fun fact: The Federal Reserve Bank of New York reported an increase in the total amount of debt in the American household, rising by $312 billion to $16.15 trillion in the second quarter of 2022.
If you’re buried in debt, Freedom Financial Network can help you dig your way out. Two common solutions are debt consolidation and debt relief.
With consolidation, Freedom Financial combines what you owe into a single, fixed-rate loan. If your situation calls for debt relief, Freedom Financial will negotiate with your creditors to reduce what you owe. No matter which option you choose, you’ll get a thorough financial assessment and a personalized plan.
You’ll pay less interest overall and be able to get back on track financially.
6. Don’t lose $500 every year on insurance
That’s right. Your insurance company is probably overcharging you up to $500 or more, every year, for car insurance.
Luckily, with a comparison site called QuoteWizard, you can get a better deal in just minutes.
QuoteWizard is one of the largest online marketplaces for insurance in the United States. Just answer some questions about yourself and your driving record, and this free service will compare prices from more than 80 insurance providers and send you the top deals.
According to QuoteWizard, you’ll save up to $500 a year. Plus, it’s free to use, and it just takes two minutes to get your new rate.
Imagine what you could do with an extra $500 every year in your budget. Emergency fund? Extra payment against your mortgage? Retirement planning? It’s your call. Point is, those are dollars that are now working for you instead of for someone else.
7. Don’t overpay when you shop online
Online shopping is the norm these days, saving us endless hours of driving, parking, shopping, standing in line and then battling the freeway back home. No more spending half your weekend obtaining the things you need.
The cost of convenience, though, can be steep. To make sure you’re getting the best available deals, use Capital One Shopping.
This free browser tool searches more than 30,000 retailers to find the best prices available. Capital One Shopping finds coupons, and it even factors in membership pricing and shipping costs to help you find amazing deals. Bonus: Every time you buy with partner retailers through the browser, you get rewards that you can cash in for gift cards.
Pingback: The basics of options trading - Money & My Idea