If you're a senior, you could be throwing money out the window without even knowing it... and just a few small mistakes might be to blame.
These mistakes — like not getting a home warranty or overpaying for car insurance — can go under the radar for months or years, drying up your savings like summer rain on a scorching sidewalk.
But what if you could fix these problems easily, once and for all? It's possible, and most of these fixes can be started in minutes. It's time to stop throwing your money out the window!
Not diversifying your portfolio
Stock market volatility can be financially damaging for investors, especially as you near retirement. You could move your investments into a savings account, but have you seen interest rates lately? Another option to consider — diversify with gold.
Gold values are inversely correlated with the stock market and the dollar. When one goes down, the other usually goes up. If you want to protect your retirement funds, having diversified investments can help you weather market swings.
Gold Alliance is a reputable precious metals dealer that specializes in precious metals IRAs. They make it simple to transfer funds from your current retirement account (like a 401(k) or IRA) into a precious metal IRA — with no taxes or penalties.
Gold Alliance offers a free investors' guide to help you learn more about why gold and silver could be a smart choice for diversifying your portfolio, and how the process works.
Overpaying when you shop online
Shopping online has its perks. It's super convenient, but it can be time consuming to find the best deals. Instead of hunting for coupon codes (that don't always work!) and opening tons of browser tabs comparing prices, you can try Capital One Shopping.
Capital One Shopping makes saving money effortless. Just add the browser extension and when you check out, it'll scour the internet for coupon codes to help you save cash. And before you check out at favorite stores like Amazon, Target, Home Depot, and Best Buy, Capital One Shopping will notify you with a friendly pop-up if the item you're buying is available cheaper somewhere else.
Capital One Shopping is free to use and won't show you ads. Add it today and stop overpaying! 1
Not canceling your car insurance in Virginia
We’ve got bad news. You could be wasting $500 every year on overpriced, second-rate car insurance. And you should probably cancel your existing insurance right now, because there’s something much better.
This new tool from FinanceBuzz can tell you if you’re overpaying for your car insurance in just a few clicks. On average, we find around $500 a year in savings for drivers. And once you try it out, you’ll never have to look for affordable insurance again because we find you the lowest rates that other companies can’t match.
Oh, and it’s also free. And come on — you can’t tell us you don’t want to save up to $500. To find out if you’re losing up to $500 or more a year, just enter your zip code here, answer a few questions and see if you’re overpaying. It takes less than 2 minutes.
Using a loan to unlock your home's equity
If you own your home, you know it's a valuable asset, but tapping into your home's value without selling it can be a challenge. If you need money for home improvements, to pay off debt, start a new business, fund your retirement, pay for education, or more, there's a new option to consider.
Hometap is an alternative to traditional home equity loans. Instead of loaning you money that you need to pay back in monthly payments, they make an investment in your home. If qualified, they'll give you the cash now in return for participating in the proceeds when you sell your home.
To be eligible, you need to own at least 25% equity in your home. You can request a free estimate of your home from Hometap to get started.
Let home repairs drain your bank account
Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more. Not being able to make repairs could leave you in a bad situation — but a home warranty could protect you against surprise expenses.
Whether you’re a brand-new homeowner or you’ve owned your home for years, a plan from Choice Home Warranty could pick up the slack where homeowner’s insurance falls short.
If a covered system in your home breaks down, you can call their hotline 24/7 for assistance to get it repaired. They have a network of over 15,000 technicians that can assist you, making sure any issue can be taken care of swiftly — without breaking the bank.
Not sure if it’s for you? Rest easy: they were named one of the "Best Home Warranty Companies" by US News 360 Reviews and were awarded Best Company's 2020 Consumer's Choice Award. For a limited time, you can get your first month free when you sign up for a Single Payment home warranty plan.
Not seeing how much money you can get back from this account
We hate to tell you this, really. But if you aren’t using the Aspiration debit card, you’re missing out on extra cash with every purchase you make. Don’t worry though… it’s easy to fix.
There’s a debit card from a company called Aspiration, and they give you up to 10% cash back every time you swipe your card. Like when you’re…
Shopping for clothes? Yep… cash back.
Going to the pharmacy? Mhmmm. Cash back.
Getting groceries for the week? Yes, cash back!
It’s so simple. Who doesn’t want extra money? To see how much you could earn, just enter your email address and link your bank account 2 . By the way, Aspiration is free, your money is kept safe with military-level security, and your deposits won't fund fossil fuels.
Overpaying for homeowners insurance
Are you overpaying for homeowners insurance? It only takes 60 seconds to get quotes with FinanceBuzz so you can compare options to see if you could save money on great coverage.
Finding the right homeowners insurance can be overwhelming, but with FinanceBuzz you can compare rates from top insurers in the U.S., all in one place. Comparing homeowners insurance quotes can help you get the coverage your home needs at an affordable price.
It's free and fast to compare quotes. See how much you could save!
Not taking advantage of historically low interest rates
One of your biggest monthly expenses is probably your mortgage. So much of your hard-earned money goes to paying for it every month. But what if there was a way to lower your monthly mortgage payment... or even pay it off faster?
If your credit score is good or excellent, you might qualify to save money on your mortgage by comparing lenders and switching by using our new tool.
Just answer a few simple questions about your home and finances, and we will try to match you with lenders who could help you refinance. Filling out the form takes less than 3 minutes, and it won't affect your credit.
Bonus: Pocket $750 Toward Your Next Vacation
There are a lot of reasons the Chase Sapphire Preferred credit card is considered one of the best travel cards available, but the current 60,000 point sign-up bonus makes it a must-have for any traveler. That huge sign-up bonus is worth $750.00 when redeemed for travel through Chase Ultimate Rewards.
Plus, you can turn all your spending into even more rewards that you can use for a much-needed vacation. Earn 5X points on Lyft rides and travel booked through Chase Ultimate Rewards; 3X points on eligible dining, select streaming services, and online grocery purchases; 2X points on travel; and 1X points per $1 on all other eligible purchases.
The Chase Sapphire Preferred offers other amazing ongoing benefits including complimentary insurance coverage like baggage delay insurance, trip cancellation insurance, trip interruption insurance, and primary auto rental collision damage waivers.
Now, back to that killer bonus: don't forget you can earn 60,000 points after spending $4,000 on purchases in the first 3 months!