5 Ways Seniors Are Throwing Away Money

Last updated Jan. 23, 2025 | By FinanceBuzz Editors

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 getting a home warranty

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.

Get a free quote

Ohio Driver? Cancel your car insurance

We've got bad news. You could be wasting $600 every year on overpriced, second-rate car insurance. And you should probably cancel your existing insurance right now, because there's something much better.

Our tool can tell you if you're overpaying for your car insurance in just a few clicks. We match drivers with companies that report saving drivers up to $600 or more per year when they switch! Each driver’s savings will vary by driving history and how many discounts you’re eligible for. 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 $600. To find out if you're losing up to $600 or more a year, just answer a few questions, and then make sure to enter your zip, DOB, and email, to see if you qualify for a lower rate. It takes less than 2 minutes.

See if you're overpaying

Not earning a $200 cash rewards bonus with this incredible card

There's a credit card that's making waves with its amazing bonus and benefits. The Wells Fargo Active Cash^® Card (Rates and fees) has no annual fee and you can earn $200 after spending $500 in purchases in the first 3 months.

The Active Cash Card puts cash back into your wallet. Cardholders can earn unlimited 2% cash rewards on purchases — easy! That's one of the best cash rewards options available.

This card also offers an intro APR of 0% for 12 months from account opening on purchases and qualifying balance transfers (then 19.24%, 24.24%, or 29.24% Variable). Which is great for someone who wants a break from high interest rates, while still earning rewards.

The best part? There's no annual fee.

Click here to apply now.

Not taking this quiz to see if you can retire early

Do you know if you can retire early? One of the best ways to find out is by speaking with a financial advisor. With the right moves and a little work, you could potentially retire years earlier.

But there’s one problem.

Where do you even find a financial advisor? And how do you know you can trust them?

Our advice: Take this quiz from SmartAsset. In just a few short questions, it can help you find qualified vetted financial advisors who serve your area based on their cost and specialty.

You even earn 3 free consultations with each of your matches, so you can compare them¹ SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. SmartAsset’s services are limited to referring users to third party registered investment advisers and/or investment adviser representatives (“RIA/IARs”) that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. SmartAsset does not review the ongoing performance of any RIA/IAR, participate in the management of any user’s account by an RIA/IAR or provide advice regarding specific investments. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors and be fully prepared to pick a financial advisor that’s right for you.

Take the quiz