7 Ways Seniors Are Throwing Away Money

SAVING & SPENDING - SAVE MONEY
Last updated April 9, 2024 | By FinanceBuzz Editors
senior couple piggy bank counting money

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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

Not canceling your car insurance

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. We match drivers with companies that report saving drivers up to $500 or more per year when they save! 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 $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.

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 15 months from account opening on purchases and qualifying balance transfers (then 20.24%, 25.24%, or 29.99% 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 advantage of historically high rates to grow your wealth

You’ve been with the same bank for years, and how do they reward your loyalty? With a laughably small interest rate on your savings.

And you’re not alone. The national average interest rate for savings accounts is just 0.47% (as of Feb. 8, 2024) APY (annual percentage yield)1, according to the FDIC. But there’s a way you could grow your wealth faster, and it doesn’t involve the volatility of the stock market.

Open a CloudBank 24/7 Savings Account and you can earn an impressive 5.26% APY2 on your account balance. That means you can sit back and watch your savings multiply without the stress of market fluctuations.

There are no fees, and you can withdraw your money whenever you need it. Plus, FDIC insurance through Third Coast Bank SSB and top-notch cybersecurity measures will help protect your data and keep your funds safe and secure.

Open an account in just a few minutes so you can start harnessing the power of this high-yield savings account right away.

Click here to open a CloudBank 24/7 online savings account

Turning 50 and not taking advantage of massive discounts and financial resources

Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.

How to become a member today:

  • Go here, select your free gift, and click “Join Today” 
  • Create your account (important!) by answering a few simple questions 
  • Start enjoying your discounts and perks!

You’ll also get insider info on social security, job listings, caregiving, and retirement planning. And you’ll get access to AARP’s Fraud Watch Network to help you protect your money, as well as tools to help you plan for retirement.

Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.

Become an AARP member now

Not getting a personalized financial plan to reach your goals faster

73% of Americans rank finances as their chief stress in life, according to a recent study.3 If you’re part of that 73%, J.P. Morgan Personal Advisors could help ease that stress.

Schedule your free one-on-one financial planning session with J.P. Morgan Personal Advisors,4 and you’ll get access to a team of fiduciary advisors who will create a personalized financial plan catered to your lifestyle and financial goals.

Working with an advisor may sound scary, but J.P. Morgan’s advisors are fiduciaries, so you can be confident that any advisor you work with has your best interest at heart.

Book your free financial planning session here

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Benefits and Drawbacks
Card Details

Choice Home Warranty Benefits

  • First month free
  • Protection for unexpected expense
  • 24/7 claims hotline
  • Network of over 15,000 technicians

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