Say No to Financial Services and Products That Are Unnecessary

There are many people who do not realize that several of the products and services that are purchased throughout the year are actually wasteful. Some of them require repeated payments to be made and they do not even provide any real value for the money that is spent. It can truly be eye opening to find the number of products and services that are regularly paid for that are completely unnecessary. With purchases that must be made just a little bit of investigating will often reveal cheaper or even free alternatives. Below you will find a variety of alternatives for common purchases that can ultimately save a family thousands of dollars every single year.

Older Autos and Collision Coverage

When accidents happen, collision coverage will only reimburse car owners for the value of the vehicle. What often ends up happening is citizens pay coverage costs that are close or equal to the total amount the policy will cover for damages. Eliminating this unnecessary expense can frequently save a person more than $300 each year. It is much more cost effective to plan a budget that includes money saved for unexpected accident and automobile repair costs.

Insurance for Credit Cards

An expense like credit card insurance erases or covers minimum payments for a period of time in the event such problems as injury, unemployment, disability or death occur. What a lot of people do not realize is some life insurance policies provide the same type of coverage. By eliminating this extra expense as much as $1.35 or more can be saved per $100 of a person’s credit card balance.

Extended Warranties

The purchase price of an extended warranty can be extremely costly on items such as automobiles and various types of electronics equipment. It is easy to eliminate this unnecessary expense that can potentially save hundreds of dollars by selecting high quality items that are less likely to break. In a lot of situations the fine print contained in some warranties will even disqualify a person from being able to receive a replacement or cash back on a claim. It is also not uncommon for a person to wind up paying more for warranties than the amount that is recovered on claims.

There are also other expenses which can be eliminated from your monthly costs and by being reasonable, you will be saving lots of money in the long run. Doing away with the cost of fee-based checking accounts, insurance for unnecessary items and expensive identity theft protection solutions (there are most likely cheaper options which are just as effective at your disposal) can go a long ways towards your goal of achieving financial stability.

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