You may be paying too much for these 5 expenses


Sometimes we make purchases without thinking too much about the cost. It’s easy to get into the habit of paying a high price when it becomes the norm. But when was the last time you wrote down the cost of every item you pay for on a regular basis? You may be spending too much, and it may be possible to eliminate the expense or pay much less. Read on to find out more.

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Cell phone plan

Owning a cell phone has become essential. It’s easier to stay in touch with others, and you can get help quickly when you need it. Many households no longer use a landline, but cell phone plans can be expensive. If you haven’t looked at your plan and compared similar options or checked to see if your provider offers lower prices, you may be paying too much for your service.

Changing providers can be a good idea if you want to save money. When looking for other providers, determine if you need unlimited data, if you use additional services included in your plan, and if you can use your current phone with another provider.

Another option is to check with your current provider every year. Mobile phone plans change in pricing structure and options. You may be able to change your plan and get a lower rate.

Over-the-counter medications

With so many advertisements on our faces every day, it is normal to remember famous brands. When you buy over-the-counter drugs you might be paying too much – if you’re still looking for the brand, that is.

Generic versions of these products tend to have the same or very similar ingredients. The next time you buy over-the-counter drugs, take a look at the generic alternative and compare the ingredients to the branded version. It might surprise you. The savings accumulate when you buy generic alternatives every time you stock up on drugs.

Auto insurance policy

Auto insurance is an essential expense to financially protect yourself and others on the road. But when was the last time you looked at the cost of your auto insurance policy? If you haven’t taken the tour and compared the rates recently, you may be paying too much for your coverage. Many people keep the same policy and the same insurance provider for years without giving it much thought.

It makes sense to shop around for auto insurance every year. Not all insurers offer the same rates, and they can change over time. When looking at other insurers, be sure to compare the same coverage to accurately gauge prices. Here is a list of the best auto insurance providers.

New cars

Buying a new vehicle can be exciting. No one else has driven it, and it looks and smells clean. But you might be paying too much by buying a brand new car. Vehicles lose value quickly. According to Kelley Blue Book, the value of a new vehicle drops by about 20% in the first year. In five years, a car can lose about 60% of its original value. The make, model, condition and mileage of your car also have an impact on its depreciation.

Instead of buying a new vehicle, consider a certified used vehicle. Many car manufacturers have strict programs in place for these used cars. You can find vehicles like this with only a few thousand miles.

You can also buy an uncertified used car, which often costs even less. To make sure you get a vehicle in perfect condition, have a trusted mechanic examine it. If you are buying a used car, you may face unexpected additional costs due to its condition or age, so do your research thoroughly before purchasing a used vehicle.

Home internet and cable

We have already discussed the benefits of regularly checking with your cable or internet provider. Your supplier may offer a reduced rate, or may extend your current price. Many vendors dramatically increase your prices after a year or two of service. If you have multiple vendors in your area, it’s worth checking their prices to see if it makes sense to change. You can get a great rate when you switch providers, but this low rate can be temporary, so check back often.

You work hard for your money, so make sure you don’t waste it on overpaying for your purchases. By making a few changes, you may be able to keep more money in your savings account. To learn more about money management tips, take a look at our personal finance resources.


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