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July 25th, 2009

Wasting Money is Easy



Wasting money is the easy part; saving money is what’s hard. It’s so easy in fact that Kiplinger.com came up with a list of “20 Ways to Waste Your Money.” Here are a couple standouts from Kiplinger’s list:

2. Carrying a balance on your credit card: “If you have a $1,000 balance on a card charging 18%, you blow $180 every year on interest. That’s money you could certainly put to better use elsewhere. Get in the habit of paying off your balance in full each month.”

6. Traditional savings accounts: Kiplinger’s says if you’re stashing all your money away in a traditional savings account, you’re essentially stunting its growth. If you like the safety and security of a savings account, try signing up for a high-yield savings account offered by companies like Everbank, Charles Schwab, E*Trade and ING Direct.

10. Wasting electricity: Just because one of your appliances is turned off, doesn’t mean it isn’t wasting electricity. “Of the total energy used to run home electronics, 40% is consumed when the appliances are turned off. Appliances with a clock or that operate by remote are typical culprits. The obvious way to pull the plug on your energy vampires is to do just that — pull the plug. Or buy a device to do it for you, such as a Smart Power Strip…which will stop drawing electricity when the gadgets are turned off and pay for itself within a few months.”

16. Not shopping your insurance policy: It’s easy to be complacent about this one. While it will take some time and research, finding the right insurance policy that fits both your needs and your budget could really help save some cash.

“For instance, upping your out-of-pocket deductible from $250 to $1,000 can save you 15% or more on your car insurance. Consider using the same insurer for your home and auto insurance — you could snag up to 15% off for a multiple-line policy. And make sure you’re not paying for insurance you don’t need. For instance, you need life insurance only if someone is financially dependent upon you (such as a child).”

Click here to view Kiplinger’s complete list of “20 Ways to Waste Your Money.”

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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