Steer Clear of Money-wasting Traps

You work hard for your money, so you don’t want to spend it frivolously. Keep control of your finances by avoiding traps like these that can waste your cash.

Bank Fees

Monthly service fees and out-of-network ATM charges can cost you money each month. Switch to a financial institution that offers free checking and reimburses ATM charges.

Free Trials

Subscription services for music, TV, etc., may offer you a limited-time free trial, which you’ll generally have to secure with a credit card. Make sure you know what the cost will be once the trial ends and how to contact the company if you want to cancel.

Extended Warranties

The downside of these plans includes their typically high cost and the possibility that the warranty won’t cover your issue. Check with your credit card company to find out if your card includes warranty coverage for purchases charged to your card.

Cash Advance Loans

Payday lenders lend you a portion of your upcoming paycheck as a short-term loan at a high interest rate. If you fail to repay the loan on time, the lender may add on high fees, forcing you to borrow even more.

Investment Scams

Someone you don’t know calls you or sends an email about an investment opportunity that you have to jump on right away, so you don’t miss out. Hang up or delete the message.