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- Extended Warranties - Almost never worth the extra cost, despite what the salesperson may tell you. All insurance is a gamble of sorts; this just happens to be a particularly bad bet.
- Prepaid Legal Services - Limited coverage, high costs, and minimal use to just about anyone. Save the money you would spend each month on prepaid services and save it for those rare occasions when you will actually need a lawyer.
- Credit Card Interest - There is perhaps no worse use of money than paying the astronomical interest rates charged by credit card companies. If you can’t pay your balance in full using cash on hand (and let’s face it, that sometimes happens), find a way to pay it off using a lower interest source, such as a line of credit.
- Mortgage Insurance - The life insurance coverage offered by lenders on mortgages and loans is an easy and attractive way to ensure that you don’t leave your loved ones with unpaid debts. However, if you compare the premiums charged for this coverage with what you could obtain through a term life policy, you will generally find that term life offers superior coverage at substantially lower rates. Also keep in mind that most policies offer a declining payout for a static premium- as you pay off your mortgage, your coverage effective decreases while your payments stay the same.
- Water - In addition to being borderline morally offensive, buying water is unnecessary. With a few exceptions, tap water across Canada is of an excellent quality and on par with anything that you’re going to buy for $1.50 a litre. If you find that your tap water doesn’t taste the way you want it, buy a decent water filter and save the rest of us from millions of plastic bottles and the commoditization of a basic human necessity.
What items do you refuse to spend your hard-earned money on?
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* Cell phone plans for minutes I don’t use. I now have a pay per use plan.
* New books. I use the library now, or a used book store if it’s a book I want to keep.
* Starbucks. I brew my own at home before I leave for work in the morning.
* Eating lunch out. I brown bag it now at work and save $30+ per week.
* Collision insurance on a car that I owe nothing on and isn’t worth the deductible.
I know there’s more, but that’s all I can think of
Nice blog btw!
I hadn’t thought about the cell phone plan, but that’s an excellent way to save as well if you don’t use your phone much. I use less than 20 minutes a month, yet for two years was paying for a monthly package when a pay-as-you-go paln would have worked fine. Thanks for the tips!
kudos on the water tip, I’m with you..
How about health insurance for pets? It seems like a good idea when there’s an emergency looming (WHY DIDN’T I BUY IT BEFORE?!), but when you read over the policies, most exclude treatmant for conditions that affect certain breeds (eg. hip dysplasia in Retrievers, eyelid problems in bulldogs). Do you think it’s worth having coverage for an emergency that might come up, or is this another one of those “put the money away” deals? Assuming, of course, you’d pay the $3000 for bladder surgery anyway…
Funny you should ask! I’m in the process of writing a post on pet insurance based on my research into this very question.
What emergency is looming? I hope everything is okay with your kitties…
They’re fine, but there was a chance a few years ago that Charlie could have needed emergency surgery if his UTI had turned into an obstruction. Also, Gus busted open an abcess (sp?) a few weeks ago, but it’s healed up fine. Thanks for asking- I look forward to your post!