”I’m Too Tired” And 3 Other Lazy Excuses That Are Costing You Money
Laziness may be costing you a home, a car, or a whole lot of money.
The rocky recession and shaky stock market isn’t always to blame for your money situation. Many consumers aren’t making the right financial decisions due to the decisionnot to take action.
Take for example that bill you’ve been meaning to pay, the bank you’ve been hoping to leave, and the refinance you keep postponing; delaying good-for-you financial actions could hurt your wallet and credit health.
Let’s look at common excuses consumers have for avoiding smart financial actions, and how to quit dragging your feet and start changing your money situation.
Refinancing an auto loan or mortgage: “It’s too much work.” Refinancing your loan or mortgage can nab you a lower interest rate, cut down monthly payments, and get a mortgage product better suited to you. You need to start somewhere, so start simple. Use a refinance calculator to estimate your potential savings and see if it makes sense for you to refinance. With interest rates at historical lows, refinancing your current loans to even a percentage point or two lower can cut down your monthly payments by hundreds, or even thousands. Imagine freeing up that much money each month to put towards your other financial goals; it could wake up your lazy bones.
Checking your credit score: “It costs too much money.” It costs you exactly $0. You can get your free credit score at CreditKarma.com and update it as often as you like to stay on top of your credit health. While other credit score services could cost $180 a year, why not take advantage of getting it for free? Plus, building your credit score betters your chance for approval and getting the lowest interest rate (like for that refinance!) and save significant money on interest.
Protecting against identity theft: “It won’t happen to me.” 8.1 million Americans were hit by identity theft last year with an average out-of-pocket loss of $631 per incident, according to Javelin Strategy & Research. The holiday season is prime time for identity thieves to strike, especially with the proliferation of online spending and mobile banking.Take these few steps to protect yourself from identity theft. Check with your credit card issuer or bank to see what type of identity theft alerts and protections they offer on your debit or credit card. If possible, set up parameters such as spending limits, out-of-area alerts, and other red flags for unauthorized charges. Also, if you use mobile banking apps or mobile payments, make sure you have a password on your phone and add an app service that wipes your phone data remotely, such as iPhone’s Find My iPhone app and Android phones’ Mobile Recovery service offered through Verizon.
Read more at Business Insider.com after the jump!
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