14 Things Everyone Pays Way Too Much For

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Brand name foods

You can save a lot of money annually by replacing brand name foods with generic ones. Especially now that generic brands can replicate the original product very closely. You probably won’t even feel the difference, but you’ll save some dollars with every trip to the store.

“Why pay $4.99 for a box of Cheerios when you can buy the store brand of $1.99?” says Richard Best, a writer for dontpayfull.com. “You can find similar savings on just about any food product, including dairy products, lunch meats, snacks, condiments, coffee, and bread.”

 

Life insurance

Many people are paying way to much for their life insurance, and that’s because insurance agents often add unnecessary riders to the plan. For example, the “waiver of premium rider,” a policy that offers premium payments if you become critically ill, injured or disabled.

Even though it might seem like a good offer at a first glance, it can add more than 40 percent to your monthly check.

“What consumers fail to realize is that many times, they’re double insuring themselves as many people have disability benefits through their employer that provides income to pay for insurance premiums,” says Sam Price, owner of Assurance Financial Solutions.

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A new car

Buying a new car forces you to pay way more money than you should, especially when there are pre-owned certified cars that will provide the same manufacturer’s warranty as new ones.
Also, the second you drive your new car off the lot it depreciates by thousands of dollars. So now I ask you, do you really need a new car?

“By buying a low mileage, late model used car, you pocket that savings and wind up with a car with just as long of a road life—assuming it was well-maintained,” says Best.

 

Managed mutual funds

“Retail investors pay through the nose for managed mutual funds, up to 2.5 percent, and don’t get anything close to that much value in return. These fees compound over the years and put a massive damper on your portfolio’s return,” says Anjali Pradhan, a chartered financial analyst with Dahlia, a company that helps women build wealth.

You can always choose a smarter option such as the Standard & Poor’s Index.

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