How to prioritize your spendingA recent post on the Consumer Reports site discussed the list of 8 things users cannot skimp on. Bank Yogi team fully agrees with consumer reports. Below is the list of things that consumer reports recommends that you must spend on.
1. Car Safety Features
2. Car Insurance
5. Interior and Exterior Paint
6. Charging Cords
7. Home Insurance
8. DIY Identity Protection
3 Things You Can Skip
Saying no may be difficult but It can put some extra cash in your pocket
We as humans by nature are cooperative and want to make everyone around us feel good. However, sometimes saying No to useless insurance policies and protections can help us save thousands. Think what can you do with all the extra cash - buy a new car, fund higher education, or pay for a vacation. We have come up with a list of three things to which if you say no, you can save thousands of dollars. You should say no to:
1. Extended Warranties
Extended warranty or protection plans that are pitched to consumers every time we go to a local or online retailer to shop. Consumers innocently end up spending anywhere from $2 to $500 to buy these warranties that may already be provided by their credit cards for free. All major credit cards provide these warranties as part of their card benefits package.
2. Rental Car Insurance
Car rental companies thrive by selling an insurance policy for the rental car. But you may not need that rental car insurance policy if you have a primary car insurance with a full comprehensive insurance. If the car is rented with an eligible card the deductible can be full reimbursed. Some credit cards may even provide a full coverage for your rental car for free so that you can save more than $100 on a weekly car rental.
3. Flight / Travel Insurance
Yes, flying is risky but the probability of a crash is significantly lower than a car accident. Spending more than $100 on a flight insurance plan is like throwing away your money when you may be able to get travel insurance for free if you pay for the full fare with an eligible credit card.
But doesn't it sound too good to be true?
Yes, that is because most of these benefits from your credit cards are buried in the card member agreement. Banks would rather advertise cash rewards, points and miles than the benefits that may cost them money.
Bank Yogi mobile app and chatbot are designed to help you determine what protections you may be eligible for. Our goal is to help you save more so that you can fulfill your dreams.