Most of us know we could save several dollars by making a cup of coffee at home, rather than buying a $6 latte — but Consumers’ Checkbook has compiled a list of 65 things you probably shouldn’t be paying for.
Kevin Brasler, executive editor of Consumers’ Checkbook, said many of the bad deals fall under one category: “Products, services and extras that companies often push, and they seem like good buys, but they really aren’t worth the money.”
Other examples are home warranties, trip protection plans, extended warranties for electronics and maintenance contracts for your furnace or car.
“These are great products — for the companies that sell them. They’re enormously profitable, but most consumers really shouldn’t buy them,” Brasler said.
Not all policies are bogus, he added.
“You definitely should have insurance for your car; you definitely should have insurance for your home; you have to have health insurance, and if you’re a single earner and you have dependents, then you should probably have life insurance,” he said.
However, companies that market unnecessary policies are targeting a common weakness in human nature.
“What they’re doing is they’re preying on what’s called our ‘loss aversion tendencies,'” Brasler said. “For some reason, for most people, it seems far worse to lose $100 than to spend $100.”
The companies are targeting those who feel uncomfortable with the notion that something could go wrong.
“So, they ramp up the anxiety about missed flights, or your furnace might break down, or you might lose your cellphone,” Brasler said. “But now they offer a solution, in the form of this ‘peace of mind’ policy.”
However, Brasler said if you look into the fine print, most of the little insurance policies and warranties “are pretty worthless — there’s lots of little exclusions, and companies often use these little fine-print exclusions to deny claims.”
The Consumers’ Checkbook list also notes saving money by skipping out on subscription services such as Amazon Prime, kids toys, bottled water instead of reusable bottles, name brand drugs and gym memberships.
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