Lauren’s List: Cracking Down On Money Mistakes

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MIAMI (CBSMiami) – It’s Labor Day! The day we celebrate how hard we all work!

You love it when that paycheck comes in. But are you spending it wisely?

You may be throwing some of that hard-earned money away, so today’s Lauren’s List has a financial focus.

Here are some money mistakes you may not even realize you’re making, according to LifeHack.

  1. You Buy Extended Warranties: Typically, the warranty that comes with a product is plenty. Salespeople may push the extended warranty, but many retail insiders say that’s because it’s a sale on something they don’t have to stock. If the product is worthless, chances are it will break before well before the extended warranty would even be necessary.
  1. You Have Too Much Insurance: Whether it’s your car, your health, or your house, experts say buying more insurance than you need only helps keep everyone else’s premiums low. They say to especially stay away from cell phone insurance, as it will sometimes cost you more than the price to replace a phone.
  1. You Waste Food: I am guilty of this, even though I try not to be. Tracking your diet is good for both your health and your wealth. Figure out how much you eat, and then only buy an amount that you can reasonably consume before its expiration date. Every time you throw away food, you’re throwing money in the trash, too!
  1. You Overpay Taxes: Taxes can be tricky. And who doesn’t love a huge refund?! But getting that big refund simply means you overpaid in taxes over the course of the last year, thus giving the government  free money that should be yours! The government deposits that money and earns interest, and only gives you back the amount you overpaid. Keep that money for yourself and invest it wisely instead!

What other money mistakes have you discovered the hard way? Tell me on Facebook (www.facebook.com/LaurenPastranaNews) or on Twitter (@LaurenPastrana).

Send future “Lauren’s List” ideas to lpastrana@cbs.com.

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