Many of us wonder if we are getting cheated while spending our hard-earned money.Have you ever thought if your money is getting spent wisely.Have you recently got mislead by agents,brokers,car dealers,medical insurer etc..
Definitely you would like to know the tips on how to spend your money wisely.Here are the top unknown secrets of unknown money spending ,In fact the secrets of not wasting money is revealed here:-
1.Extended Warranty for CAR
When you buy a car the dealer offers the extended warranty.Lets understand the trap here.For the first two years warranty comes free with car.There is a marketing strategy from dealer to offer another 3 to 4 years of extended warranty which they offer at very attractive price.People gets lured by this offer.
The recent survey has revealed that 99% of time this extended warranty will never be used.Now you may ask a question how is this possible? If any of the vehicle parts has to be malfunctioned it is likely to happen in first 2 year and not beyond that.So simply never go for extended warranty offered while buying a car it is useless.
2.Credit Card Never Comes for free
Gone are the days when credit cards were offered for free.The sales man will try to convince the customer that the card comes absolutely free for lifetime.But the truth is that it is free only for first year and from the next year onwards there will be the charges applied to it.So never opt for credit card with free life time service.
3.Buying Apartment or House
When you book an apartment,builder claims that construction is in full swing and the apartment will get ready within 1-2 years.But the reality is that real estate sector is not doing well currently.Hence loan and money-flow to builders are not as per to their expectations.Hence it causes lot of delays in construction.As per the recent surveys 90% of the times builders have not kept their promises.
So the next time, if you think of buying an estimated apartment project, do check the progress on ground and builder’s authenticity.
4.Do you Need Life Insurance
Always remember that life insurance is not a retirement tool.Many companies have made life insurance as your retirement tool but the fact is that life insurance is for the dependent’s and not for the person who is insured.Even if some money is offered at the end of your life insurance policy it is too little to serve your retirement needs.
So never go for life insurance policy if you do not have dependent’s. Never see life insurance as a retirement tool.Always go for term insurance plans.
Accidental insurance is the cheapest insurance available.In majority of the cases ,a person is more likely to get killed by an accident than any other means.
So it is better to take accidental insurance policy which comes at very cheap price rather than other insurance policies which is beneficial only in case of death of the insured.
6.Medical Top up plans
Most of the employee working for a company would have some medical policy.But it may not be sufficient always so people go for another full coverage insurance plan which may come at a very high price.
So It is advisable to go for a top up plan rather than a full coverage plan.The top up plan comes at cheaper price and this plan will be used once the full coverage of your medical insurance plan provided by your company gets over.