YOUR MONEY Short on Cash?


5 things you should stop overpaying for. :: BY DANIELLE BRAFF


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ure, you may realize deep down that you’re spending a little too much for your daily coffee fix . . . but you’re


probably OK with the splurge. After all, coffee shops are great


places to read, work, socialize, or just enjoy having someone else make your daily cup of Joe, so why should you have to give it up to save a few bucks? Honestly, we agree — saving


PRESCRIPTION MEDICINE Brand-name drugs account for about 75% of total prescription


costs. However, the Food and Drug Administration requires generic drugs to be bioequivalent to brand-name drugs, though it allows up to a 20% variation in the active ingredient. The reason generic meds tend to


be less expensive than their brand- name counterparts is because the makers of the generic versions aren’t required to repeat the animal and clinical studies that were done by the pharmaceutical companies that developed the branded drugs. If your doctor really wants you to


take the brand-name drug, they may write on the prescription, “Dispense as written.” Otherwise, ask your doctor or pharmacist if substituting the generic drug will make a difference to its efficacy or your health. Total savings: 80%-85%.


money shouldn’t mean cutting every single little joy out of your life. Instead, the better


approach is to seek out some relatively imperceptible ways to reduce your spending. Here are five examples of things you may be unnecessarily throwing money away on without any reason or benefit.


warranty for your new dishwasher, snowblower, or other expensive electronic device — if it breaks, you get a repair or replacement at no cost. And although many consumer


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finance experts would tell you those contracts generally aren’t worthwhile, there’s another consideration you may not realize. Many credit cards (Visa,


Mastercard, and American Express, but not Discover) automatically offer an extended warranty for no extra fee. Typically, the credit card extended warranty offers the same coverage as the purchased manufacturer’s warranty if you bought the item with your credit card. Be aware, though, that there are exclusions. Usually, computers, cars, and any item that doesn’t have a manufacturer’s warranty are excluded. Each credit card has its own


policies, so if you’re buying something


EXTENDED WARRANTIES You may think you’re being savvy by buying the extended


very expensive, check to make sure you’ll be covered before you make the purchase. For example, Visa provides


up to one additional year on manufacturer’s warranties of three years or less, while Mastercard doubles warranties of 12 months or less. All three cards have a maximum coverage of $10,000 per claim. Total savings: Up to $50,000 per


calendar year for extended warranty claims on eligible purchases.


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PROPERTY TAXES These are calculated by multiplying your most


recent property assessment by your municipality’s tax rate. In some states, this figure may change annually, but in other states, property taxes may only change every five years. So, the first step to potentially


lowering your bill is by requesting your property tax card from your local assessor’s office. The tax card will tell


Many credit cards (Visa, Mastercard, and American Express, but not Discover) automatically offer an extended warranty for no extra fee.


74 NEWSMAX MAXLIFE | MAY 2025


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