You've found the home of your dreams. Congratulations! After you move in, the last thing you want to deal with is a leaky water heater or a broken furnace. A home warranty protects homeowners from 

 by covering certain appliances and HVAC components.

If you decide to buy a home warranty, it's important to use a reputable provider. Here are the four best home warranty services for 2024.

The Best Home Warranty Service for Low Budgets

The Best Home Warranty Service for Nationwide Coverage

The Best Home Warranty Service for Customer Service

The Best Home Warranty Service for Overall Coverage

Home Warranty Service Cons 

Home Warranty Service Pros 

, shares his insight into home warranty experience. Nally says, “In my opinion, there isn’t one home warranty company that shines above the rest—ultimately, what it comes down to is simply choosing the right one for you.”

Below are the top four home warranty service providers on the market to consider.

Select Home Warranty: The Best Home Warranty Service for Low Budgets

 is a well-known home warranty provider founded in New Jersey in 2012. With competitive pricing and an extensive range of coverage options, the company is popular among those seeking budget-friendly warranty services.

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1. Select Home Warranty

Here are the top features of Select Home Warranty plans.

Select Home Warranty provides three primary plans, each with different coverage options:

 This plan focuses exclusively on appliances and starts at $44/month. It covers essential items such as refrigerators, ovens, washers, dryers, and garbage disposals.

 Designed for home systems, Gold Care also starts at $44/month and covers HVAC, electrical systems, plumbing, and water heaters.

The most comprehensive plan, starting at $48/month, combines both Bronze and Gold plans while adding coverage for garage door openers, ceiling fans, and plumbing blockages.

Customers can add extra coverage for specific items like pools, spas, septic systems, well pumps, standalone freezers and well pumps for an additional monthly cost ranging from $3 to $8 per add-on.

Service fees typically range from $75 to $100, paid each time a technician is called for repairs. Select Home Warranty’s fee is pretty competitive compared to other home warranty companies.

Select Home Warranty works with a network of licensed, insured contractors to perform the repair work. They vet their network to ensure quality. However, if they can’t find a contractor who will work, you may be allowed to contact your own technician, but it must be approved by Select Home Warranty.

As mentioned above, Select Home Warranty offers some of the most competitive pricing in the home warranty market. Its plans are often more affordable than those of comparable providers.

Customers have the flexibility to choose from three distinct plans or create a customized package with optional add-ons that suit their needs, location and lifestyle.

Unlike many other home warranty companies, Select Home Warranty includes limited roof leak coverage with each plan.

Customers can often find discounts, such as free months or reduced rates, particularly when opting for an annual plan.

The claims process is streamlined, and customers usually receive a response within 48 hours, ensuring repairs are handled promptly.

Some coverage caps for specific items, such as HVAC systems and appliances, might be considered low, particularly for expensive replacements. Remember, this is a low-budget plan; it will not offer as extensive coverage as other providers.

The plans may contain specific exclusions or conditions that require careful review to avoid unexpected out-of-pocket expenses. Plans are also not offered in all 50 states; they are not currently offered in Nevada, Wisconsin or Washington.

While some customers praise the quick response time, others report 

 or dissatisfaction with the quality of contractor work.

Even if a technician arrives, but the repair is not covered under the policy, the service fee is still charged.

While Select Home Warranty provides a solid selection of home warranty plans at competitive prices, it is our top pick for budget-friendly households. This means it will not have the most comprehensive coverage, as other home warranty service providers might.

Select Home Warranty offers discounts on multi-year plans and has generous coverage limits for air conditioning and HVAC systems. However, each plan has low coverage limits for appliances. Additionally, you may have to pay more than one service fee if you need more than one type of repair during a service call. It is important to read and fully understand the terms and conditions before signing up, especially if you take advantage of a promotional offer.

The combination of affordability, customizable options, and convenient claims service makes Select Home Warranty a strong option, especially for budget-conscious homeowners.

American Home Shield: The Best Home Warranty Service for Nationwide Coverage

Learn more 

2. American Home Shield

 is one of the most established and biggest home warranty providers in the United States, offering comprehensive plans. They have been in business for over 50 years and have earned their reputation as one of the biggest home warranty providers in the space.

Below are the most notable features of American Home Shield plans:

American Home Shield also offers three plans, giving you extra flexibility as you determine the best way to protect your home. ShieldSilver is the most basic plan, but it provides a surprising amount of coverage. For example, this plan has a coverage limit of up to $5,000 for HVAC systems. It also covers electrical and plumbing systems, making the coverage extremely valuable.

ShieldGold and ShieldPlatinum offer extended coverage. ShieldGold covers kitchen and laundry appliances, giving you up to $2,000 for replacement or repair per appliance.

ShieldPlatinum includes everything in the ShieldGold plan, plus up to $4,000 per appliance for repair or replacement, unlimited A/C refrigerant, up to $1,000 in roof leak repairs, a free HVAC tune-up and up to $250 in coverage for permits and code violations.

Customers can purchase add-ons for items not included in standard plans, such as pools, spas, septic systems, well pumps, and guest units. They also offer electronics as an add-on for their warranty coverage. These add-ons range anywhere from $5 to $18 per item per month.

The customer can choose service fees, typically ranging from $100 to $125. A higher service fee generally results in a lower monthly premium.

AHS works with a large network of pre-screened, licensed contractors who assess issues and perform repairs. With over 17,000 contractors, there is no shortage of service providers.

American Home Shield offers a broad range of plans and add-ons allowing homeowners to choose coverage that aligns closely with their needs.

Due to their online quote tool, customers can select a service fee, which provides them with a level of control over their monthly premiums and overall costs.

AHS’s extensive network ensures that customers can access vetted and reliable technicians across a wide geographical area.

AHS does not deny coverage based on the age of a home system or appliance, which is a valuable feature for owners of older homes.

5. Quick Response Time & Friendly Service

In most cases, a technician is assigned within 48 hours, helping ensure that repairs are made quickly. Many customers praise the friendly and courteous service they receive.

AHS plans can be more expensive than other providers, particularly for comprehensive coverage like ShieldPlatinum.

Certain repairs may be excluded from coverage based on the cause of the issue. This can lead to unexpected out-of-pocket expenses for some homeowners and lower payouts than anticipated.

While the flexible service fee structure is a positive feature, customers still have to pay the service fee even if the repair is not covered.

Customer service experiences vary, with some customers reporting delays in claims processing or difficulty reaching a representative.

American Home Shield is a reputable home warranty provider offering comprehensive and flexible plans that cater to diverse homeowner needs. Their extensive coverage options, quick response time, and large contractor network make them a reliable choice.

However, customers should carefully review the plan details to understand specific exclusions and limitations. Despite higher plan costs compared to some competitors, AHS’s broad coverage and transparency provide substantial value for those seeking robust protection. AHS is a great choice if you are looking for a provider that has been in the business for a while and has a wide range of contractors who can assist when something breaks.

Liberty Home Guard: The Best Home Warranty Service for Customer Service

3. Liberty Home Guard

 is a newer home warranty provider compared to the others on this list, but they’ve established themselves as a strong contender in the market. They offer comprehensive home warranty plans designed to cover household systems and appliances.

Liberty Home Guard offers three primary coverage plans:

Appliance Guard is the most basic, as it only covers home appliances. You may be covered if you need to repair or replace your dishwasher, oven, washer, dryer or refrigerator. Systems Guard is designed for home systems, such as ductwork, plumbing, heating, air conditioning and electrical.

Total Home Guard combines Appliance Guard and Systems Guard into one plan, giving you broad coverage for some of your most expensive systems and appliances.

Prices start at less than $1.00 per day for Appliance Guard and Systems Guard. For less than $1.50 per day, you can upgrade to Total Home Guard.

A home warranty makes it easier to cover the cost of certain repairs. Learn about the best home warranty services available in 2024.

The 4 Best Home Warranty Services To Consider in 2024 | Popular Living 

The 4 Best Home Warranty Services To Consider in 2024

If there's one thing that's filled media headlines in 2022 and 2023, it's rising interest rates. During these last two years, prices have increased for everything, from groceries to travel and used cars. But, interest rates rapidly increased at a rate that shocked almost everyone. Such a sudden increase in interest rates dramatically impacts people's ability to purchase real estate, keep up with their mortgages, and pay down their debts.

After a year of continuous climbing, many wonder if interest rates will drop in 2024. But the answer is more complicated than you may realize.

Understanding Inflation and Its Relationship to Interest Rates

Before we get into the details of what has happened to interest rates so far and what's predicted to happen next, it's best to understand why these things happen. And to know that it's essential to understand the relationship between inflation and interest rates.

 over the long run. This is because, ideally, the government wants to offer Americans an inflation rate that is low, stable, and predictable.

However, note that this is a long-term goal. So, the Federal Reserve often needs to adjust the current rates in response to economic conditions to get it back down (or up) to 2%. Sometimes, these changes need to hold at a different rate for several months to make a bigger overall impact on the economy and drive the goal back to 2%.

When the economy is doing poorly, and unemployment is high, there tends to be less spending and less demand for goods. As a result, the government lowers interest rates to motivate people to spend, invest, and stimulate the economy again. In contrast, when people are spending too much and creating excessive demand, suppliers begin to raise and raise their prices to unaffordable levels. In this situation, the government will increase interest rates to encourage saving and decrease spending.

Ultimately, interest rates and inflation work together to balance each other out. They work in unison to constantly work back towards the Federal Reserve goal. However, these Monetary Policies of adapting interest rates don't enact immediate change. Often, it takes several months to see the impact of an interest change. People and businesses need time to feel the effects of the new rates and adjust their behaviors accordingly.

It's important to understand that no one can confidently say what will happen with interest rates. Interest rates rise and fall due to unpredictable factors like the economy, market conditions, and political events. Still, people can - and have - predict what will happen in 2024.

Generally speaking, most predict that interest rates will slowly come back down. However, no one expects them to reach the ultra-low 0.25%-2% rates we saw during the pandemic. A rate that low might not be around again for several years.

Still, rest assured that the government is focused on getting interest rates down. The United States Fed Funds Rate is projected to have an 

So, why is there so much optimism about interest rates going down? The U.S. Federal Reserve had to implement interest rate hikes to battle inflation. One of the main objectives of Federal Reserve Policies is to stabilize prices and level out inflation. And while inflation steadily increased in 2022 and 2023, the Federal Reserve had to respond accordingly.

The first rate hike began in March 2022 and has continued since. The central bank has increased its 

 every few months. As of August 2023, the central bank raised its policy interest rate to 5.5%, 

. The objective was to reduce demand, force sellers to stop raising prices, and slow inflation.

And the good news is that it worked. After several hikes, inflation has significantly slowed down. Additionally, after the pandemic caused supply chain issues, the issue finally seems to be resolving itself. This is crucial as the increased supply chain has improved economic situations globally. And it's just another reason why people speculate rates can begin to go back down again soon. (Although some speculate there may be one last rate hike in 2023.)

Impact of Federal Reserve Policies on Interest Rates in 2024

The Federal Reserve, often called the Fed, is the United States central bank. It wields immense influence over the nation's economy, including setting interest rates. The Fed utilizes its 

 to achieve several key objectives: foster economic stability, maximize employment, and control inflation.

Overview of Current and Upcoming Policies

 geared toward managing the economic recovery from the COVID-19 pandemic. One such policy is the gradual tapering of asset purchases. The Fed had been purchasing assets, including government bonds, to provide liquidity to the market and keep borrowing costs low. The tapering process involves reducing these purchases, signaling confidence in the economy's strength.

Moreover, the Fed is also contemplating the timing of interest rate hikes. It's essential to note that these decisions are not made in isolation; they consider a complex web of economic indicators, labor market conditions, and inflation metrics.

Federal Reserve policies mean for interest rates in 2024

? Let's explore some potential scenarios:

 As the economy continues to recover and inflation trends upward, the Fed may opt to raise its federal funds rate. This benchmark rate influences other interest rates, including those on savings accounts and loans. Expectations of gradual rate hikes could lead to modest increases in mortgage rates and credit card interest rates.

 As the Fed reduces its asset purchases, the bond market may react by pushing yields higher. This could affect long-term interest rates, such as those for 10-year Treasury bonds. Consequently, borrowers might see slightly higher rates on long-term loans, such as fixed-rate mortgages.


Inflation has been a hot topic, and the Fed is closely monitoring it. If inflation remains stubbornly high, the Fed might opt for more aggressive interest rate hikes to cool down the economy. This could have a more pronounced impact on borrowing costs.

 It's worth noting that global economic conditions and geopolitical events can also influence interest rates. For example, a surge in global demand for U.S. bonds can put downward pressure on domestic rates.

The Federal Reserve's policies will likely influence the path of interest rates in 2024 as it navigates the post-pandemic economic landscape. However, predicting the exact trajectory of interest rates is challenging due to the complex interplay of various economic factors.

Historical Trends and Patterns in Interest Rates

Sometimes, it can be good to look back at history to remind ourselves that inflation, economic downturns, and interest hikes are all a natural part of the economic trajectory. And that these situations never last forever.

The Federal Reserve changes the federal fund's target rate range in response to what's happening in the economy. This is done with two overall objectives: keeping prices stable and maximizing employment. Essentially, the central bank will increase interest rates when the economy is overheating and inflation is surging beyond manageable levels. Alternatively, it will cut rates when the economy weakens and unemployment increases.

So, let's take a look at some interesting times in history and how the Federal Reserve responded.

In the late 90s, the adoption of the Internet and the rocketship success of technology companies sent inflation soaring. In an effort to respond to this intense market, the Federal Reserve raised its rate six times from June 1999 to May 2000 to bring inflation under control.

The housing boom in 2005 and 2006 ultimately led to the housing market crash of 2007/2009 and the eventual 2008 recession. Unemployment skyrocketed from 5% in December 2007 to 

. The Federal Reserve responded to this challenging economic time by lowering interest rates as much as possible. From September 2007 to December 2008, rates were adjusted nine times. They went from being 4.75% to 0.25%.

In March 2020, the COVID-19 pandemic swept the world. The United States saw 20.5 million jobs lost just in April 2020, sending the unemployment rate to an astounding 14.7%. The Federal Reserve responded with two back-to-back rate cuts in March 2020, bringing interest rates down to 0.25%.

Interest rates play a pivotal role in the world of finance, affecting everything from mortgage rates to the returns on your savings accounts. Keeping an eye on these rates is essential for making informed financial decisions. As we stand on the cusp of 2024, it's a fitting time to explore what the future may hold in terms of interest rates and how Federal Reserve policies could shape the financial landscape.

Factors that May Contribute to a Potential Decrease in Interest Rates in 2024

Various economic, financial, and geopolitical factors can influence a potential decrease in interest rates in 2024. While predicting interest rate movements is challenging, here are some factors that could contribute to a decrease in interest rates:


 The Federal Reserve plays a pivotal role in setting short-term interest rates. If the Fed decides to maintain or lower its federal funds rate target, it can lead to a decrease in overall interest rates, including those on savings accounts, loans, and mortgages. Economic indicators like inflation, employment, and GDP growth influence the Fed's policy decisions.

A significant economic slowdown or recession can prompt central banks to lower interest rates to stimulate economic activity. Lower rates encourage borrowing and spending, which can help bolster the economy. Central banks may consider rate cuts if economic indicators signal a potential slowdown in 2024.

 The interconnectedness of the global economy means that international events and conditions can impact interest rates. If major economies experience economic challenges or uncertainties, investors may seek the safety of U.S. assets, leading to increased demand for U.S. bonds and potentially lower interest rates.

: Geopolitical events such as trade tensions, conflicts, or unexpected political developments can create uncertainty in financial markets. Investors seeking safety may flock to U.S. government bonds, causing bond prices to rise and yields (interest rates) to fall.

 Investor sentiment can influence interest rates. If market participants become pessimistic about the economic outlook or financial stability, they may increase demand for safe-haven assets like Treasury bonds, driving down yields.

 Statements and forward guidance from central banks can shape market expectations. Clear communication about a commitment to keeping rates low or implementing further rate cuts can influence market behavior and contribute to lower interest rates.

 Technological innovations and advancements in financial markets can influence interest rates. Increased efficiency and accessibility in financial markets can affect the supply and demand for various financial instruments, impacting rates.

 Population aging and shifting demographics can impact interest rates. As societies age, there may be increased demand for fixed-income investments, potentially putting downward pressure on yields.

 Government fiscal policies, such as tax changes and government spending, can influence economic conditions and, in turn, interest rates. Expansionary fiscal policies can stimulate economic growth, affecting interest rate decisions.

It's important to note that these factors are interconnected, and their impact on interest rates can vary over time. Additionally, interest rate decisions are made by central banks and are based on a comprehensive analysis of economic data and conditions.

Therefore, while these factors can contribute to a potential decrease in interest rates, the actual rate decisions are subject to the central bank's assessment of the broader economic environment.

Global Economic Conditions & Their Impact on Interest Rates

By now, it should be clear that domestic and global conditions can greatly impact the economy. For example, the recent invasion by the Russian government into Ukraine only set the economy back further in 2023. Wars like this cause uncertainty, disrupt supply flows and take significant dips in the stock market.

Interestingly, it's not just citizens and businesses that impact interest rates. When government spending is too high, it creates excessive demand in the market and drives up prices, which adds to inflation. Therefore, the government needs to keep spending in line if it hopes to keep inflation lowering in 2023 and beyond.

In March 2023, when Republicans accused Joe Biden's office's spending of being the reason for the high interest rates, Jerome H. Powell, the chair of the Federal Reserve, blatantly disagreed with the claim. He pointed out that there had been an overall decrease in federal spending from the height of the pandemic.

So, what was his explanation for the increasing prices and inflation? He was quoted saying factors such as post-pandemic 

, oil prices post Russia's invasion of Ukraine, and shifts in consumer spending were all driving prices up.

So, while government spending can certainly impact inflation, it's not likely the culprit for the rising of prices in 2023.

Assessing Market Expectations and Speculations on Interest Rates in 2024

Experts assume interest rates will go back down because several factors keeping interest rates low pre-COVID still exist today. For example, an aging population and low birth rates mean less demand for housing, construction, and products, meaning less borrowing demand. The higher the demand, the higher interest rates fall.

Additionally, there has been an increasing shift towards using advanced technology for services (such as Netflix, Spotify, online banking, etc.), which further adds to less investment demand for continued operation. New York Fed president Mr. Williams summarized it best: "We are moving more and more to 

and lots of capital investment to produce a lot of output."

These factors will still exist as we climb out of our post-pandemic era, leading many to speculate that interest rates will naturally fall back again.

There is a consensus around experts across the board that 2024 will likely be better than 2023, and beyond that, we can be even more optimistic. Senior U.S. economist for Morningstar Research Services LLC Preston Caldwell says, "I think rates 

 … I think inflation will be nearing the Federal Reserve's 2% target at that phase, and the economy will show signs of slowing, but it's hard to predict."

Amy Hubble, a certified financial planner with a Ph.D. in consumer economics, turned to a recent 

 to verify what others in her field are speculating for the coming years. Hubble says, "All FOMC members believe that rates will be stable or higher through 2023 before slowly coming down in 2024–2025 to settle at a comfortable 2.5% for the longer term."

If you still have questions about the future of interest rates, we've compiled a list of commonly asked questions.

How would a decrease in interest rates in 2024 impact the housing market?

A decrease in interest rates in 2024 can have several significant impacts on the housing market:

How might a decrease in interest rates in 2024 affect the value of the U.S. dollar?

A decrease in interest rates in 2024 can potentially affect the value of the U.S. dollar in the following ways:

 Lower interest rates tend to make a currency less attractive to investors seeking yield. When interest rates are lower, investors may seek higher returns in other currencies or assets, which can decrease demand for the U.S. dollar.

 Lower interest rates can discourage foreign capital inflows into U.S. financial markets. Investors may look for higher-yielding assets in other countries, reducing the demand for U.S. assets like government bonds and stocks.

 A weaker U.S. dollar can make U.S. exports more competitive internationally. U.S. goods and services become more attractive for foreign buyers when the dollar depreciates.

 A weaker U.S. dollar can contribute to higher commodity prices, as commodities are often priced in dollars. When the dollar loses value, it takes more dollars to purchase the same quantity of commodities, potentially leading to price increases.

The value of the U.S. dollar can also be influenced by central bank policies in other countries. If other major central banks implement similar or more aggressive interest rate cuts, the relative impact on currency values may be muted.

The global economic environment and geopolitical events can also impact the U.S. dollar's value. Economic crises or uncertainties in other countries may drive investors to seek the safety of U.S. assets, potentially supporting the dollar's value.

Are there any specific industries or sectors that could be particularly impacted by a decrease in interest rates in 2024?

Some sectors may benefit from lower rates, while others may face challenges. Here are specific industries and sectors that could be particularly impacted:

Lower interest rates typically boost the housing market by making mortgages more affordable. This can lead to increased home sales, higher demand for construction, and rising property values. However, high demand and rising home prices may exacerbate affordability issues, potentially limiting access to housing for some buyers.

Banks may see increased loan demand as borrowers take advantage of lower rates. Mortgage refinancing activity can also surge, generating fees and income for financial institutions. Conversely, banks may face compressed net interest margins (the difference between what they pay on deposits and earn on loans) when rates are low, potentially impacting profitability.

Lower interest rates can boost consumer spending by reducing the cost of borrowing for purchases like cars and appliances. Retailers may see increased sales as consumer confidence improves. However, retailers may face supply chain disruptions and inflationary pressures, affecting costs and pricing.

Lower rates can make auto loans more affordable, encouraging consumers to purchase new vehicles. This can lead to increased car sales and production.

Supply chain disruptions and semiconductor shortages could impact production.

A weaker U.S. dollar resulting from lower rates can benefit export-oriented industries. U.S. exports become more competitively priced in international markets, potentially boosting sales. However, trade tensions and geopolitical factors can influence export opportunities.

Healthcare companies often require significant investments in research and development. Lower interest rates can reduce financing costs for pharmaceutical and biotech firms. However, regulatory approval and market competition can affect the industry's dynamics.

Lower rates can lead to increased spending on discretionary items like travel, entertainment, and dining.

Lower rates can support financing for energy projects, particularly renewable energy. Increased demand for energy resources can benefit this sector. However, energy markets are influenced by global supply and demand dynamics, as well as environmental concerns.

As we've highlighted before, no one can really know what will happen with interest rates. Still, it's promising to hear that almost every expert expects rates to start lowering in early 2024.

If you're in the market to borrow money soon for a large purchase, such as a car or property, try to hold off until 2024. You can start working on improving your credit and saving up now. But, according to most experts, you'll likely secure a better interest rate in 2024 than in 2023.

So, watch those interest rates because they might just be going down right before your eyes soon!

2023 has been the year of steadily increasing interest rates, but is this expected to continue into 2024? Find out what's been impacting interest rates and what the experts predict for 2024. 

Interest rates are expected to decrease in 2024, influenced by a projected average Fed Funds Rate of 4.75%.

Will Interest Rates Go Down in 2024? | Popular Living

Will Interest Rates Go Down in 2024?

I’m 27. So, like, I’ve been around the block, but not that many times. As it relates to being in my 20s, though, consider me tenured. I’m a sophomore-20. Junior, even.

These days, there’s a lot of talk about what us 20-somethings should or shouldn’t spend our money on. How soon should we pay off our student debt? Do we buy a home instead of rent? If so, how in the world do we save enough money to do so?

The value of the dollar was not what it was 10 years ago, and as such, our spending habits aren’t the same as our parents.

In your 20s, responsible financial management is crucial for building a solid foundation for your future. Here's a breakdown of what you should and shouldn't spend money on during this period:

Here’s What You Should Spend Your Money On in Your 20s

Investing in education and acquiring new skills can and will lead to better career opportunities and higher earning potential. And I’m not just talking about going to college, because that isn’t the only guarantee to success, if at all. Consider courses, certifications, or workshops that align with your career goals.

Invest in personal development through books, courses, and experiences that help you grow as an individual. For instance, I invested in books like 

 to help me build my professional assertiveness, and now I only sometimes—sorry, occasionally—apologize.

 have enough money to cover three months’ of living expenses. There are currently 

six million people without a full-time job

 can’t afford a $1,000 emergency expense.

Building an emergency fund should be everyone’s top priority. Full stop.

Aim to save at least three to six months' worth of living expenses to cover unexpected setbacks like medical bills or job loss. Plus, start contributing to retirement accounts early, such as a 401(k) or investment retirement account (IRA). The power of compounding can significantly benefit you in the long run, plus it’ll compound (literally) in your sleep.

I was once between jobs and had to float myself for six months. Six months, people! Having an emergency fund isn’t just a nice idea. Life is unpredictable, and the harsh reality is that most of us will have to access our emergency funds at some point in our lives.

Health is wealth. Prioritize health insurance to protect yourself from unexpected medical expenses. It may hurt to cough up hundreds of dollars in health insurance each month, but I promise you it’ll hurt even more paying a debt sheet without health insurance.

In the US, a single uninsured trip to the emergency room will cost you 

. God forbid you have broken bones that require surgery to fix, you’ll have to pay $10,000.

Because our 20s lay the groundwork of financial success or demise for decades to come, it’s important to avoid unnecessary debt as much as possible, and nothing will put you into debt more than medical bills.

Your wallet won’t be the only thing that’ll hurt either—your credit might take a hit too. As a college student, my mom and I miscommunicated on a measly $30 medical bill and years later it got sent to collections. My credit score tanked, and it took me two years to build my credit back up.

Debt threatens your final good standing, and also 

, which as we’ve learned above is Very Important. Focus on paying off high-interest debts like credit card balances to avoid racking up credit card fees from interest rates.

For lots of people I know, it’s been helpful to set a target payoff date or dates. There’s also zero shame in refinancing your loans or using loan forgiveness programs. As I mentioned in this article, automatic payments can also be hugely helpful in ensuring you pay your loans off on schedule.

Here’s What You Shouldn't Spend Your Money On in Your Twenties

. While dining out can be enjoyable, frequent restaurant meals can drain your bank account. Ditto with impulsive purchases. Unused subscriptions can also trap you. Review your monthly subscriptions and cancel those you don't use or need.

Prioritize paying down high-interest debts like credit cards and avoid excessive spending on luxury items, gadgets, or clothing that you don't genuinely need. Luckily, there are lots of 

 available to choose from and even more options to 

I’m currently in my free Spotify era but Premium LinkedIn era. One is definitely more fun than the other. Take a shot in the dark at which one is more fun to pay.

Be cautious about overspending on your rent or mortgage. Aim to spend within or around 33.3% of your monthly take home on housing, obviously the lower the better. High housing costs will strain your budget quicker than any other bill.

Plus, the more you pay in housing, the less you’re able to shovel money into your savings, which puts you at risk of not having enough money to pay your bills and or rent if you lose your job (to name a few).

Listen, I want to drive a beamer just as much as the next girl, but I’ve considered whether I can afford an expensive car now and a decade down the line. High car payments, insurance, and maintenance costs always end up being more than you think they’ll be, and if you just need to get from point A to point B, why shell out on a nice vehicle?

While shopping for a new car, I really wanted a car with a push-start button. (I’m a little vain, twist my arm.) That fancy push-start button got old after like a week, but you know what got older? Paying $100 more each month for my new, cool girl SUV. I can’t tell you how many times that extra $100 would have come in handy for a trip planned or for Christmas gifts, but instead I’m paying $100 extra to push a button.

(The $100 is for more than the button, but you get the idea.)

4. Payday Loans and High-risk Investments

, which are short-term, high-cost loans, and high-risk investments that promise quick riches but carry substantial risks. These can lead to financial disasters, emphasis on disasters.

Here are some telltale signs of high-risk investments:

Small or young businesses that haven’t proven they’re profitable yet

Refinancing Roadmap: How to Refinance Your Loan and Save Money in the Long Run

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