Things that are not worth your money

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PHOENIX - There are a lot of things people buy that are simply either a waste of money or just a bad value.

So in these tough times, think twice about the following products or services before you spend your money on them.

For the most part, almost everyone has a cell phone but does that mean you need cell phone insurance? Not really.

In fact, consumer advocates say cell phone insurance is one of your biggest money wasters. High deductibles and bad coverage they claim doesn't make it worth it.

Credit card insurance is another money-waster, which also goes by payment protection plans. The idea is if you lose your job, the insurance will make your minimum monthly payment for you but advocates say drop it or just don't get it.

Extended warranties are also a waste of money. Many plans cost more than you'll ever recover and the fine print in the contract usually doesn't cover things you thought they did.

As far as identity theft protection, many things you pay a company to do to protect your identity, you can do yourself absolutely free.

Finally, checking account fees are on the list. If you are paying your bank a monthly fee to have a checking account, ask yourself why. There are plenty of financial institutions offering free checking so look into them.

There's something called cancer insurance and it does just that. It covers you if you have cancer but it's just too specific and too many people found out that their particular cancer wasn't in the plan.

These things will save you a few dollars here and there but as we all know too well, they can add up fast.