Ways You’re Wasting Money And Don’t Realize It


Photo by Josh Appel on Unsplash

Whether you’re a homeowner or renting, there’s plenty you can do to save money and button up your monthly expenses in ways you’ve never considered before. Utilize the abundance of free time many of us currently have to do both large and small projects that can even help in the years to come. 

  1. Inefficient Appliances

If you’re like the majority of leasees or homeowners who pay for your utilities separate from your rent or mortgage, there are draws on your electricity that most people overlook. The older an appliance is, the less efficient and more expensive it tends to be to fix should it break down. If investing in a whole new range of appliances is out of the question, look into how a home warranty can help. It may be a great way to get some peace of mind by replacing your household items with more efficient alternatives. Newer appliances will be cheaper to run and have more features. Many washers and dryers currently on the market even have smart integration that will alert you when a cycle is finished. Using your appliances at off times of the day can also save money when power is in lower demand. Additionally, cooling your house at night is often cheaper than throughout the day. 

Even renters can benefit from more efficient lighting. Not only can LED lights save you money, but some are also proven to help with focus and sleep patterns by automatically adjusting their intensity throughout the day. With how many of us are working from home currently, every bit of productivity we can get back is a good thing. These kinds of lights also tend to have longer lifespans, so you can take them with you when you move into a new apartment or house. 

  1. Drafty Rooms

Another way to help your home be even more efficient is by checking the seals in the most common places that heat exchanges. Windows and exterior doors can often be drafty, and some simple adhesive seals can assist in keeping your home at a stable temperature without being a large project. An easy way to find out where you’re losing the most heat is to hold a candle around the window on a breezy day. If you’re renting and the window is particularly drafty, talking to your landlord or lessor about a more permanent solution might also be a good idea, as it would benefit both you and the owner in the future.  

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  1. Not Practicing Cross-Shopping

These days, internet access is a necessity for daily life. Many providers know this and will be sneaky when it comes to pricing, and they may change your monthly bill without much warning. Cross-shopping new home internet service providers and mobile services can save you hundreds of dollars each month. Sometimes, even calling your current provider can be enough to get a discount on your current plan.

Cross-shopping can save you money in more ways than just internet service. One thing people put off is taking a close look at your insurance policies to see what you can do to change them without adjusting coverage. With less driving needed when working from home, some car insurance companies are adjusting rates or rebating customers who no longer have to commute. If your insurance provider doesn’t offer this, it might be time to look at changing your policyholder. 

Looking at the way you shop is another great place to find ways you can either save some money or make it go further. Supporting local businesses and shopping at markets is both healthier and often cheaper than a grocery store. Plus, learning more about where your food comes from is always beneficial. Buying the right amount of food each week is a great way to avoid food waste. Analyzing your household’s eating habits for just a week or two can be invaluable when buying groceries and will add up quickly. 

  1. Your Less-Than-Optimal Vehicle

hen you do have to leave your home and drive to the store, you might be running your car below its optimal standards. Restricted airflow through the filter or old spark plugs can have a drastic effect on how efficient your car runs. Any basic auto parts store will have the filters your car needs and will be much cheaper and faster than having it done at a dealership. Learning basic maintenance is a great way to save on other tasks like oil changes. Youtube is a great free resource for learning about maintaining your car.

Often we just accept the cost of many day-to-day bills when we don’t have to. It’s never a bad time to start buttoning up expenses and figuring out where your money is going. The first step is to do research into your own daily life and activities, and then research the best ways you can slowly but surely bring money back into your pocket. Now more than ever, it’s important to save where we can and financially prepare ourselves for whatever unexpected things the future may hold. 

 

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