4 Hidden Money Pits in Your Home
When you move into your new home, you can predict your new mortgage and property tax, but there are the things that, if you’re not too careful, can become money pits. What people don’t tell you is that home ownership is much more than your monthly mortgage, maintenance and property tax; there are the sneaky money pits that need to be closely watched. Here are four hidden money pits in your home to be aware of as a homeowner.
1. Food waste
Did you know that the average American household loses over $2,200 in food waste annually? When you do the math, that’s one to two mortgage payments! Some tips to not wasting food (and in turn your hard-earned money) is to keep leftovers in plainview so that you don’t overlook them. You can also take an inventory of the food you have at the end of each week before you go grocery shopping. Of course, sticking to an overall grocery budget is the best way to eliminate food waste so that this area doesn’t become one of the money pits in your home.
Of course, appliances in and of themselves do not become money pits in your home, but when left on and plugged in, they’re known to heavily weigh in on your power bills. Instead of leaving your space heater, wireless phone chargers and coffee makers on throughout the day, unplug them after each use. While you will not notice a dramatic impact on your bills right away, these small changes will make an impact annually.
3. Lengthy showers
Did you know that spending 5 less minutes showering saves over 4,000 gallons of water over the course of a year? Those numbers alone should get you thinking about shortening your showers so that you can save more funds for that dream vacation.
4. Your cable bills
More and more Americans are switching from cable TV to streaming services or other subscriptions that only require internet. If you’re noticing that you use Netflix and Hulu more than your cable channels, this is a good indicator that it’s time to make the switch to an internet-only package. Services such as Hulu or Netflix will run you under $15 monthly, and there are also streaming devices, such as the Roku, where you can add individual subscriptions like NFL.