Home ownership is often referred to as the “American Dream.” It’s very easy to understand why: your house is there for you place and no one else.
But home ownership can really mess with your cash flow. In addition to the mortgage payments, you consider repair and maintenance costs (including yard work), higher utilities than you might be accustomed to paying and possibly the need to furnish additional rooms. All of this can leave a person somewhat poor on money – especially if you’re wasting money without even knowing it.
Fortunately, a few clever (and simple!) tactics can save you thousands of dollars.
Here are some of the great ways you can be wasting money on a piece of the American Dream.
1. Losing $1,400 a year on auto insurance
Next to your home, your car is probably the most expensive item to buy. According to Kelley Blue Book, the average cost of a new car in 2021 was just over $46,000—and you’ll likely need to buy five or six cars in your lifetime, if not more.
Auto insurance is mandatory in most states; Even in the two cases that did not require it, it would be foolish not to protect such an expensive possession. Good coverage is essential – but you don’t need it Onpay for it. Converting car insurance to Progressive can save you up to $700 per year; Since most families have two cars, this could mean an additional $1,400 in savings each year.
Less money doesn’t mean less value. Progressive is known for great protection tailored to your needs and superior customer service. The company is also known for its hilarious TV ads, but it’s the excellent coverage that keeps 18 million people coming back year after year.
Speaking of year after year: $700 or $1,400 isn’t just a one-time thing. You’ll save that much each year. As a homeowner, you definitely have other places where this money can be used. Or put it toward long-term goals like retirement or your child’s education fund.
Protect your second largest investment and save big dollars – get a free quote today.
2. Drains $8,256 down the drain every year
Mortgage rates are now low. But here’s the thing: they won’t stay Few. In fact, the Federal Reserve has strongly hinted at as many as four interest rate increases in 2022.
Before that happens, ask yourself this: What can I do with an extra $8,256 a year, every year, until my mortgage is paid off?
This is the kind of money you can save when you refinance with a mortgage lender called Better. On average, borrowers save $8,256 annually on refinancing, according to the site. That’s more money for family vacations, college and retirement savings.
With such low rates, it would be crazy not to at least check to see how much you can save by refinancing.
It’s better to get your quotation in five seconds. Getting pre-approved only takes a few minutes. But the “easy” part doesn’t end there.
The application is 100% online. The best is a direct lender who adheres to a transparent mortgage process. The company does not charge any loan fees and does not pay commissions to its lending officers. As a result, loan officers focus on the right loan amount for you, rather than a loan that would bring them big bucks and big company fees.
A few minutes can save you $8,256 each year. If you’re ready to lock in the new price, get started now.
3. Letting home repairs suck your savings
Having a place of their own is a dream held by millions. But getting that house isn’t the end of the story. Now you have to take care of these basic assets. When the refrigerator dies or the heating/cooling system starts working, it is up You are – Not the owner – to fix things.
The cost of these repairs can be prohibitive. According to Realtor.com, homeowners must set aside up to 4% of the purchase price each year for home repair and maintenance. The median US home sale price was $453,300 in the third quarter of 2021. On average, then, that means spending up to $18,000 annually to keep their investments in good shape.
Or they could put in at least $390 a year for a home warranty through America’s First Choice Home Club. You’re still on the hook for things like decorative paint and lawn mowing, keep in mind. But the home warranty will cover expensive items like plumbing, appliances, heating/cooling, and the electrical system in your home.
If something goes wrong, you file a claim (by phone or online) and the AFC sends service technology; You can also choose what suits you. Once the claim is approved, the technician will either repair or replace the item. No waiting until the next business day, either: The AFC provides 24/7 service.
A home warranty can save you thousands of dollars. Get a free quote in 30 seconds.
4. Undergo credit card plucking
Contrary to popular belief, a high credit card balance is not always due to reckless spending. Many people find themselves in debt due to illness/injury, unemployment, or divorce.
Maybe your credit card company doesn’t care that the pandemic ruined your small business, that a car hit you or that your spouse blinded divorce papers (and emptied your bank account when you walk out the door). The credit card issuer will continue to charge the same high interest rates whether your debt stems from a troubled life or serious misfortune.
The truth is that you owe money – but why pay a painfully high interest rate until it’s paid off? Alternatively, apply for a personal loan through AmOne and permanently withdraw the commitment. For more than 20 years, AmOne has matched consumers with top online lenders for personal loans of $1,000 or more.
It takes less than two minutes to fill out the form and receive offers from the company’s lending partners. Once completed, the loan can be in your account within three days (or even sooner). Then all those extra interest dollars you were paying can go towards the principal of the loan.
And if you have consumer debt I did Come from bad choices (or just ignorance)? Get a personal loan to pay off.
Don’t let the credit card company’s ruinous rates tear you down. Take two minutes out of your day – today – And check your price online.
Bonus: Get smarter with your money in just five minutes
I got it. This is the time to make money, to save more, to put your money in order.
But you also realize that it’s not always easy. If there was one easy thing you could do, every single day, to move the needle, and get ahead in the game, would you do it, right?
Well, here it is: Take five minutes every day and check out our completely free Financial Talks newsletter. Over 1 million Americans have it, and they report saving an average of $991.20 each by checking out our news and tips.
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