Many homeowners make many small mistakes that can place a great pressure on their finances throughout the years. However, with a little bit of research and a few tweaks with your day to day lifestyle choices, you could save yourself hundreds, if not thousands, of dollars each month.
As a result, you will have more money to spend on home improvements or can top up your savings account. Here is a rundown of the eight ways you are wasting money on household bills.
1. Ignoring a Leaking Faucet
A leaking faucet can be problematic from day one. Surprisingly it can cause a financial strain over time, if not seen to. This is due to the amount of water that can be wasted. To avoid your money literally going down the drain, see to an issue like this straight away. If you want to reduce your annual water bill, stop ignoring a leaking faucet and find an affordable Atlanta faucet repair service to resolve the problem.
2. Buying Pre-Cut Fruit & Vegetables
Many people opt for pre-cut fruit and vegetables for convenience, as it can save them time and energy when cooking a feast for their family in the kitchen. However, opting for a bag of lettuce over a head of lettuce each week can waste approximately $60 throughout the year.
It’s a smart decision to buy produce in its natural form and then divide it into portions, which will help your money to go further.
3. Avoid Phantom Energy
As many homeowners need to charge smartphones, laptops, and tablets more than ever, they might not be surprised to receive a big electricity bill at the end of each month. However, there are things you can do to reduce it.
For example, make sure you unplug a device from an outlet when it is not in use, or use a power strip to turn all electronics off at once. That is because phantom energy can add an extra $20-30 a month onto the average electricity bill.
4. A Loss of Income Tax Credits
Income tax credits were introduced to help people hold onto more money in their salary each month. Unfortunately, 20% of people who qualify are failing to take advantage of the tax break. Use an online tax program to identify if you are entitled to the deductions, which could help to top up your bank balance each month.
5. You’re Regularly Wasting Food
A large percentage of household food goes to waste, which could be due to:
- A lack of meal planning
- Cooking too much food
- Impulse buying
If you are guilty of any of the above bad habits, you could be wasting hundreds of dollars each year. Instead, write a list before you go shopping to make sure you only buy the items you need. Also, never visit a store on an empty stomach to avoid impulse buys and ensure you eat your leftovers. You will more than likely notice a dramatic difference to your bank balance each week, as a result.
6. A Lack of Temperature Control
A programmable thermostat can help to automate both heating and air conditioning in your property. Not only is it an effective way to wake up to a warm, cozy home on a winter’s morning, but it can also help you to change the temperature at the right time, so you will not leave your heating or AC unit on longer than necessary. Also, sometimes there is a need for air conditioning repair and heating repair without it being known; make sure you service both of these regularly so they are performing at its best.
7. You’re Not Using Energy Saving Lightbulbs
Incandescent lightbulbs cannot only be harsh, but they can significantly increase your electricity bills. However, both LEDs and CFLs are four times more energy efficient, so they can help to lower your expenditure while protecting planet Earth. What’s more, they are both longer lasting in comparison to incandescent lighting, so you will not need to regularly replace your home’s lightbulbs.
8. Extortionate Credit Card Interest Rates
It’s common for homeowners to pay for home improvements, groceries and household bills using their credit card. If you fail to quickly repay the balance owed, you might need to pay more money back than you borrowed due to a high interest rate.
If you have a large credit card balance and are subject to high interest rates, call up a credit card company to negotiate a smaller rate. If you pay the bill on schedule each month, they might be willing to agree to a rate reduction request. It could lower your monthly outgoings and help you to repay the debt at a faster rate.