The Expenses You're Probably Double-Paying for After a Move
Moving to a new home usually comes with obvious costs like movers, deposits and new furniture. But once the boxes are unpacked, many people discover bills tied to their old address.
Because so many expenses run on autopay, it is all too easy to keep paying for services connected to a property you no longer live in. Here are the most common expenses people double pay for after a move and how to catch them.
See Next: 40 Easy Ways To Save Money Every Day
Trending Now: Start Growing Your Net Worth With Smarter Tracking
The Most Common Duplicate Expense
Utility bills are one of the most common duplicate expenses after a move, according to Justin Chau, licensed Realtor.
"When the seller relies on the buyer to switch utilities, they can end up paying for these utilities for a very long time," he added.
Even short overlaps can add up in cost.
"Most of the time the costs of utilities will probably be anywhere between $200 to $500 for a month before the previous seller realizes they've left it on and changes it," Chau explained.
Internet, Cable and Subscriptions
Beyond utilities, several other services tied to a physical address commonly continue charging after a move.
Ben Mizes, licensed real estate agent and co-founder of Clever Offers, said duplicate services such as internet and cable, lawn care and subscription services are especially common during the transition between homes.
Local Services Tied To an Address
Then there are those expenses that are tied to a physical address: "meal delivery services and local gym memberships," Mizes said.
He added that people also overlook charges linked to their previous home like homeowners' association (HOA) dues, renters' insurance or parking passes.
While each bill may be small, the combined impact can be costly.
"As a group they can easily amount to $50 to $300 per month. Spread out over the course of the year, that's several hundred, even over a thousand dollars of unnecessary expenses," Mizes explained.
A Simple Post-Move Financial Audit Can Catch the Problem
The easiest way to catch duplicate expenses is by conducting a quick financial audit soon after moving.
"As soon as you move, check your bank statements and credit card statements for the past 60 to 90 days," Mizes said. "This is where you are likely to find services that you are being charged for that you might not have remembered during your move."
Chau said checking weekly may even be necessary to catch these overlaps in the first couple months after a move.
Digital tools can help as well. Budgeting apps and bank dashboards often categorize subscriptions and recurring payments, making it easier to spot services that you don't need.
Taking time to review recurring payments and closing accounts tied to your previous address can prevent hundreds or thousands of dollars in unnecessary spending.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
More From MoneyLion: