10 Hidden Money Leaks Coming From Your Own Home — and How To Stop Them Quickly
As if higher grocery, energy and insurance costs weren’t already squeezing budgets, many households are leaking money in ways they don't even realize.
Hidden money inefficiencies around the home may be costing you hundreds or even thousands of dollars a year. Many of them involve wasted energy, at a time when energy usage and prices are surging.
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The good news is that most of them are fixable, quickly and with little to moderate effort. Plus, many of these fixes have an added bonus of helping the environment.
To get you started, here are 10 common household money-wasters to consider.
Defang ‘Vampire’ Energy
Also known as “phantom” energy, vampire energy is electricity wasted when appliances and other electronics stay plugged in when not in use. Many of them keep sipping power even when they aren’t on. Common culprits include TVs, microwaves, coffee makers, chargers, microwaves and cable boxes.
To make unplugging easier, try using power strips that are easy to turn on and off. You can also install smart plugs, which allow you to unplug remotely. It could add up to hundreds of dollars in savings each year.
Is the Convenience Really Worth It?
Excessive dining out to avoid cooking, using paper plates to avoid doing dishes, paying for fast shipping you don’t need — these habits are costing you money and should be revisited.
No one’s asking you to completely give up convenience. But consider upping your thoughtfulness and limiting it to when you really need it. Using cloth napkins and towels instead of paper products, avoiding single-use containers and sticking with durable dishes can help you get started.
Drip, Drip, Drip — Ignoring Small Fixes
It’s easy to put off dealing with that slow leak under the sink, which may not seem like a serious issue in the moment. But delaying a fix wastes water and could lead to larger, more expensive problems later.
Beware of issues like dripping faucets, HVAC filters gathering dirt, loose roof tiles and gunky dishwasher filters. Consider creating a seasonal checklist for home maintenance, so you get those regular checks and fixes on a schedule. The cost of preventive maintenance is almost always less than an emergency repair.
Let There Be (More Efficient) Light
Old-style incandescent bulbs waste a lot of energy and heat. LED bulbs are more expensive up front, but they can save you up to 80% on lighting costs. Plus, they last longer.
You can also consider dimmers or motion sensors that turn the lights off in unused rooms.
For Water Heaters, 120 Is Plenty
Setting your water heater temperature too high can cost a lot of money. Plus, anything over 120 degrees can be dangerous, especially for young children.
The Heat Is on — but Should It Be?
Even minor adjustments based on your home’s usage can really add up financially. There’s really no point in keeping a room toasty or cool when no one is using it.
You can adjust your thermostat when you leave for the day, when you go to sleep at night and when you head out of town. Or consider installing a smart thermometer to do the job for you.
Dryer Beware: Don’t Overuse It
Using your dryer for every load can cost you hundreds of dollars a year, plus shorten the dryer’s life. It can also be hard on your clothes.
Consider using a drying rack or clothesline for at least some of your laundry.
Let Your Fridge and Freezer Breathe
Try to keep them two-thirds full, instead of jammed with food. Compressors in stuffed fridges and freezers have to work harder — and use more energy — to circulate cold air.
Keep the Heat or Cool Air Indoors
Poor insulation and leaky windows or doors make heating and cooling systems work harder and use more energy. Leaky ducts, worn-out thermostats and clogged up HVAC filters are also problematic.
Weatherstripping and caulking are your friends on this one. You should also check to make sure your insulation is adequate, along with other regular maintenance.
Avoid Wasting Food
Wasted food equals wasted money, to the tune of hundreds or even thousands of dollars a year for many Americans. A lot of this has to do with poor meal planning and over-purchasing.
To address this issue, try being more thoughtful when planning meals. You can also try shopping more frequently and buying in smaller quantities. Other steps include getting over any disdain you have for leftovers, storing food correctly and setting up a “use this first” area in the fridge.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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