Are You Losing Money at Home with These Three Common Mistakes?

My hubby and I have recently begun doing what we call “Financial Meetings”. We sit down on Sunday evenings and go through the projected expenses for the week ahead, and any extra monies or projects we want to focus in on. (We also talk about the schedule for the upcoming week, but that’s kind of just reminders. Making sure we’re on the same page about our finances is the main goal.)

I think most people want to communicate well about money. Frequently, even the media and society places a focus on active ways of earning, saving, and building wealth. Clipping coupons, investing, and making money through a part-time job are the hottest topics of money discussions. Although you might use these tips to earn and save money for your family, did you ever think that YOUR HOME could be causing you to lose money?

Ready to uncover hidden cash by following a few simple tips? Then take a look at three of the most common mistakes that cause you to lose money at home:

Not turning off or unplugging lights/appliances/electronics that are not in use

Surprised hipster with bulb in studio. looking at bulb. close up portrait. isolated black background

While you may have the best intentions when it comes to turning off lights, electronics, or appliances that are not in use, it is incredibly easy to forget. However, forgetting to turn off lights and other things that consume electricity is costly. For example, if you leave just 10 light bulbs on for one extra, unneeded hour per day, you are losing between $5-$24 per year. While this may not seem like a lot of money, this yearly figure can multiply quickly when you consistently leave your lights on for many unnecessary hours. Additionally, using energy-saving features and sleep mode with your computer can save you up to $50 yearly, and controlling your air conditioning with a programmable thermostat can save up to $180 yearly.

Paying too much on your mortgage

Looking forward to the day that you can replace your mortgage with areliable reverse mortgage? If you are looking to pay off your mortgage as soon as possible, it makes sense to look at the different mortgage options for reducing your interest rate. Refinancing your home (if you have good credit) is a great strategy to pay less for your home. Even a small change in your interest rate could mean thousands of dollars in savings for you and your family. Or breaking down the payments across the month, instead of paying in one fell swoop!

Forgetting to perform regular home maintenance

Performing regular home maintenance is the key to preventing home repair emergencies (which translates into lost money) in the future. While you won’t be able to prevent every home repair emergency, you can follow a routine schedule of maintenance to avoid costly repairs. Be sure that you are repairing any minor damage (e.g. leaks, missing roof shingles), service your central air and heating, and replace the various filters in your home.

Stop losing money that you could be saving

Even though life can get unbelievably busy at times, it pays (literally!) to take steps to avoid wasting money around your home. While it may take some time and effort, the small steps that you take have the power to make a big impact on your finances.

How does YOUR family communicate about finances?

Due to the amount of comments from all of my wonderful readers, it is not always possible for me to respond to each one. However, I absolutely do read them all, and if you’d like to address something specific, or have a question for me, please don’t hesitate to email me at Kristen@theroadtodomestication.com. I will respond to your email as soon as possible! Thank you for visiting the blog!

One thought on “Are You Losing Money at Home with These Three Common Mistakes?

  1. I DO unplug things!!!! I remember reading that a long while ago and it’s so easy to just unplug, so why not!! :) Not sure if I have seen much of a benefit in terms of our bills but…. Psychologically I feel good about it – lol!

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