This blog post may contain references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services.
You have been working so hard to save enough money to buy your dream home. Now that you have the money, you have checked the market and found one that you love. You get a mortgage and pay the downpayment.
This is a dream come true for you, so you move in as fast as you can. Well, congratulations, very few people have gone up to this point. A few months down the line, you are servicing your mortgage without any issues.
However, you realize that you are losing money on other bills. It even feels like you are spending more money in your own house than you used to in a rental house. Well, your home is leaking money! But how is this even possible?
1. Air Leaks
If you have bought an old home or one that does not have insulation, this could be where your money is going due to high energy usage. You can fix this issue by sealing your window and door frames using caulking and weather stripping.
Having air leaks in your home will add to your utility bills – it might be small, but you will see the change over time.
2. Poorly Maintained HVAC Systems
Have your energy bills risen in the recent past? Well, you might be having an issue with your heating and cooling systems. If your AC, for instance, is struggling to keep your house warm, it will consume more power than it is supposed to.
You should make sure you have an expert on your speed dial to address your urgent HVAC repair needs. If you are using an old system, you might have to replace it with a modern one that saves energy.
3. Water Leaks
Do you feel like you have had people in your house using your water apart from you and your family? You might not be dealing with intruders, but water leaks!
If you are not sure where you might be losing water, you can hire a plumber to check it for you. They can even fix the issue and help you stop feeling like your home is leaking money.
4. Poor Electronics Usage
Chances are you think that your electronics only use energy when you are running them. Would you believe that they also consume energy when you leave them plugged in even when they are off?
If you have old routers, printers, and TVs, make sure that you have left them unplugged when they are not in use. You can also turn the devices off if you cannot unplug them.
5. Poor Insulation on Walls, Windows, and Doors
Does your home have walls, windows, and doors that you think are poorly insulated? You might not be an expert, but if you think the insulation is poor, chances are that you are right. They might be the reason your home feels drafty.
If you do not take care of them, you will continue paying high energy bills. You can contact insulation experts to help you fix them.
6. Cooking Inefficiency
What kind of appliances and equipment do you have in your kitchen? If you are using old-model appliances, you need to be aware that they consume a lot of power. Instead, upgrade to modern equipment to save energy and make your home eco-friendly.
7. Hot Water Wastage
How often do you use hot water in your home? You might be feeling the heat of your home leaking money because you take too long when taking a shower and use hot water for your dishwasher and laundry.
If you want to save some money, reduce the amount of hot water you use at home.
8. Using Furnace Filters For Long
Your furnace filter should not be used for more than one month. If you keep using the same furnace filter, you will have poor-quality air in your house. In addition, it will struggle to do its work, meaning that it will be consuming more power than usual.
So, make sure that you have changed your furnace filters regularly to save some money.
9. Ignoring DIY Tasks
So, something small like your door knob has an issue after maybe using it for a long time. Should you call your handyman to fix it for you?
Some tasks in your home are not difficult to handle. You can easily fix some of them without having to pay someone to do the job for you. This can help you save money, something you need to achieve your financial goals.
10. Buying Instead of Renting Tools
As discussed above, you should be fixing some issues at home instead of hiring someone to do the job for you. Of course, you will need tools to do this, but should you buy the tools?
Some of these issues are one-time issues. You, therefore, do not need to spend money buying tools. Instead, hire them.
So, do you feel like your home is leaking money? If you fix the issues discussed in this article, you will save a lot in terms of money and resources.
Become an Insider
Editorial Disclaimer: The editorial content on this page is not provided by any of the companies mentioned and has not been endorsed by any of these entities. Opinions expressed here are author's alone
The content of this website is for informational purposes only and does not represent investment advice, or an offer or solicitation to buy or sell any security, investment, or product. Investors are encouraged to do their own due diligence, and, if necessary, consult professional advising before making any investment decisions. Investing involves a high degree of risk, and financial losses may occur.
