When moving into a new home, it is hard not to overspend. After all, it is a new beginning, why not have new items. Some of these “must haves” when buying are more cost effective than others. Here are a few that you probably wasted your money on, if you bought them.
Washer/dryer combo and other flashy appliances – They come in all sorts of colors and front load. Isn’t that what every laundry room needs? These amazingly pretty machines have a much higher price than the normal, white, everyday washer and dryer. And in some cases, they didn’t last as long either! Keep in mind, the newer isn’t always the best. When it comes to energy efficient models, it may take you 10 years of energy savings to finally offset the cost. And those new cool appliances with all the built in features, well, keep in mind those features include a hefty sales price. Do you really need an oven that talks? Or a fridge that can be a TV?!
Calling a contractor for little jobs – If you have a small leak, or small cracks in your plaster (any small job for that matter), don’t hire a professional to fix it. In many cases you can do it yourself. If you aren’t sure how, youtube works wonders. You can save upward of $100 per one visit by doing it yourself. And if you do need a repairman, shop around locally, many times local retail appliance stores have repairman that are cheaper than the larger contractors.
Extended Warranties – In many cases, your purchase will be covered under the manufacture’s warranty for at least 90 days. Plus, if it buy via a credit card, it will more than likely be double the standard warranty. If that isn’t enough, consumer reports have found that most items won’t break within that service contract period (go figure huh). And if it did break, most times, it would just just as much to repair as it did the extended warranty anyway.
Cheap light bulbs – Sure the cheaper incandescent bulbs are cheaper on your day to day budget but they aren’t good on your energy bill! As they burn out, consider replacing them with LED bulbs. By replacing them as they die out, you will not have to lay out as much at one time for the new bulbs. And believe it or not, a typical LED bulb’s savings can total the cost of the bulb in just over a year. What else is great? Those LED bulbs can last at least 10 years! Which means, a lot less bulb buying and 10 years of lower energy costs.
Commercial cleaning supplies – To save on the supplies, you may be buying off-brand/store-brand. You will still be wasting your money with those. Vinegar can clean a whole lot of things, and a lot cheaper in price. Baking soda and peroxide are also cheaper and work amazingly well. You can always check pinterest for some great money saving tips for cleaning supplies!
Storage Units – Basically, if it doesn’t fit in your home, is it worth keeping?! If you are using a storage unit just because items don’t fit in your home, consider purging what you have. If you love it and can’t part with it, find a place in your home. Check out how to utilize your home for additional storage, or downsize the items that you don’t use in the home. By doing this, you can save upward of $50 a month.
Private Mortgage Insurance – If you bought your home with less than 20% down, you probably are paying private mortgage insurance (PMI). What people don’t realize is that once the loan-to-value ratio drops to 80% you do not have to pay the PMI anymore but the lender doesn’t have to drop it until it drops to 78%. So you may definitely want to talk to your lender about this, you can save upward of $600 a year!