When you’re looking to buy a home, you’re hyper focused on your money. You’re trying to save every last penny to reach your down payment and closing costs. So before you get a part time job, take a look at these 4 unexpected money leaks. They could be costing you hundreds of dollars a month.
4 Unexpected Money Leaks
It’s common for folks who are frequently out and about to go out for meals, multiple times a week. And for those who prefer to cook meals at home, it’s easy to over buy groceries. While you probably allocate a big portion of your income to this category, there is probably a large amount of waste as well. I’m talking hundreds of dollars a month. It’s not enough to grocery shop, but to really spend your money efficiently it’s important to meal prep. Now, I’m not talking about pre-cooking all of your meals for the week on Sunday (although this works too!), but strategically buying ingredients just for your meals. This allows you really think about the ingredients you need for those meals, and not to buy a random assortment of foods for the week. At the end of the week it may not look like you have much food in your fridge, but that means you’re not wasting much at all!
Those pesky fees can occur without you even knowing and can be one of the most common unexpected money leaks. The key to eliminating bank fees is to keep an eye on your checking account daily to weekly. This way if you are close to over drawing, you can put more money in your account right away, or second think your purchase. Is it really worth a $35 over draft fee? If you’re paying a monthly fee simply to access your funds or for services you feel should be included, it may be time to re-evaluate where you bank.
If your heat is blasting 24 hours a day in the winter, and no one is home during the days, you are wasting a ton of money and energy. Strategically think about when you leave and come home and set your thermostat accordingly. Additionally, while it’s great to be toasty at 72 degrees all day, merely changing your thermostat to 68 can save you money as well. Finally, it’s important to be aware of turning off lights when you leave your house. A porch light is one thing, but keeping your entire home lit up while you go on a weekend vacation can spike your energy bill.
A lot of us don’t even know what all we are subscribed to anymore. With all the music streaming stations, Netflix and HBO services, monthly gift boxes that arrive to your home, etc. we are spending a lot of our income on nice to haves. So, go through your subscriptions with a fine tooth comb and see what services you really use. Just by eliminating one or two subscriptions, you are able to save $15-30 a month, depending on the service.
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