If you’re trying to get your budget under control and cannot seem to figure out where your money is going, there are five things around your home that may be costing you money. Let’s get into them!
1. Old Windows and Doors
If your home has old windows and doors, it is very possible they cost you money. It is estimated by the Department of Energy, that about 30% of heating and cooling losses are because of old windows and doors. Old windows and doors can cause your energy bill to skyrocket.
The problem is an easy fix. You can have replacement windows and doors installed. You can also go around your home and caulk windows and doors that have noticeable gaps. Adding weather stripping, and taking other steps can help to reduce the losses and ultimately save you money.
2. Leaky Faucet
According to USGS, a leaky faucet can cost you about $10 a month in water costs. You are wasting up to 29 gallons of water each month and over 3000 gallons of water per year with just one leaky faucet that drips. There are 480,600 plumbers in the United States, according to Comfy Living, that can easily repair or replace the faucet. A leaky faucet is throwing money down the drain, get it repaired and start saving.
3. Energy Vampires
Most homes are using more energy than ever. Energy use puts strain on the grid. The Department of Energy reports that outages (largely related to severe weather) have increased by 70% since 2000, but storms are not the only thing that is knocking out power more frequently. We are using more power than ever for our largely digital lifestyles.
The cost of energy is skyrocketing. In your home, you likely have quite a few energy vampires right now that are siphoning money right out of your pocket. In most homes, you will find charges plugged in without devices attached. Appliances plugged in and on standby mode. You may think like most Americans, if you are not using the appliance or the charger, then you are not burning electricity. Anything that you have plugged in is drawing energy. Does it draw a lot of energy? No, but there is a cost for any amount of energy that is being drawn. Just unplug what you are not using to keep energy costs down.
4. Roof
According to the American Roofing Association, about 75% of the homes in America are outfitted with asphalt shingles on the roof. Asphalt shingles are the most popular type of roofing material because it is the least expensive. It also has a life expectancy of between 15-30 years. If your roof is nearing the end of its life span it may cost you money. Your roof plays a critical role in the energy efficiency of your home. If it is old, worn, and outdated it is costing you money.
5. Water Heater
Water heaters are built to last between 10-15 years. They suck up a lot of energy, and when they are close to the end-of-life stage, they can cost you even more to run. Maintenance and care can help to extend the life of your water heater and ensure you are getting the best energy efficiency. Most people do not think about their water heater until something goes wrong. Giving it a little TLC annually can help to ensure that nothing unexpected pops up and your water heater is not “draining” your budget.
There are a lot of things in your home that may be costing you money that you are not aware of. Doing a quick audit of the five things mentioned here can help you to start saving on costs and putting money back into your budget where it belongs.