Many people call homeownership “the American Dream.” It makes sense, ‘your home is yours and nobody else’s.’
However, homeownership can wreak havoc on your cash flow.
You’ll have to pay for repairs, maintenance, higher utilities than you’re used to, and more likely furnish new rooms in addition to the mortgage payment.
A person can be left fairly cash-poor because of all that, especially if they’re wasteful with their money.
You may be able to save thousands of dollars by using a few savvy (and easy!) tactics though.
The American Dream can leave you wasting a great deal of cash in these big ways.
1. An Annual Insurance Loss Of $1,400
You will probably spend the most money on a car after buying a home.
Kelley Blue Book estimates that a new car will cost you almost $46,000 on average in 2021, and it’s likely that you will need to buy five or six vehicles throughout your lifetime.
Almost all states require auto insurance; even in the two that do not, it would be foolish not to protect such an expensive investment.
You do not have to overpay for good coverage.
When you switch from your current auto insurance to Progressive, you’ll save an average of $700 a year; if you have two cars.
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Value isn’t diminished by less money.
Progressive is known for tailor-made protection and for outstanding customer service.
Besides its memorable TV commercials, 18 million people rely on the excellent coverage the company offers.
It’s not just a one-time thing to spend $700 or $1,400.
You’ll save that amount year after year. If you are a homeowner, you can definitely use those funds in other ways.
You may also put this money toward long-term goals like your retirement or your kids’ education.
Make sure your large investment is protected and save money – get your free quote today.
2. Throwing Away $8,256 Every Year
There are low mortgage rates at the moment.
However, they won’t last long.
The Federal Reserve has strongly hinted that it may raise interest rates four times in 2022.
You may want to consider this before you pay off your mortgage: What can I do with an extra $8,256 a year, every year until it’s paid off?
You can save money like that by refinancing with Better.
Refinancing saves borrowers an average of $8,256 each year, according to the site.
With that kind of extra money, you can go on family vacations, pay higher college tuition, and save for retirement.
Rates are so low right now, it wouldn’t be wise not to check if refinancing would save you money.
You can get a quote in five seconds. You can then get pre-approved in a matter of minutes.
Online applications are 100% accepted.
Better provides a transparent mortgage process through a direct lender.
No fees are charged for loans and loan officers are not paid commissions.
Due to this, loan officers concentrate their efforts on the loan amount that’s right for you rather than the loan that brings them big money and big fees.
You could save $8,256 every year by taking a few minutes. In your best interest, get started now.
3. Spending All Your Savings On Home Repairs
Millions of people dream of having a home of their own.
It’s not enough simply to have a house.
You need to take care of this important asset as well.
In the event that the fridge stops working or the heating/cooling system malfunctions, it is your responsibility, not a landlord’s.
These repairs can be very expensive.
Homeowners are recommended to budget 4% of the purchase price for home repairs and maintenance every year, according to Realtor.com.
Home sales in the third quarter of 2021 averaged $453,300 in the U.S.
Therefore, owners could be spending as much as $18,000 a year to maintain their investment.
Or they could purchase a home warranty for as little as $390 through America’s 1st Choice Home Club.
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Certainly, you’d still be responsible for mowing the lawn and painting the trim.
However, a home warranty can provide coverage for major items such as plumbing, appliances, heating/cooling, and the electric system.
When something breaks, you call AFC (or use the website) and AFC sends a technician to fix it; you may also choose your own.
The technician repairs or replaces the item after the claim is approved.
AFC provides 24/7 service so you don’t have to wait until the next business day.
You may be able to save thousands of dollars with a home warranty. Start by getting a free quote in 30 seconds.
4. Paying For Ripoffs Using Credit Cards
Credit card balances aren’t always a sign of careless spending, as popular belief suggests.
Due to sickness/injury, unemployment, or divorce, many people find themselves in debt up to their hairline.
If you were hit by a car, or if you were blindsided by divorce papers (and emptied your account before you left the house), your credit card company probably doesn’t care that the pandemic destroyed your small business.
Your credit card issuer will continue to charge you high-interest rates no matter how riotous your lifestyle was or how bad your luck was.
There’s no disputing that you owe them money, but why pay a brutally high-interest rate until you can repay it?
Rather, take out a personal loan with AmOne and let the debt go.
Consumers have been matched with major online lenders for loans of $1,000 or more for more than 20 years through AmOne.
You can receive offers from the company’s lending partners in less than two minutes by filling out the form.
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You can receive a loan in three days (or even sooner) after completing the application.
In that case, the extra interest you paid on your loan can be applied to the principal.
What if your consumer debt was the result of bad (or simply uninformed) choices? You can still get help by obtaining a personal loan to pay it back.
You shouldn’t let a credit card company rip you off with ruinous rates. Give yourself two minutes – right now – and check your rate online.
