Homeownership is often referred to as “the American Dream.” Pretty easy to understand why: Your home is your place and no one else’s.
But homeownership can really mess with your cash flow. In addition to the mortgage payment, you’re looking at the costs of repairs and maintenance (including yard work), higher utilities than you may be used to paying and likely the need to furnish additional rooms. All that can leave a person fairly cash-poor — especially if you’re wasting money without even knowing it.
Fortunately, a few savvy (and simple!) tactics could save you thousands of dollars.
Here are some of the big ways you could be wasting money on your piece of the American Dream.
1. Losing $1,400 a year on auto insurance
Next to your home, your car is likely the most expensive item you’ll buy. According to Kelley Blue Book, the average cost of a new car in 2021 was just over $46,000 — and it’s likely you’ll need to buy five or six cars during your lifetime, if not more.
Auto insurance is mandated in most states; even in the two that don’t require it, you’d be foolish not to protect such an expensive possession. Good coverage is essential — but you don’t need to overpay for it. Switching your auto insurance to Progressive could save you up to $700 a year; since most households have two cars, this can mean saving an extra $1,400 every year.
Less money doesn’t mean less value. Progressive is known for great protection that’s tailored to your needs, and for its superior customer service. The company is also known for its hilarious TV commercials, but it’s the excellent coverage that keeps 18 million people coming back year after year.
Speaking of year after year: That $700 or $1,400 isn’t just a one-time thing. You’ll be saving that much every year. As a homeowner, you definitely have other places where that money can be used. Or put it toward long-term goals such as retirement or your kid’s education fund.
Protect your second-biggest investment and save big bucks — get your free quote today.
2. Flushing $8,256 down the drain every year
Mortgage rates are low right now. But here’s the thing: They won’t stay low. In fact, the Federal Reserve has hinted strongly at as many as four interest rate hikes in 2022.
Before that happens, ask yourself this: What could I do with an extra $8,256 a year, every year, until my mortgage is paid off?
That’s the sort of money you could save when you refinance with a mortgage lender called Better. On average, borrowers save $8,256 every …….