7 Ways Homeowners Can Save $1000s Every Year

Wondering how to save extra money with minimal effort? Read on.

by: John Csiszar |  Updated on April 19, 2022
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Homeownership may be the American dream, but it can also be expensive. Between all the normal expenses, like mortgage payments and property tax, there are lots of other not-as-obvious costs to homeownership that can catch some by surprise. In order to keep homeownership affordable, it pays to trim costs where you can. Here are eight ways that you may be able to save thousands of dollars annually on various household expenses.

Here is a list of our favorite ways to earn cash – scroll through and find the ones that are best for you.

1. Refinance Your Mortgage

Mortgage rates are close to the lowest they have ever been, and many Americans have taken advantage of these low rates to refinance their existing mortgages. While no one can predict interest rate movements with certainty, the Federal Reserve Board itself has said that it’s likely to begin raising rates no later than 2023. If that’s indeed the case, you may want to move sooner rather than later if you haven’t yet refinanced your mortgage.

LendGo is an easy-to-use, online refinancing platform that offers access to a robust network of lenders with nationwide coverage. Get a quote in two minutes to see multiple lenders that will likely approve your loan and might offer you a super low rate.

Don’t Wait, Refinance & Save Before Rates Rise

2. Lower Energy Bills With a Smart Home

Older homes may have charm, but they’re often poorly insulated. Especially if you live in an area with temperature extremes, your heating and cooling bills might be hundreds or even thousands of dollars more than they should be.

According to Energy.gov, the average American family pays $2,000 a year for energy, but up to $400 of that could be wasted money due to outdated systems.

Upgrading your home with smart technology could be a good way to make your home more energy-efficient and drop your power bill, like with a WiFi-enabled smart thermostat you can control from your phone. These smart thermostats from ecobee can save 26% on annual energy costs.

Shop Smart Thermostats and Start Saving

3. Negotiate Lower Rates for Monthly Bills

Most homeowners receive and pay their monthly bills without giving them a second thought, except perhaps to moan about how high they are. But astute homeowners know that they can often negotiate their rates for everything from cable and internet to phone bills. Before you get lost navigating the phone tree of your provider, let BillCutterz do the hard work of negotiating for you, with no risk or upfront payment to you. If BillCutterz is able to lower your bill, they’ll split the savings with you. On average, BillCutterz saves their residential customers 25-35% on their monthly bills.

Upload Your Bills and See How Much You Can Save Today

4. Get Out of Debt in Double Time

Being a homeowner can unfortunately come with unexpected expenses. If you’ve incurred credit card debt and are struggling to keep up, an app called Tally can help you get out of debt up to two times faster by consolidating your debt in one place if you qualify for a low-interest line of credit.1 Instead of paying various high interest rates across all your cards, you’ll have one monthly bill with Tally, which could save you up to several hundred dollars per month.2 Here’s how it works: Download the app and scan your credit cards. Tally will do a soft credit check, which won’t affect your score, and if you’re eligible, offer a low-interest line of credit customized to find the best savings for you. Once you accept, Tally will pay off all your credit cards. Then, all you have to do is pay back Tally– no more tracking different due dates, APRs and balances.

Download the App and Start Scanning Those Cards

5. Use Your Credit for Better Rates

If you’ve got great credit, use it to your advantage. Customers with higher credit scores can typically score lower rates on everything from mortgages to insurance policies, which can add up to savings of thousands of dollars over the course of the year.

GOFreeCredit is a simple way to check your credit score that can help you keep tabs on your credit score fluctuations as well see ways to improve it.

Check your score in 90 seconds so you can leverage it for better mortgage or refinance rates, auto loans, or personal loans.

Get Your Credit Score Now

6. Shop Your Insurance

When you’re a homeowner, you’ll need to take out a variety of insurance policies. One of the best ways to save money on various insurance policies is to shop them annually.

With The Zebra, you can save time by getting 10 or more quotes at once from top-ranked and regional insurers that are competing for your business, offering a chance to save money on your policy. Since bundling multiple policies typically saves even more, be sure to get your auto insurance quoted simultaneously to maximize your savings. See if you could save hundreds annually on your home insurance. Head over to The Zebra now for fast, free quotes in as little as two minutes.

Find the Best Coverage at the Lowest Rate

7. Earn Up to 6% on Purchases at Over 250 Brands

Just moved in? In the middle of a major remodel? A typical homeowner journey involves many trips to the hardware store, the furniture store and getting pizza delivered when you’re too tired to cook (or have no functioning kitchen). You might already be getting cash back from your credit or debit card, but using the Slide app to pay could stack an additional 6% cash back on every purchase at over 250 participating brands and merchants, including Lowe’s, Bed Bath & Beyond and Domino’s. How it works: Download the app and add a payment method (you can use a credit or debit card, Apple Pay, Google Pay, PayPal or BitPay). Once you’re ready to shop online or in-store, search for the store where you’re shopping and enter the total checkout amount. Select your payment method and Slide to pay. You’ll instantly receive 4% cash back in your account as well as a digital gift card to the store that you can either enter online or have the cashier scan at checkout. To get an extra 1% cash back and save time, preload funds to your account with a credit card, Apple Pay, Google Pay or PayPal. Get an extra 2% cash back if you preload funds with a debit card or BitPay. You can then use these funds to shop at any of the over 250 brands. New users can receive an up to $20 bonus after signup.*

Download the app to start seeing the cash back pile up

Do you have savings tips for fellow homeowners, or were you able to save money with these services? Email us at Money@GOBankingRates.com and share your story. We may even choose to highlight it in a future article. Andrew Lisa contributed to the reporting of this article.

1To get the benefits of Tally, you need to qualify for and accept a Tally line of credit. Depending on your credit history, your APR (which is the same as your interest rate) will be between 7.9% and 19.9% per year. Like credit card APRs, your Tally APR varies with the market based on the Prime Rate. (Information accurate as of January 2019.)

2To estimate your savings, we made a few assumptions. First, we assumed there are no new changes on your cards. We also assumed that you’ll reinvest your monthly Tally interest savings to pay down your balances faster and that you’ll stay a Tally member until your balances are paid off. We can now estimate your personal savings and time to be debt-free by comparing your actual card data to a sample of 1,756 similar accounts.

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