8 Ways Homeowners Can Save $1000s Every Year
Wondering how to save extra money with minimal effort? Read on.
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.
2. Get a Home Warranty
A home is the most expensive purchase most people will make in their lives. In order to protect your investment — and potentially save thousands of dollars in the process — it’s important to get a home warranty. A home warranty differs from homeowner’s insurance in that it protects maintenance items and home repairs, such as when your dishwasher breaks.
American Home Shield is a way that you can cover some of those expenses without busting your budget, by having a plan in place for those inevitable breakdowns. American Home Shield has over 1.8 million members and have plans that can cover up to 23 home appliances and systems.
3. 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the average American family pays $2,000 a year for energy, but up to $400 of that could be wasted money due to outdated systems.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.
4. 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 BillFixers do the hard work of negotiating for you, with no risk or upfront payment to you. If BillFixers is able to lower your bill, they’ll split the savings with you. According to their estimates, 93% of people are overpaying, and they’ve saved over $5 million for people across the country.
5. 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.
6. 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.
7. 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 Insurify, 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 as much as $700 on your home insurance. Head over to Insurify now for fast, free quotes in as little as two minutes.
8. 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.*
Bonus Savings – Get Up to $800 in Value from this Credit Card Signup Bonus
Citi® Premier Card has long been a top-tier travel card, but its current 80,000-point signup bonus is the juiciest incentive that we’ve ever seen Citi give away. Although this deal should be just about impossible to resist for anyone planning a trip, the bonus delivers big stacks of spendable, no-strings cash that you’d be crazy to turn down even if you’re not going anywhere. In short, Premier was already a great card before Citi sweetened the pot with a best-ever $800 bonus. It’s hard to imagine that you’ll find a card offering more for less right now than Citi Premier.
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.
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.
This content is not provided by Citibank and the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Citibank and the companies mentioned.