Like many young professionals that are trying to get a better hold of their finances, homeowners especially need to pay attention to what it often their biggest asset (and liability). A home is where a lot of your expenses often go, so the better that you can approach this and the stronger your sense of what you need to do here, the better the control you will have over your finances. In fact, most people find that their homes are actually slowly leaking out money, and it can take a while to determine the actual cause. In this post, we are going to take a look at some of the most common offenders here, and what you can do about them.

Heat Loss

One of the major ways in which many homes leak money is through the heat being lost through the walls and roof. You’ll notice this in the winter months when you get a heating or natural gas bill that is much larger than expected. Heat loss often occurs due to poorly sealed windows and doors, and also with a lack of insulation in the walls and roof area. If you are not sure about how well insulated your home is, it might be time to check, and you might actually be surprised at how much work this is going to require. When there is too much heat loss in these parts of the home, it means that you are going to end up paying considerably more for your heating bill, so it’s something that you really do need to be on top of as best as you can. Seek out better insulation and see if that helps.

Faulty or Aging Appliances

You might think it would be obvious if you had faulty appliances, but the truth is you can very often have items that have something wrong with them without really knowing it. They might not be obviously broken, and yet they could be faulty enough that they are costing you a lot over time. That’s why it is best to get your appliances checked out regularly by a professional. Calling out the 24 hour AC repair people, as well as getting someone to come and check your washing machine and dryer, is always going to be a good idea, as these repairs can save you a lot of money in the long run. It’s also important to think about aging appliances. Older models might not be as energy efficient so when it comes time to replace them, consider doing so with a newer, energy efficient model. Often times your power provider might even have a rebate or promotion special if you upgrade!

Water Consumption

Do you generally pay close attention to how much water you are using on a daily basis? If you are not entirely sure about this, it might be worth taking a look – especially if you have had that experience of suddenly finding yourself with a hefty water bill to pay. When it comes to keeping your water consumption as low as possible, you can do that through some simple changes – such as putting a limit on your shower time, taking care not to overwater your plants, and installing a dual-flush toilet. Definitely keep an eye out for leaks – and address them quickly!

Paying too much for electricity

Sometimes it is not so much that you are overusing energy, but rather that you are just paying more than is strictly necessary. This can happen over time as energy companies gradually raise your prices, until you find you are paying a lot more. It’s always worth checking around each year to ensure that you are still on the best rate. If you are not, you shouldn’t think twice about switching where possible!

Disclosure: Some links are affiliate links that earn me a commission.