Preparing for 3 Underrated but Expensive Money Wasters

Preparing for 3 Underrated but Expensive Money Wasters

No matter how big your savings account is, there are a number of “small” money-wasters around the home, with your car, or even just with the kids that could take a massive portion of your savings to fix. If you’re not ready, all those months and months of savings could be gone in a moment!

However, these accidents can be avoided if you prepare for the worst before it happens. Let’s talk some 5 underrated but potentially expensive accidents that could potentially take a huge chunk out of your savings.

1. Flat Car Tires

This one’s huge. Car tires are something that you don’t normally check. How often do you really look at the inflation of your back tires? If your car tires are flat, you might be spending a fortune on gas without even knowing it.

Here’s where the money-draining comes in. If your tires are flat, even a little, your gas mileage goes way down. Imagine riding a bicycle – you go much faster when your tires are pumped, but what about when they’re flat? Seems like you’re working twice as hard to pedal to go the same distance! The same is true about your car. Pump those tires! (Tip: gas stations have air pumps for this, usually for free).

2. Leaky Bathtub

Another huge expense that doesn’t seem that important: leaky bathtubs. “Why,” you ask? A little water never hurt nobody, right? Well, it might not hurt you, but your wallet is going to take a major beating, soon.

The first part is going to show up on your water bill. A leaky faucet isn’t going to break your bank, but it can still add up to upwards of $40 extra on your water bill. The second of this one-two punch is the cost of installation and repair. Average costs might be anywhere from $200 to $1000 to fix plumbing, leakage, porcelain crack, and any number of other fixture repairs. Unfortunately, if you already have a leaky tub, there’s probably going to be some cost to fixing it. However, once you complete it, you’ll stop paying more for water (and you’ll be conserving water, too!)

3. Too Much Car Insurance Coverage

A huge problem car buyers have to deal with is knowing which car insurance package to choose. This is especially common with new car buyers – “I don’t want any chance of my shiny new ride costing me a fortune if someone dings it!” they might say. “Better get the full coverage.”

What they don’t realize is how much they’re really paying, covering their cars for situations that really aren’t worth the money. You really don’t need the super-deluxe-executive package that protects your car from collateral damage from the military base across town or insured for possible window spots from the car wash. Talk to an independent insurance company for the most niche, custom car insurance package for you that doesn’t charge an extra $100 a month for dirt stain removal.

Don’t be caught off guard with your money. Know where your money is going, and soon enough you’ll have enough for a nice vacation instead of paying extra on your water bill, your car, and insurance.