5 Things Homeowners Waste Money On Every Year

Owning a home in the Midwest comes with plenty of costs – from heating bills in winter to property taxes year-round. Some of these expenses are unavoidable, but plenty of money can slip through the cracks on avoidable extras and inefficiencies. By spotting common wasteful spending and addressing it, Illinois homeowners can save hundreds each year without giving up comfort or safety.

1. Unnecessary Extended Warranties and Service Plans

It’s tempting to pay extra for appliance protection plans, but these often don’t pay off. Most major appliances already come with a manufacturer’s warranty, and credit cards often extend that coverage at no extra charge. Appliances rarely break during the initial warranty period, and when they do, repairs usually cost only a few dollars more than the warranty would have. In practice, putting that money into a home-repair fund is usually smarter than buying a plan you’ll never use.

2. Overpaying on TV, Cable, and Streaming

Entertainment services can quietly drain your budget. The average cable subscriber pays about $147 per month but only watches around 15 of the roughly 190 channels they pay for. Over 90% of those channels go unwatched – that’s about $135 a month (nearly $1,600 a year) wasted on TV you don’t even watch. Streaming subscriptions add up too if you keep multiple overlapping plans. To save, cut the cable cord or switch to a leaner package, and cancel any streaming services you rarely use. In short, if you’re not watching it, why pay for it?

3. Unneeded Upgrades and High-End Features

New gadgets and home upgrades can be tempting, but flashy features often aren’t worth the extra cost. A top-of-the-line appliance might come with cool perks – but it could also cost thousands more. For example, an energy-efficient stove might cost $1,000 more than a standard model, taking a decade of utility savings to recoup that difference. If your current appliances or systems (furnace, water heater, refrigerator, etc.) still work fine, replacing them just for bells and whistles wastes money. Focus instead on improvements that add real comfort or efficiency, not just trendy gadgets you won’t fully use.

4. Wasting Energy and Water

Utility bills in Illinois can be high, but you have control over much of that spending. Leaving lights, appliances, or electronics on when not needed – often called “vampire” use – can add roughly 10–20% to your electric bill. Household leaks are another hidden drain: the EPA estimates the average home wastes nearly 10,000 gallons of water per year from drips and running fixtures, enough to tack hundreds of dollars onto your bill. The good news is that simple fixes pay off quickly. Switching to LED bulbs, installing weatherstripping around doors and windows, and fixing leaks promptly each trim your bills significantly. For example, sealing drafts and adding basic insulation can cut about 10–15% off heating and cooling costs. These small changes can save homeowners hundreds of dollars each year.

5. Skipping Routine Maintenance

Putting off regular home maintenance is a classic money trap. Small service tasks often cost only $100–$200, but ignoring them can lead to expensive disasters. For example, cleaning your gutters and checking your sump pump each year might only cost a couple of hundred dollars, but clogged gutters or a failed pump can flood your basement and cost thousands to repair. Similarly, a $100 annual furnace or A/C tune-up can prevent a breakdown that might otherwise cost $5,000 to fix. In many cases, handling these small jobs yourself (or hiring a local handyman) is much cheaper than emergency repairs. A little maintenance each year goes a long way in protecting your home – and your wallet.

Ready to Be a Smarter Homeowner?

Avoiding these money traps is just one part of owning wisely. Whether you’re looking to buy your first home, move up to more space, or simply want to understand where your money goes, having the right local expert makes all the difference.

If you’re thinking about buying a home — or just want honest, straightforward advice — call Jake Kilts. I’m always here to help you make smarter real estate decisions in and around Lisle.