Here’s Your New Standard Tax Deduction for 2022

by Barbara Hadden

Young family in home Evgeny Atamanenko / Shutterstock.com

Buying a home can be one of the most fulfilling purchases you’ll ever make. It’s yours — your own little piece of the American Dream. You’ve made it!

Sure, sometimes it’s stressful. For example, you can no longer call the landlord when the toilet won’t stop running or the air conditioner is on the blink. That’s on you, buddy — you and your wallet. You could have years when everything operates on an even keel, but you might also face broken appliances, roof leaks and tree roots growing into the sewer line.

That’s why a savvy homeowner is always on the lookout for money hacks. Just a handful of simple tactics can put hundreds (or maybe thousands) of dollars back into your pocket each year, protect you against the unexpected, and let you grow your financial future.

The best part: Some of these smart money moves only take seconds, but can save tons!

1. Cancel your old homeowners insurance policy

Relax — we’re not telling you to go without insurance altogether. We just think that you might be able to do better, price-wise.

America’s most-loved insurance company, Lemonade, can get you a policy in 90 seconds and pay out a claim in as little as three minutes. With plans starting at $25 a month, the company could save up to 30% compared with traditional insurance providers. They’ll even cancel your old insurance and manage the escrow payments for you. It really is the easiest way to switch!

And if you’re interested in some warm fuzzies, try this on for size: The company’s Giveback program gives a portion of unused premiums to the charities its customers choose.

What are you waiting for? Find cheaper home insurance in 90 seconds.

2. Save hundreds on your mortgage every month

Maybe you got a great deal on your mortgage years ago, but have you checked the rates lately?

If you haven’t, you could be leaving hundreds of dollars on the table every month. And that’s crazy. Luckily, with a mortgage lender called Better you can get a new rate in five seconds, and get pre-approved in just three minutes.

Refinancing can put thousands back in your pocket. That’s extra money you can put toward retirement, a dream vacation or even home improvements. The possibilities are endless.

With rates this low, you’d be crazy not to at least check to see how much you can save by refinancing. Plus, with Better there are no commissions and no lender fees, and you can close up to 10 days faster than average. Better even offers 24/7 support to make sure everything goes smoothly.

Take a few seconds right now, get your free, personalized rate and see how much you can save.

3. Leave your family $1 million for $23 per month

What would happen to your household if (heaven forbid) you should die? Would your spouse/partner be able to make mortgage payments — and if not, where would they go? (Your spouse/partner should have life insurance, too, for the same reason.)

Add kids to the equation, and you’ve got a recipe for disaster: Not only will they lose their parent, they will also lose the stability that comes with staying in their own home and going to the same school.

Maybe you keep meaning to research insurance, but just haven’t gotten around to it. Understandable, since most of us don’t like to think about our own mortality. Instead of putting it off until tomorrow, let Ethos Life get you the coverage you need.

Ethos has an online application form that couldn’t be simpler; in fact, it generally takes only 10 minutes and most customers enjoy same-day coverage. You don’t even have to talk to an agent (unless you want to). You don’t need a medical exam, according to the company. And the best part? You can get $1 million dollars of coverage for as little as $23 per month!

Protect your family’s future in minutes: Get your free quote online.

4. Protect your most valuable asset

Owning a home is awesome. But when Murphy’s Law kicks in, it can also be terribly expensive, because there are lots of things that can, and sooner or later will, stop working.

Maybe the water heater gives way and turns your garage into a wading pool. Perhaps the home’s heating/cooling system breaks down. Or you wake up to a non-functioning fridge full of rapidly spoiling food. All sorts of things can go wrong with a home — and when the mortgage and other home-related expenses already have you feeling a bit cash-poor, you can find yourself slipping into debt to cover essential repairs.

Fortunately, with a home warranty from America's 1st Choice Home Club, you can cover your home’s components for as little as $390 a year. Coverage options vary, but a home warranty can protect plenty of problem areas: appliances, electrical, plumbing, heating and air conditioning systems and lots more.

Plus, their in-house service team is available 24/7 to help and ensure a hassle-free repair process if anything goes wrong. You can even choose your own technician, or they can send you one from their nationwide network if you don’t have someone in mind.

​All over America, homeowners are choosing AFC Home Club for the savings, service and peace of mind that they deliver.

Stop worrying about household breakdowns and get a quote in 30 seconds.

5. Invest in real estate with as little as $10

You invested in real estate when you bought your home. Maybe you think that’s all you can afford right now, or maybe ever. Not so! With an investing platform called Fundrise, you can invest in real estate for as little as $10.

In other words, for the price of a fast-food meal you can get in on the ground floor of real estate investing.

Growing your net worth is essential if you want to achieve financial security. Real estate investments can provide great returns and help diversify your savings.

And the returns? According to Fundrise, the average investor in their projects was up 26% over three years and more than 50% over five years.

You should never pin your hopes on past performance because it’s never a reliable indication of future results. Nonetheless, that’s a nice track record, one that takes almost no effort and comes without the ups and downs of the stock market.

See why more than 150,000 investors have invested more than $1 billion with Fundrise. Get started now.

6. Switch and save $700+ on car insurance

Your home isn’t the only thing that needs protection. Next to our houses, a vehicle is typically our biggest expense. According to Kelley Blue Book, average car prices are now $45,031.

Double that expense if you’re a two-car household. Ouch.

The point: Don’t ever skimp on car insurance. But don’t overpay, either! With Progressive, you can save an average of $700 every year while still getting the coverage you need. From customized auto insurance to superior claims service, Progressive will support you every step of the way.

Over 18 million people trust Progressive to insure what’s important to them, and they provide 24/7/365 customer service for all your questions and concerns.

Buckle up, switch and start saving today.

7. Let this company fix your credit

Being a homeowner can be good for your credit score. It adds to your credit mix and proves you can make on-time payments in full.

Even so, some homeowners could still use a little boost to their credit score. Or maybe a big boost, if you’ve made some missteps common to new homeowners, including:

  • Late bill payments, while you’re adjusting to your new cash flow situation
  • Unexpected expenses, such as car repairs or a flooded basement
  • The understandable (yet budget-busting) excitement of having a place of your own to furnish and decorate

These and other issues can result in major dings to your credit score. This can hurt you if you have to apply for an auto or personal loan, or if you want to refinance for a better mortgage rate.

No idea how to shore up your slumping score? Don’t worry: Credit Saint has your back.

Since 2004, Credit Saint has been helping people improve their scores. The company starts with a free consultation, during which a credit expert will review your credit report to determine which items to address.

If you decide to sign up, Credit Saint works with the credit bureaus to remove inaccurate information and other negative items from your report. The company then monitors subsequent credit reports for results, and updates you on your progress.

If you’re ready to get your free, no-obligation consultation, sign up now. You’ve got nothing to lose, and a better credit score to gain.

Bonus: Get smarter with your money in just five minutes

You get it. This is the time to sock away money, to save more, to get your finances in order.

But you also get that it’s not always easy. If there were just one easy thing you could do, every day, to move the needle, to get ahead of the game, you’d do it, right?

Well, here it is: Take five minutes every day and check out the totally free Money Talks Newsletter. More than a million Americans have, and they’ve reported saving an average of $991.20 each by checking our news and advice.

If you want the best tips and strategies to help you make more and spend less, delivered straight to your inbox, sign up for our free newsletter today.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

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