Many of us are thinking of what we need to do this coming year to build up our savings. We want investments that deliver good returns.
But it turns out some household items are good investments as well, because they can pay for themselves.
So you like your morning latte. Unfortunately, at $4 a day, that's nearly $1,000 a year!
So CNBC says consider buying a home coffee maker: It'll pay for itself in two months.
CNBC says other items that pay for themselves are a home water filter. Compared to bottled water, it pays for itself in a month.
Consider buying a high efficiency shower head, which pays for itself in water savings in four months.
Then there's a programmable thermostat: Savings in just one month.
AA battery charger: Pays for itself in six months.
And solar outdoor lights: Pay for themselves in six six months.
But... doesn't that stink?
From the "doesn't that stink" file, gadgets that promise to save money at the gas pump.
Whether they break down gas molecules, swirl the fuel and air, or use magnets, the U.S. EPA says it has never found one that worked as promised. If it did, GM and Ford would install them in every new car.
So that $50 gizmo in your engine may never pay for itself! Doesn't that stink?
Initial cost can be higher
CNBC says don't be turned off by a higher initial cost of a few of these items. Many people wont buy rechargeable batteries because of their higher initial cost. But if you use a lot of batteries, you'll be glad you did, so you don't waste your money.
Don't Waste Your Money is a registered trademark of the EW Scripps Co.
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