10 Kitchen Appliances That Are Stealthily Draining Your Bank Account

Energy-efficient appliances make it easy to cut down on utility bills. They use less power, which can save your family lots of money in the long term.

Unfortunately, older appliances don’t follow the same standards. And while some were not designed with savings in mind while others are old or malfunctioning, they all have one thing in common: They can drain your wallet behind the scenes.

Here are 10 appliances that could benefit from an upgrade to keep your costs in check and lower your financial stress.

Older fridges were designed to last; if you have one built before 1980, you probably know what we mean. While the longevity of these appliances is impressive, they are not likely to help you keep more cash in your wallet.

Old refrigerators usually have components like cooling systems and compressors that require much more power than new appliances designed with energy efficiency in mind.

As their components age, they force the fridge to use more energy. For example, replacing a pre-1980 refrigerator could save you $1,242 over five years, or $327.55 per year.

Dishwashers are super handy, especially if you have a large family or entertain large groups often. However, older models don’t have energy-saving features like smart cycle options or efficient water heating.

Old dishwashers are also less than efficient in water consumption, so they require more power to heat the water and wash dishes properly. All this translates to higher power bills, especially if you wash multiple loads every day.

Unlike fridges and dishwashers, older microwaves don’t drain your wallet only when you use them. They waste power when they’re plugged in and on standby, which is why they’re often known as “energy vampires.”

Even if you don’t use your microwave for days, it can still consume electricity to power its display clock and other internal components. This drain doesn’t translate to much money outright — microwaves cost between $0.67 and $6.28 per year when in standby mode — but it makes a difference the more kitchen appliances you use regularly.

Electric ovens may be worse than fridges when it comes to energy consumption. Their energy appetite only grows if they’re old and lack energy-efficient insulation and components. Usually, this happens because they lose more heat as you cook, which forces the appliance to use more power.

Uneven heating caused by normal aging can also cause longer heating times, wasting even more power. Electric ovens can cost anywhere between $7 and $24 per month when you use them for as little as one hour each day.

Similar to refrigerators, old chest freezers are built to last. Unfortunately, they’re also energy hogs, especially since they need to maintain a lower temperature than fridges.

Unless you’re ready to buy a new chest freezer, you can minimize your losses by regularly defrosting your appliance. You can also check if the door seals are intact to keep the temperature as low as needed.

If you have a high-end coffee maker, you probably enjoy its beautiful display. It probably also has a keep-warm function to help you enjoy your coffee without brewing it fresh every few hours.

These are the “ghost energy” features that coffee makers share with microwave ovens. Just like the latter, they don’t add a hefty cost to your energy bill monthly — but the costs do add up over time.

Most kettles are energy-efficient. Their design ensures that you waste less time and money than boiling water on an electric range.

One way kettles become inefficient is if you routinely overfill them. When you boil more water than you need, your appliance uses more power to heat the water.

Likewise, allowing limescale to form and build up on your kettle’s heating element can make it use more energy. Descale your kettle as often as needed, especially if you have hard water where you live.

Air fryers are touted as energy-efficient and can cook food quicker than regular electric ovens. Still, that changes if you overload the appliance’s basket.

Besides resulting in soggier food, overloading the basket leads to longer cooking times, which wastes power and hits your wallet. Air fryers also consume electricity when in standby mode, so make sure you unplug your fryer between uses.

Toasters aren’t the biggest energy consumers on this list. However, if you have an old toaster that leaves your bread soggy — or conversely, routinely burns it to a crisp — you should consider upgrading to an energy-efficient toaster.

The best toaster is the one that best fits your needs. If you only want a couple of toast slices in the morning, don’t buy a four-slot toaster, or get one that lets you turn on only two slots at a time.

Deep fryers have been much maligned, especially since air fryers have exploded in popularity in recent years. Although they’re commonly used in commercial kitchens, they can also come in handy in your home kitchen.

The secret is to pick a deep fryer that’s ENERGY STAR certified, making it 30-35% more efficient than older models. Alongside energy efficiency, these deep fryers also provide shorter cook times and save on food costs by extending the number of times you can reuse the oil.

Knowing the main kitchen culprits for draining your bank account is a good first step to recovering from financial worries. You should first tackle the biggest energy wasters, like your fridge or electric oven. Don’t forget the small things either, like unplugging your microwave and coffee maker when you’re not using them.

However, if you want a clean break but aren’t sure where to start, balance transfer credit cards are ideal for buying new, energy-efficient appliances. Alternatively, you can use these best credit cards with a 0% intro APR to finance your new appliance purchase, especially if you want to update your entire kitchen at once.