Buying a home is a huge achievement, but it can leave many first-time homeowners financially scrambling. For first-time homeowners, this can unfortunately lead to more financial strife than they’re prepared for. Fortunately, there are plenty of ways for first-time homeowners to save money. Here are just a few money-saving tips for first-time homeowners to consider.
Reduce Your Heating Expenses
The first step in saving on your heating bill is installing a good thermostat so you can monitor the temperature. Once you have that, check the insulation in your attic. You can lose a lot of heat from your attic and roof, so it’s important to check on the status of your insulation and improve it, if necessary. The areas around windows and doors are also particularly venerable to heat leaks and weather damage, so it’s important to make sure there aren’t any air leaks around them. Another tip is to install ceiling fans in every room. They will help air circulate better making it easier to keep your entire home at a consistent temperature. If all else fails, don’t be afraid to simply reduce the temperature on your thermostat. If you can put on a few more layers and turn the heat down a few degrees, you’ll likely see smaller bills coming through.
Limit Electricity Use
The first and best way to save on electricity to purchase newer energy-efficient appliances. However, this isn’t the only way to save. The dryer can use a lot of power so an outdoor or indoor clothesline or rack for air drying clothes can be a huge money saver. LED and CFL light bulbs are another easy change you can make to save on electricity usage. They may be a bit of an investment up front, but they’re longer-lasting, more efficient, and often brighter than typical light bulbs. They can be especially effective in high traffic areas like living rooms, kitchens, bathrooms, porches, and garages. If you use a lot of electronics you can save by turning off power strips that computers, consoles, and TVs are plugged into. Smart strips can also be a great investment. They turn off powers to all devices when one in particular, like a TV or desktop tower, is turned off.
Conserve Water When Possible
Reducing your water expenses is one of the most challenging tasks that comes with being a new homeowner because it’s tough to judge how much you’re using at a given time. Fortunately, there are a few easy ways you can conserve water. Start by making small changes like shortening your showers and turning off the faucet while you’re brushing your teeth and not rinsing your toothbrush. You can purchase water-saving faucets, showerheads, toilets, and dishwashers to help you, as well. Keeping drinking water in the fridge can save you from running water at the tap to cool it. Using your washer and dishwasher to only wash full loads can be a huge water saver as well. And finally, make sure you’re investing in regular plumbing maintenance to ensure there aren’t any leaks or cracks in your pipes.
Explore Other Ways to Save
Other ways to save money include cutting down on subscriptions. Even small payments can add up and leave you struggling to keep up with all your bills. Meal planning and sticking to a grocery list can help you save on your grocery bills. You can also save lots of money by dumping your home phone. However, if you really need it, a VoIP system can save you up to 50% on your bill. Cutting cable and switching to a streaming service like Roku or Hulu can also help you save. There are lots of internet services you can use to check for lower home, life, and car insurance rates, too.
As of January 2019, American households owed a total of $9.12 trillion in mortgage debt. With all that to pay off, it’s no wonder that homeowners are always looking to save. Follow these tips and you’ll be paying your debts off in no time!
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Don’t forget to try and monetize your new asset! Don’t fill up the garage with junk, rent it by the month to someone for dead storage, like a classic car, and apply the rent to prepay the mortgage. Rent out an extra room for a second income stream and prepay your mortgage. Run an occasional yard sale to sell unwanted stuff and raise cash. Operate a small business from home: Pick up stuff at yard and house sales and sell it on Craigslist and Facebook marketplace with porch pick ups. If you’ve got a yard plant a garden. Even a few tomato plants will help with the grocery bill and provide healthy food. Make your new house a financial asset instead of a liability.