Homeownership is expensive, but there are many opportunities for you to save if you know where to look. Here are seven ways to lower the general expenses that come with being a homeowner.
1. Buy Energy-Efficient Appliances and Light Bulbs
LED light bulbs and Energy Star appliances will help keep your utility costs low. The one-time ticket price of the appliance might turn some homeowners off, but the long-term savings are often well worth it. Energy-saving light bulbs are a no-brainer; they’re relatively cheap and save you a significant amount over time.
2. Check Out Tax Benefits
The government offers many tax breaks to homeowners. If you aren’t taking advantage of them, this is the year to see what you’re eligible for. Some benefits, like the mortgage interest tax reduction, are more universal, while the solar energy tax breaks might be more niche. Either way, some money will likely be gained and saved here.
3. Consider Refinancing Your Mortgage
Refinancing your mortgage can help lower your interest rate by getting a new loan. Refinancing can also stretch the payment period to give you some breathing room in your budget. Both have their benefits, but they can help you save or reallocate money to more important things. An important caveat: refinancing can cost thousands in fees, so it’s not worth it for every homeowner. Still, it doesn’t hurt to look into it.
4. Watch Your Water Consumption
It might sound like taking shorter showers couldn’t possibly save you much. But if you shave off five minutes from your daily shower, you’re saving so much water. Avoid those jaw-dropping water bills by being slightly more conscious about your water consumption. Those long, luxurious showers might feel nice, but saving money feels even better!
5. Invest in a Programmable Thermostat
Programmable or “smart” thermostats can save you a fortune on heating and cooling costs. This technology enables you to set temperatures from anywhere using your smartphone, create profiles based on days or times of day, and so much more. They’re getting significantly less expensive, too, and most people don’t need one with too many bells and whistles to get something that can save them money.
6. Keep Up on Maintenance and Repairs
Home maintenance is often overlooked as too expensive. Some homeowners even think wasting money on maintenance is unnecessary if you can put it off. While there’s no need to spend money when every little thing goes wrong (especially when DIY videos exist), getting maintenance done on crucial parts of your home, like an HVAC system, can significantly extend its lifespan, saving you a lot of money in the long run.
7. Try Your Hand at DIY
Speaking of DIY’ing, there are many projects that you’d probably be surprised to learn you can handle yourself. While you might want to leave things like electrical work to the professionals, small repairs and adjustments are significantly less expensive if you learn to do them yourself.
However, this is only the case if you know what you’re doing; otherwise, it will always be cheaper and less frustrating to have a professional handle it for you so you don’t make matters worse.
