Here are some saving tips for all homeowners, whether they have just moved in or lived in their family home for years. Everyone should be saving a bit of money whenever they can.
Spend Small, Save Big
When you get your first home you need to keep an eye on every penny. Look after the pennies and the dollars will take care of themselves. It can be tempting to kit out your new home with every little thing that takes your fancy. Try and keep your spending low and only buy practical things that you need. Leave the nicknack hunting until you have settled in and the bank balance is healthier.
If you are thinking of having a housewarming party, it could be an opportunity to save a little. It is customary to bring a little gift for the homeowners and these can save you a lot of spending on common household items. Have your party early and see what you get to save buying it yourself.
Cut costs even further with the help of Greenvelope. Their digital housewarming party invite save on buying cards and postage stamps and is a much more modern way of getting guests to your party. You can even track R.S.V.P.s so you know who is coming.
Organize Your Bills Ahead Of Time
The first day in your new home is always special, but by day thirty you will have bills hitting your doormat to burst your bubble. Plan for your household bills, even before you move in. If you are renting or buying, you are going to need your first month’s house payment ready on day one. Budget your monthly bills and have that money ready too.
Plan for power and gas, telephone and internet, water, and taxes. This might seem like a lot of bills to pay, but you are going to have to pay them. Start on the right foot with the money in hand. As you go through your first month, save up for the next. This cuts down on stress as you know the money is there when a bill comes due.
It is a good idea to set up a household spreadsheet to keep track of bills and plan your payments. It does not have to be too complicated, just enough so you can look ahead to the rest of the month and check your outgoings. Add every bill to the sheet, including media streaming services like Netflix and Spotify.
Cut Down On Credit Charges
There is nothing wrong with a little credit card or loan debt. When you are moving into your first home these financial products can be really useful. This is especially true when it comes to big-ticket items like furniture or kitchen appliances. The problem is the interest charges. If you have a couple of cards, or a card and a loan and a car payment, you are paying a lot of interest each month.
When you move home and get settled at a new address it is a good time to consolidate your debt. This means bringing all your different credit and loan payments into one account. With only one interest rate to deal with and one set of terms and conditions, life gets easier.
You can even get a little extra money in the agreement to spend on some things for the house or make a home improvement. Investing in your new property helps you gain equity in your house. This is a smart way to use a small windfall. Saving on interest will put extra cash in your pocket every month too, helping you to keep the improvements going.
Earn Your Savings
There is nothing like some good old-fashioned elbow grease to make some money. Pennies saved are pennies earned. With some dedicated household budgeting and planning, you can save huge sums of money every month. Over the year you can save enough for a well-earned vacation, or to cover the cost of the December holidays.
Do not be scared. Put everything you have on the table. If you are living with a partner or a roommate, encourage them to do the same. List all your outgoings. Every regular bill you have every month in date order. This is going to be your financial schedule. You can see things coming and plan where and when to save. Make sure you include every little thing, five bucks here and there soon adds up.
Next list all your incomings. Hopefully, this is more than goes out. If not, you’ve got problems ahead. If you have saved up a month of bills before moving you shouldn’t have too many problems. Your incomings will always be ahead of your outgoings. What is left over is your disposable income. That is going to need a separate budget that includes food, transportation, and savings.
Work Smarter Not Harder
The more you save on spending, the more savings you have to spend. When you are shopping for anything, from groceries to gasoline and everything in between, shop around. Every dollar and cent you save can be spent somewhere else, or go into a fund for a vacation or holiday gifts.
There are apps to help you put a few dollars here and there into savings. They round up your purchases to the nearest dollar and send the spare change to a savings account. Spend $12.37 at Starbucks and 63 cents will go into a savings account. This soon adds up over the year, like a 21st-century penny jar.
Online discounts and sales can create huge savings on regular purchases. Gifts, household products, and even groceries can all be bought from online retailers with special deals and discounts. Web browser plugins, smartphone apps, and sites like Groupon have some amazing deals. Using these to make regular and special purchases can save you hundreds or even thousands of dollars a year.
Follow these money-saving tips to put a little extra in your pocket every month. Small savings soon add up. If you are looking for a way to invest some of your money, put it in your house. Make home improvements that add value to your property.