10 Ways to Save Money as a New Homeowner

This is a great way to save money in the long term. If you signed up with monthly mortgage payments, consider speaking with your lender to have this switched to a biweekly payment schedule. This schedule accelerates your payments an by the end of the year you will have made 13 monthly payments instead of 12. Mortgage lends allow you to make these changes at anytime, so call your lender today and start saving.

This may be too little to late if you are already in the comforts of your new home, however if you have not move yet, continue reading on how crucial it is to reduce your moving costs. The average new homeowner will spend over $1000 on moving during high season. This price will differ depending on your home size, number of items, number or movers require, and hours set for the job. A great way to save costs is to rent a large U-Haul truck, order some pizza and beer and convince your friends to lend you a hand. When possible, the DIY method is the best way to save money on your move.

Decorating your new home is once of the most exciting parts about homeownership. We have so many options these days with online shipping being right at our fingertips. Remember, if you are going to buy new furniture, always keep your budget in mind. Start by making a solid plan for your new purchases. There is no need to design your entire house in one go. Take the time and find your items slowly. Our next suggestion is to consider alternative methods of furniture shopping. Try looking at second-hand shops, Facebook Marketplace, and Craigslist. You can find some amazing discounts on excellent furniture pieces this way.

It is common for homeowners to want to make improvements to their new homes. If possible, consider taking on these projects yourself. It is an easy way to save money by opting for the DIY method. While this option is very cost effective, it is important to do your research first to ensure you are comfortable with the project you are choosing to tackle. YouTube in particular has thousands of videos that walk you through the steps needed for most home improvement projects. Some of the easiest and most popular renovations that are DIY safe are painting, minor plumbing, flooring, carpentry, and fencing. Opting for the DIY route can bring you significant savings so remember that breaking a sweat is a great way to save.

Do not bite off more than you can chew! Know your limitation on your repairs and renovations and hire an insured professional for these jobs. While this tip may seem costly, it is cheaper than dealing with the aftermath of a DIY disaster. It is also important to ensure you hire skilled, quality contractors with excellent referrals. Working with unskilled professionals may cost you more money in the long run. These individuals may make errors that cause you to hire a secondary contractor to repair the damages. Another important factor to keep in mind is why you should always hire a licensed contractor. If the contractor is unlicensed, your home insurance policy may be void. Lastly, if your contract is uninsured and makes a costly mistake like flooding, you will have to pay to correct this out of pocket. In short, read reviews, discuss their insurance, and make sure they are licensed before proceeding.

A one-year span of cable can run you over $600+. Looking into alternative options like Netflix, Disney+ and Crave can save you quite a bit. With most subscription services starting around the $8.99 mark, you will see big savings over the year. Plus, the options are endless with subscription services so you will never run out of things to watch!

Unfortunately, many older homes suffer from this common issue. You may think is this a minor issue, however, if you think of it as money flying right out the window you may change your mind. As you pay to cool your home in the summer or heat your house in the winter, that energy is escaping and possibly costing you hundreds of dollars. If it is within your budget, consider installing energy-efficient windows. While this may feel like a large up-front cost, it may save you up to 40% on your utility bill. These windows can also improve the curb appeal on your home as energy efficient windows are a soughtafter feature for many buyers.

Hopefully, you have obtained home insurance on your new purchase! Did you know, if you have other types of insurance (car, jewelery, extended personal health), you can bundle your services? Many insurance providers offer significant discounts for each additional insurance product you purchase with them. By bundling even two of your insurance packages, you can possibly save hundreds of dollars a year.

When you move into your home, be sure to check the temperature on your hot water heater. Ideal setting Is 55 degrees Celsius. Since most people do not use water warmer than this level, it only serves to up your utility bill. This is another great way that you can increase the energy efficiency in your home, save money and help our planet.

While the upfront cost of LED lights is more expensive, they are definitely worth the investment. The average LED light can last up to 25,000 hours. This means they not only outlast their cheaper alternative, but they also outperform. Not only can you save money, but LED lights are also very eco-friendly.