February 15, 2022

A Homeowners Guide To Saving Money

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Owning a home is one of the most fulfilling experiences in life, but in today’s world with the rising cost of living, expenses can add up quickly. When you are faced with paying the monthly mortgage along with insurance, utilities, repairs, and maintenance fees, it is always helpful to know of ways to save. 

We have come up with 10 easy ways to save money that you can do now or consider in the future.

1. DIY Home Repairs or Improvements 

One of the best ways to save is by doing simple home repair projects by yourself. All it takes is your time and some minor expenses depending on the project you plan to take on. Here is a list of some of the best projects that can be done in either a few days or a few hours.

  • Paint the front door
  • Paint the kitchen cabinets
  • Install faux backsplash using peel ‘n stick floor planks
  • Replace light fixtures
  • Stencil your walls or floors
  • Add decorative window coverings
  • Add baseboard molding and trim

2. Fix Those Drafty Windows

Having drafty windows is more common in older homes, but can cost a lot in electricity costs if the drafts are significant. If you have a large home with lots of windows, that makes for a lot of areas where your home is draining your savings. A simple fix is to get some weather stripping from your local home improvement store and adhere it to all the doors and windows you feel are problematic.

3. Change Cable Providers

There are lots of streaming options to choose from as an alternative to expensive cable connections. HBO, Netflix, and Amazon Prime are just a few options available that provide a large selection of content at a fraction of the cost of cable t.v. packages.

4. Use Simple Storage Options

Instead of buying expensive storage solutions to declutter your space, try using mason jars or glass containers to help keep any space organized. Use them in the kitchen pantry or in a garage to store any small food items or knickknacks. It’s a stylish and very effective way to keep things in place and it’s easy to see the contents inside through the glass.

5. Block The Hot Sun

During the summer, windows are the largest source of heat entering your home. On a hot and sunny day, close the windows in your home to block off those strong summer rays and you will greatly reduce your air conditioner usage and save money!

6. Switch To LED Lighting

LED lighting is highly effective, lasts longer, performs better, and is more energy-efficient than any other source of lighting. Try installing them in places that you frequent most often, or in areas that get left on for a long time like a porch or hallway light.

7. Use A Rain Barrel

Whether or not you are a gardener, you can save money on water by placing a rain barrel under your eaves trough to collect the water. You will save loads of money any time you need to water your grass or do any outdoor project.

8. Get Better Insurance Coverage

There are many insurance providers available that offer low-cost options, especially if you bundle car and home insurance. It pays to take the time to get a new quote on your insurance needs. In many cases, you can get a quick quote online or by phone and get an immediate estimate for how much you can potentially save.

9. Refinancing Your Mortgage

Refinancing a mortgage involves replacing your existing loan with a revised one, either with the same or a different lender. Some choose to refinance their home mortgage to take advantage of low-interest rates, while others prioritize accessing home equity quickly. Credit cards and high-interest debts can have adverse effects on your budget, so it’s a good idea to reach out to a home mortgage refinance company to help you consolidate those outstanding payments.

10. Boost Your Credit Score

Rebuilding your credit score is one of the best ways to save money in the long run. If you have an unmanageable debt load and have found your credit score damaged as a result, you might want to consider a debt consolidation loan using your home equity. Once your loan is funded and debts are paid, you will see an increase in your credit rating within 2 months. Over time, as your borrower profiles improve, you will qualify for better products and save more!

Your home should be an asset you can hold on to for many years, so it makes sense to keep expenses down and always be focused on saving money. At Burke Financial, we are here to help you save money and make smart financial decisions both now and in the future. 

If you would like to use your home equity to boost the value of your home, get in touch with us to explore your options.

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