Buying a home can leave your budget a little tight in the beginning, and saving money might be one of your priorities right now. And you are not alone. Many homeowners stress over paying off their debts while still having enough money for other expenses. Canadians and household debt are no strangers. The pressure to save money is overwhelming for some. An Ipsos poll from 2018 found that three in ten Canadians say money issues are a top concern.
The first few months as a homeowner can be costly. Not only did you put down an initial payment and paid closing costs, but now, you have a home to build.
You don’t have to embrace an ultra-frugal lifestyle. You just have to find ways to save money once you move in. And it doesn’t have to be extreme. No need to starve yourself from food, deprive yourself of fun or freeze yourself to save on energy. Money saving can be simple.
Here are some money saving tips for homeowners as they settle down in their new home.
Cut down on moving costs
Moving can be expensive. Every new homeowner knows this. Hiring movers, getting moving boxes and renting a truck adds up in the final bill.
We have some moving tips to save money. Instead of buying new moving boxes, you can start your card box collecting early. Card boxes can be found everywhere and are usually free for anybody to take, or just use suitcases to carry items whenever you can. You can also save money by switching bubble wrap for clothes and towels. Anything that protects fragile items can work!
Another tip is to skip on the moving company and only rent out a truck. You can ask family and friends to help you out during the big day.
Save on furniture
A new home will never look like the one in the cover of a magazine. Don’t expect yours to be the exception. Buying new furniture all at once can drain your wallet. Couches, tables, beds and chairs add up even if they are from IKEA.
To save on furniture, look at second-hand stores, websites and flea markets. Many people sell their old (and sometimes new-looking) furniture for a low price. You can also ask friends and family if there is anything they want to get rid of. Another man’s trash is another man’s treasure.
Skip the home decor
Usually, home decor is the next step after buying furniture. But, you can skip this step (for now). You can always personalize later.
To save on decor, take your time to look for cheap items and don’t make a one-time purchase. Instead of spending hundreds of dollars at once, you can buy one decor item every month or two. Little by little your home will begin to look that home magazine.
You can also try to go full DIY. Thanks to the internet, there are many tutorials on how to decorate your home with just a couple of dollars. And whatever item you buy a flea market can be turned into new just by adding a new layer of varnish and paint.
Lower energy costs
Saving energy is both environmentally and financially beneficial. Before you move in, figure out ways to reduce your power consumption.
To save on energy, you can install more insulation, lower the temperature of your hot water heater, install a programmable thermostat to automate according to the season, clean your air filters, hang out laundry, change to LED light bulbs, buy energy efficient appliances, and more. The list is endless.
The little things that you do will be reflected on the day the first electrical bill arrives, especially in the winter. Remember to properly maintain your home in the winter to save on heating!
Save on water
Saving water is easy if you choose to use it less than usual. Just don’t let the water run for too long. Shorter showers and turning off the tap when not in use are a great start. There are other ways to save on water like installing a low-flow showerhead, faucet aerators or a dual-flush toilet.
Get a good insurance deal
Home insurance is another monthly expense and one that shouldn't be neglected. It protects your most valuable investment in case of theft, property damage or natural disasters. However, if you don’t get the best deal on your policy, it can be an extra financial burden.
To find the best insurance policy start the process here.
Cut unnecessary costs (for now)
When creating your budget, you need to differentiate between wants and needs. Some monthly costs are unnecessary if you are on a tight budget. A perfect example of this is cable TV and dining out. Cut these out for a short period to save for furniture, decor and other essentials.
Still searching for a home? Start your search with Homicity!