couple looking at their new home

How to Save Money After Buying Your First House

So you bought your first ever house. You’ve already moved in, and everything is already settled. Then it hits you. Buying a house can be more expensive than you think since you will be responsible for everything.

Besides the house itself, other things that can cost a fortune are your utilities, insurance, bills, repairs, and maintenance. According to City Monitor, 41% of the population spends over a third of their income on housing costs in California. The world is currently experiencing a COVID-19 pandemic. Some people have lost their jobs, and small and medium businesses have been closing down.

If you haven’t figured it out yet, there is no better time to save your money than now. Here’s some advice that you can do to save up so you can be ready in emergency cases.

Appliances and Sources of Energy

According to Energy Sage, utility residential electricity prices have risen steadily in the last decade. Using sustainable sources of energy like solar panels can help in saving your money in the long run. Solar panels use the sun’s light, and this basically means that you are generating your own electricity.

Solar panels can be quite expensive to install. So if you don’t have some extra money, you can also look into appliances with energy-efficient properties. Not only will this help you with your electricity bills, but you will also reduce your carbon footprint, prevent greenhouse emissions, and can help save water. Think of it as your contribution to helping to save the environment.

Cut Expenses

professional looking at paper

Re-strategizing and micromanaging your weekly or monthly expenses is a must if you want to save more money. Make a list of all your expenses and cut out any unnecessary memberships or subscriptions that you have little or no use of.

Reduce your take-out food expenses and cook your meals in bulk instead so you can also observe the foods that you are consuming. Having a healthy diet will significantly boost your immune system and will help in fighting off the virus.

Staying at home minimizes your exposure to the outside world. That means you can also save up from buying clothes since you spend most of your time at home. You may also want to clear out any unwanted stuff you have and organize a garage sale online. That way, you can allocate more money to your emergency funds and reduce clutter in your home.

Insurance and mortgages

Insurance protects you and your family and can help with financial support if unfortunate events were to happen. And while the importance of it is undeniable, one thing that you can do to save up is to get comparison quotes from multiple insurance companies. That way, you can look at the best rates and policies that are best suited for you.

Mortgages can lead to bankruptcy because you will be carrying a huge debt that you will have to pay overtime. You have to make sure that you can keep up with it. Luckily, there are mortgage brokers who can help you with your mortgage plans. They have better contacts and access so you can choose what plans will fit you best.

Take advantage of coupons and rewards

Coupons are generally easy to find and can be used for discounts or rebates when purchasing a product. If you shop in your local stores, you can get coupons as they offer great deals and discounts to their local customers. Not only will you help the small and medium businesses thrive, but you will also save a penny or two!

If you have a credit card, you may be familiar with its rewards. The rewards may vary from paid flights in different places to hotel accommodations. However, if you have a credit card, it’s imperative to have self-awareness. If you know that you tend to over-splurge, then getting a credit card may not be a good idea for you. Credit card debt may lead to bankruptcy if you can’t pay it off properly, so take caution if you’re going to use it.

Build a Garden

If you have an outdoor space to spare, you may want to try gardening. Seeds and gardening supplies are relatively cheap. Having your own fresh fruits and vegetables will help you with lowering your grocery bills in the future. Some people also find gardening very therapeutic, which will improve both your mental and physical health.

Buying a house is considered one of the major goals that some of us want to achieve. And while this can definitely cost you so much money, this advice will help you get your finances back on track.

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