Each dollar spent could be a dollar saved, especially if you are a homeowner. Comparing your income to your monthly expenses is a good way to start down the path of saving more dollars. If you're a homeowner there are so many different ways to save, even if you have to get creative! Here are 5 ways we came up with to help you cut monthly expenditures if you are a homeowner.
DIY Projects: Help Save Money on Home Maintenance
Maintaining your home gets expensive fairly quickly, especially if you have to hire someone. Finding ways to get creative and start DIY projects is one of the best ways to save money because it pays off in the long run. The more you learn how to fix or build things, the easier those projects become in the future.
Both Home Depot and Lowes offer workshops, both online and at their store. They have workshops designed to include kids, so if you would like to have an extra pair of helping hands when you're doing your home maintenance project, this may be exactly what you're looking for.
Home Equity Line of Credit
This tip is for those homeowners who may have overextended themselves and want to start improving their finances quickly. Consider a HELOC! You may be interested in this type of loan if you have high-interest credit cards that you want to pay off if you have an unforeseen medical emergency, or for education expenses when your children go off to college. No matter how many times you’ve refinanced your home, a HELOC may still be an option, especially if you have equity built up in your home.
There are pros and cons to dipping into your home's equity of course, for example, your HELOC must be paid off in full before the closing date. Your property is used as collateral on your loan.
The home equity line of credit is not for everyone. The amount of money you can borrow is based on the difference between the balance that you owe on your mortgage and the value of your home, so you may have to pay for an appraisal.
Home Energy Audits: Put Money Back in Your Pocket
Your utility bills may be through the roof, but it doesn't have to be that way. Utility companies do free home energy audits for their customers, and they will point out ways that you can save money on your utility bill each month. After an energy audit, you will be shown ways to save money each month.
If you can see outside through the cracks around your windows and doors, then your heat or air (depending on where you live) is escaping. It is probably time to get out your caulking gun and fill in those cracks. You can pick up weather stripping to seal the cracks around your doors for a low cost, and changing air and furnace filters each month helps cut down on utility bills.
Install Solar Panels to Cut Down on Electricity
If you can no longer ignore those high utility bills, then maybe it's time to consider installing solar panels on your roof, but before rushing out to invest in solar panels, see if your utility company offers any incentives. There may also be state and property tax incentives available for those who choose to invest in solar panels.
Yes, installing solar panels on your roof is an investment. It will boost your home's property value while lowering your utility bills at the same time. What you do need to know before installing solar panels is your home's roof: its condition and its size. Is there room on the roof for solar panels? Does it have any skylights? Is it a tiled roof or a shingled roof? These are all questions for your solar panel professional when you get an estimate.
Bundling Home, Auto, RV, and Motorcycle Insurance
There are perks for those who bundle insurance policies. You can save money each month by spending less on your homeowners, automobile, and other types of insurance you may have. They are known as multi-policy discounts, and they're available for just about everyone, not just the homeowner. Check out the website below for how to find savings on your insurance. According to Policy Genius, customers have saved as much as 35% on their bundled insurance policies.