Save Money: How To Save $3000 a Year After Buying a Home
Buying a home can be quite draining on the finances. That is why you will want to do everything you can to create a budget you can live with once you find the home of your dreams. Here are some tips on how to save money to help you trim those expenses.
Give Up the Landline
In today’s world, there is rarely a need for a landline. Unless you live in an area that has spotty coverage or never use a cellphone (does that even happen anymore?), then using your cellphone as your main line makes a lot of sense and is a great way to save money.
How Much Can You Save? About $300/year
Look at Your Data Usage
Guess what? 85% of people do not use all their data every month even though they pay for it. Consider reducing your data and using available Wi-Fi instead. This works really well if you already have Internet in your home.
How Much Can You Save? About $250/year
Use LED Lightbulbs
You may be skeptical, but changing your lightbulbs to LED or CFL can save money – quite a bit of money. In fact, even though the bulbs cost more initially, you can still save $8 per year per bulb!
How Much Can You Save? About $360/year if your home has the average number of bulbs (45)
Use a Programmable Thermostat
Programmable thermostats let you determine how hot or cold you want your home for every hour of every day. You can adjust based on occupancy, when you are awake, and what you are doing. But don’t worry, it is easy to override settings if you need a change.
How Much Can You Save? About $150/ year on heating and cooling.
Unplug Major Appliances
Believe it or not, plugged in items still use electricity even when they are turned off. The Department of Energy says that up to 10% of your monthly bill is due to plugged in items not in use! You can’t unplug everything, but there you should always unplug things that you rarely use.
How Much Can You Save? About $300/year
Lower Your Hot Water Heater
Your water heater is a huge energy consumer, usually making up 14% of your total energy bill. If you drop your water heater from 140 F to 125F, you can save money – up to 7% per month. You should also consider using a thermal blanket to keep your water heater warm.
How Much Can You Save? About $30/year
Forget Cable or Satellite
Most TV shows and movies can be streamed through devices like a ROKU or services such as Netflix, Hulu, or Amazon. Consider streaming instead of cable.
How Much Can You Save? About $600/year
Pack Your Lunch
With a new home comes a new kitchen. Consider using it to eliminate some of your restaurant lunches. Most people in the US spend $936 per year eating lunch out twice a week. Try eating leftovers one of those meals instead. It will be healthier and more financially sound.
How Much Can You Save? About $468/year per person
Investigate Your Insurance Coverage
As a homeowner, you will now be able to bundle your car insurance with your homeowner’s insurance saving you up to 22%.
Savings: About $250/year
Make a List
Have you ever gone into the grocery store without a list and ended up spending far more money than you thought you would? That’s because up to 66% of our grocery store buys are impulse items! Instead of buying too much, go in with a list based on a menu plan. Even if you still buy things off the list, you’re bound to save money – 10% or more.
How Much Can You Save? About $780/year
By following these simple tips, you can save nearly $3000 every year. For most people, this equals 3 to 4 mortgage payments. If you would like to figure out whether you can afford to be a homeowner, give us a call. We’d be happy to discuss options with you.