9 Frugal Living Tips New Homeowners Need To Try
Given all the costs of buying and settling into a new home, one of the things you might want to start once you have settled in would be to live a little more frugally. That way, your finances can recover more. With that in mind, here are some lifestyle changes and tips you can apply to live frugally as a new homeowner.
1. Work on Financial Planning.
A more conscious approach to your household finances can go a long way toward a more frugal lifestyle. It benefits you, especially if you manage multiple debts; a mortgage alone counts as one.
Consulting professionals like debt consultants like those with Money Max go a long way in financial planning to be debt-free. You can consult Money Max account reviews to see how others’ experiences have been with their debt consultation.
Aside from handling debt, future-proofing your finances is a huge help. An emergency fund will be critical in this case as it’s money you dip into only in the case of emergencies. You shouldn’t be taking money from it unless it’s an emergency.
You can even create a separate bank account only for household-related unexpected expenses. For example, you only use the money in that bank account for house repairs and upgrades.
2. Make Cuts on Utility Costs.
One way to cut costs is to reduce your house’s regular expenses. These bills usually include water, electricity, gas, Internet, etc. There are a few things that you can do to reduce your utility costs.
For example, investing in more energy-efficient appliances makes it easier to continue using your appliances while still managing to save energy. You can look at Energy Star ratings to see whether an appliance is energy-efficient. Most of the time, older appliances might not be the best at using energy, but once those aren’t working anymore, consider replacing them with more energy-efficient ones.
You can also use low-flow shower or faucet heads to continue regularly using your water fixtures while reducing overall water usage.
3. Try DIY Home Maintenance.
If you know you’re a handy person, consider doing some maintenance work around your house yourself. Paying for a maintenance person to help is a sure way to get things done professionally in your home. However, it’s better for your wallet if you do minor repairs yourself.
You can keep a set of essential tools in your house and garage. Store them in a handy toolkit to carry them out as you do your minor repairs.
There are going to be cases too severe for you to handle. In those cases, simply doing it yourself isn’t cut it. You’ll have to leave it to a professional repairperson. Otherwise, you might worsen the situation unintentionally, costing you more money than if you hired the repairperson in the first place.
4. Furnish Your Home on a Budget.
Thrift stores and estate sales are a great way to find valuable furniture at a lower cost. You can also upcycle some of your older items into newer, more usable items around the house. Some people have taken to creating furniture from scratch as a hobby. If you’re handy, you can do that as well.
While buying new is fine, consider these other furniture-buying options if you’re on a strict budget.
5. Grocery Shopping Hacks.
With the rising cost of groceries, many households need to be more creative with their grocery spending.
Consider buying certain items in bulk. This strategy works particularly well when you’re not buying produce. For example, bulk laundry items can give you huge savings and last a long time.
Also, look for coupons wherever possible. These can offer huge discounts and help you get the most out of your grocery budget.
6. Lower Your Monthly Expenses.
It isn’t just utility that can be recurring. You might have other monthly expenses that you’re dealing with. Luckily, as a homeowner, rent isn’t included in those expenses. However, your mortgage is one we already covered earlier.
Other monthly expenses, like subscriptions or recurring purchases, must be considered. For example, maybe you’re fond of cutting your hair every month. Consider dialing back on these recurring expenses. It doesn’t even have to be extreme. Simply cutting it back to once every two months instead of every month should suffice.
7. Save Money Be Eco-Friendly.
Reduce, reuse, and recycle are well-known sustainability adages that you should apply to your life if you want to be more eco-friendly. These adages reduce the need to buy new things constantly since you’re finding ways to bring new life into older objects. Of course, if certain items are not beneficial, throw them away.
8. Consider Smart Technology.
Certain smart technologies are worth investing in simply because they improve our lives. For example, automated energy usage trackers can tell you if you exceed your dedicated monthly energy usage. There are also smart appliances that automatically turn off when not in use or can turn on and off based on a schedule. These tools are not only convenient but are also energy efficient.
9. Less is More, Live Simple.
Outside of living frugally, living a minimalistic life has the benefits of being more mindful. Instead of getting sucked into the trend of having to buy the newest, hottest thing in the market, you’re more thoughtful of the things you spend on. Aside from that, you ensure that they last as long as possible. This simple living is not only wallet-friendly, but it also creates a more meaningful way of life.
Conclusion
Living frugally shouldn’t be about restriction and misery. It’s about living a simpler life that doesn’t make your bank account feel miserable. Apply these tips yourself so that you can get closer to a simpler life as a new homeowner without reducing the joys of your life.
Comments are closed.