10 Expert Tips to Save Money Once You Buy Your First Home

Get a grasp of your finances and save lots of cash after buying your first home. These expert tips will show you how!

Photo: Polhemus Savery DaSilva

There is nothing quite as rewarding as the feeling of being a homeowner. After what seemed like forever, you have finally found a home you can call your own! The best way to get off on the right track in your new place is to have a plan – particularly when it comes to your finances. Follow our simple tips to help you save in your new home:

Ways to Save on Home Entertainment

The home entertainment category would essentially include things like your home phone, internet, and television services. To keep the costs down in this category, consider the following steps:

1. Weigh Your Options – There are tons of home entertainment services, but it’s important to determine which service provider you want to sign up with. Evaluate the selection based on the quality of service provided for the expense.
2. Bundle Your Needs – If you’re in need of several home entertainment services bundling is an option that could also save you money. Many service providers offer bundle packages which allows consumers to save on phone, internet, and television services.

Ways to Save on Utilities

Water, gas, and electricity all range in price depending on the area you live in, the size of the home, and how much you’re consuming on a monthly basis. Here’s how you can save each month:

1. Compare Service Providers – You can actually choose your own service provider and depending on where you get your electricity, it can make a huge difference in how much you pay every month. Visit some price comparison sites for energy providers to get an overview of the rates.
2. Watch Your Consumption – Using more electricity, gas, and water to complete basic daily tasks, can haul in a heavy bill at the end of the month. Make sure to turn off lights and unplug devices when not in use, use less water for showering and washing dishes, checking for leaks, and even upgrading to new appliances that conserve energy.

Ways to Save on Insurance Costs

Last on the list of new household costs would be the cost of insurance. Homeowner’s insurance is a requirement. Though not as much as your monthly mortgage payment, insurance costs can certainly add on to an already taxed budget. Make sure to:

• Shop around and compare rates
• Increase your deductible
• Bundle with your car insurance provider
• Increase your home’s security
• Make your home disaster resistant
• Improve your credit score

Being a homeowner sure comes with a lot of financial responsibilities. With the right planning you can easily cut back on a TON of your spending! Make sure to follow our tips and take charge of your finances to lessen the load so you can focus on your beautiful new space!