In a previous post, I’ve noted how my spouse and I became homeowners, which was a long-time goal of ours. We also acknowledged the higher costs that come with homeownership, compared to renting. Keeping a house definitely isn’t a walk in the park. It comes with added responsibilities like maintenance, repairs, tax, insurance, and utility expenses. Given such costs, it’s advisable not to let housing expenses cross the 30% mark of your total income. Despite the potential for expenses to be tight, depending on various factors, we are committed to our budgeting and saving initiatives. We aim to clear our non-mortgage debts, make the most of our retirement and boost our emergency fund. I’m outlining six strategies through which we are managing our money after becoming homeowners.
1. CHANGING HEATING AND AIR FILTERS
Contrary to our rented apartment days when the maintenance crew would take care of our air filters, we now replace them ourselves. It’s quite a simple task, which can save a considerable amount of money in the long run. Air filters aren’t too pricey, but old, grimy ones can hinder your HVAC system’s effectiveness, costing you more for heating or cooling. By maintaining this simple routine, along with using a programmable thermostat, our utility bills are comparably lower to those we had while renting.
2. APPRECIATING OUR HOME BY STAYING IN
Logically, we’re spending more time at home and opting for home-cooked meals, resulting in cost savings. My previous 9-5 job routine coupled with our son’s young age often resulted in us spending a lot on the go. Now, my work from home situation and minimalistic lifestyle automatically help us save. Moreover, we mostly eat dinner together, limit dining out to special occasions, and invite friends over since we have the space to entertain.
3. CREATING A GARDEN
One of my significant objectives is to establish a garden come spring. Owning a house with considerable yard space and freedom to garden is an opportunity to plant a variety of fruits and vegetables, thereby reducing our grocery bills. I contend setting up a garden is quite budget-friendly, and I’m all geared up for this money-saving endeavor.
4. LEASING A ROOM
Becoming an Airbnb host is another way to save money. We’re in the process of prepping our home for an Airbnb listing. Primarily, we will be renting out our spare room, the funds from which would directly supplement our mortgage payments. The flexibility of Airbnb allows us to schedule guests according to our convenience.
5. PARTICIPATING IN A SAVINGS CHALLENGE
Savings challenges comprise an effective way to bolster savings, especially for those who enjoy some competition and got a kick out of challenging themselves. Such challenges can make saving money fun and hike your savings rate. In my Facebook group, I’m leading a 52-week savings challenge, which I anticipate will encourage me to set aside over $1300 this year.
6. BOOSTING INCOME
Our strategy every year includes increasing our income. Post home-purchase, with expanded expenses, we recognized the need to enhance our earnings. This, in fact, contributed to my spouse leaving his traditional job to work from home with me and pivoting our side hustles. In addition, we’re exploring new streams of income such as participation in focus groups and reselling websites.
Ever pondered how owning a house could augment your expenses? Do you follow any specific tips for savings post homeownership? Let’s discuss further!
