Buying a home is a big investment, there’s no denying that. But it can also save you money along the way.
By finding fun things to do at home and making a few small improvements to the house, you can give yourself a little more wiggle room in the budget. Try these seven tips for saving money at home:
Instead of spending a lot of cash on a night out with friends, entertain at home. Bring back the art of the dinner party or try some fun new cocktails in the comfort of your own home. Maybe have a throwback night–tell friends to come in their PJs, then make some popcorn and watch your favorite movies from your high school days.
2.) Dine in. In a recent study on the cost of eating out versus cooking at home, researchers found that people who cooked at home more often than not spent $273 a month while people who ate out more often spent an average of $364 per month.
So stay home, try a new recipe, and you could save up to $1,000 each year. With your kitchen set up just the way you want it, you can really take time to enjoy the process while at the same time keeping your budget healthy.
3.) Hit the home gym. You might love going to your favorite workout class or putting in some time at the gym, but sometimes it’s hard to be consistent (especially during the cold winter months). To make things more convenient and save money at the same time, you could set up a home gym.
It doesn’t have to be anything fancy. Dedicate some space in the spare room or your basement for some free weights, compact exercise equipment, or maybe just a laptop for your favorite online workout courses. After the upfront cost of buying the equipment, you can save a lot of money in your budget on gym fees.
4.) Turn your house into a smart house. You can save a lot of money by owning a house instead of renting when you make energy efficient changes that cut down on your utility bill. Invest in energy efficient thermostats, internet-connected plugs that can cut the power to your straightener at the tap of a button, or even smart appliances (did you know that some new fridges have interior cameras that can connect to your phone? You’ll never have to wonder if you have milk at home again!).
One of the easiest and quickest changes you can make is to switch to LED bulbs. The U.S. Department of Energy says that energy efficient light bulbs typically use 25%-80% less energy than traditional light bulbs and last 3-25 times longer. This helps you save money on the electricity bill while cutting down on light bulb replacements.
5.) Treat yourself. Instead of spending a stack of cash at the salon or spa, upgrade your bathtub and turn the bathroom into a little oasis. Get creative with these 25 bathroom hacks.
6.) Make some office space. Do you have a side hustle? Instead of renting office space or ordering coffees all day to keep your table at the local cafe, designate a quiet workspace in your own home for your side projects. And if you’re running out of room for your freelance job, check out these tips for remodeling for a home office.
7.) Build home equity. Your home can help grow your wealth by growing its equity.
When you make monthly mortgage payments, you’re building home equity. This improves your financial profile but it also gives you the opportunity to take advantage of home equity loans and a home equity line of credit.
Ready to start saving money in a home of your own? We can help.
We’re a community bank–that means we’re here to help you find a way to meet your life goals. You can contact us online or give us a call at 877-672-4543. You can even fill out an online mortgage application–whichever is easiest for you.