- Mortgage: Have a job? Refinance. It’s the easiest way to lower your mortgage payment. If you have principal mortgage insurance (PMI) and have enough equity in your home, talk with your mortgage company about eliminating it. That can turn into more money in the bank.
- Think smaller: A smaller sized home or apartment means less to pay for, less to maintain, less to heat, and less to furnish. Having a larger space to live in means you’ll have more space for things – and those cost money to buy and maintain. If you have a basement, garage or storage unit that’s full of items, make a plan to reduce those contents. Less clutter means less stress.
- Reduce utilities: Skip watering your grass in the summer and let it get brown instead. You won’t have to cut as often and it always comes back to life in the fall. Capturing your rain water for watering your garden is another way to reduce water consumption. Awnings keep a house cool in the summer, too. In the winter, set your thermostat lower and put on a sweater – cashmere and second hand, of course. Instead of heating your entire home, with forced air heat, you can close the dampers on the ducts leading out from the furnace – not just the air vents in each room. By closing the dampers, heat won’t go into the duct work. We don’t heat our upstairs in the winter and it’s cold but we prefer it for sleeping.
- Maintenance: Got kids? Have them do the house chores. Yard work, house cleaning – you name it! Chores are great for kids and they need to learn these life skills. Make chores part of their allowance and pay them. Kids need to learn money managing skills, too. Another option for bigger projects is a labor exchange with friends or neighbors. We traded labor with our neighbors and both got a big outdoor project done in much less time than if we were doing the work alone. And, don’t forget to check the library for books on house maintenance projects. By doing the work yourself, you’ll save money and learn something along the way!
What’s your favorite way to save money on your home?
Go Gingham related links:
Living a frugal life by choice: strategic frugality
Viewing time as a luxury – it’s a precious commodity
How finances figure in frugality
The key to saving: frugal living is the key to saving
What does it mean to budget? Find out here!