It should come as no surprise that home expenses are usually the biggest share of most people’s budgets. Houses cost a lot to buy and maintain, and it’s typically not very easy to up and move when your house starts costing you more than you bargained for. That said, anything you can do to help reduce your housing expenses will go a long way, and we have a few ideas:
Refinance. Mortgage rates are still at an all-time low, and if you haven’t refinanced in the past few years, chances are you’re leaving huge savings on the table. Lock in a lower rate and you could save a few hundred dollars a month. Or you can refinance into a shorter-term mortgage, and though your housing expenses could go up, you’ll be paying down your principal much faster, something your future self will be very thankful for.
Skip a project. There are some projects that you can definitely not put off, such as fixing a leaky roof or a broken step. When looking for a home improvement contractor, make sure you’re getting the best deal you can without sacrificing quality. However, if you look around your house, there’s probably something you want to improve, and the reality is that that’s probably always going to be the case. If you are trying to reduce your housing expenses this year, consider putting a moratorium on any optional improvement projects until next year. Chances are, by then, you all have something different you want to change anyway, and you can use this year to save up for it.
Use it to make money. The most traditional way to make money off of your home is to rent out a room. If you live near a school, you may be able to find a student that isn’t very intrusive. However, depending on your location, you may also be able to rent a parking spot in your driveway. Or, get creative and see if you can add your home to a database that will allow production companies to use it for commercial shoots.