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If there is one thing that is true of being a homeowner no matter where you live, what size your home is, or when you bought it – it is that being a homeowner is expensive. Not only do you have the actual cost of your home and the interest on your mortgage, but factoring in taxes, insurance, repairs, maintenance, etc. it can get out of hand quickly. If you are struggling with your finances as a homeowner, you’re not alone. Here are three tips that will help anyone become a more frugal homeowner in their life.
Do Your Own Repairs
The first thing that you should do to be a more frugal homeowner in your life is to do your own repairs when it is possible. There is a temptation to call a handyman anytime something goes wrong with your home. But the costs of calling a handyman for simple repairs can add up pretty wildly. As long as you aren’t doing dangerous repair work like electrical work or plumbing work, you can save yourself some money by researching online and learning how to do your repairs yourself. If you can DIY some of your repairs, you can save a major chunk of money.
Cut Electricity Bills
Another way that you can be a more frugal homeowner in your life is to do your best to cut your electricity bills. Your utilities can become a huge portion of your monthly budget If you aren’t doing your best to keep your usage low. And with the price of gas and fossil fuels increasing as we move towards a green energy future, prices are going to get more expensive before they get cheaper. Energy-efficient lights can save you money every month. You should also turn off electric devices when not in use to conserve.
Refinance Your Home
The final way that you can be a more frugal homeowner is by refinancing your home. While a refinancing of your home isn’t always going to save you money, it can in certain situations. If your current mortgage interest rate is higher than the average rate or the estimated rate you could get now, then refinancing your home is a smart choice. By refinancing, you can get the rest of your loan charged at a lower interest rate, saving potentially thousands of dollars over the lifetime of your loan.
Owning a home is ridiculously expensive. But with the right tips in hand, you can make it cheaper with some good frugal outlooks. With these three tips, you can be a more frugal homeowner almost instantly.
Check out this article for tips on how to declutter your home!
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