Top 8 Things New Homeowners Can Do to Save Money

If you are in the process of buying a house, you may realize that this purchase will probably be at the high-end of your budget. Take a deep break and relax. There are a few things you can do as a new homeowner that will help you trim the everyday costs of living and homeownership.

Budgets are a wonderful tool that help keep your bank account in the black, but buying that perfect home may mean that you need to get creative in how you cut spending, at least for the first year or so.

Here are the top 8 ways you can cut costs once you close on that new home.

1. Lower the temperature on your hot water heater: Most people don’t use water hotter than 120 degrees — in fact, higher temperatures may scald you or any member of your family. Lowering the temperature saves money on your energy bill.
2. Use ceiling fans: Turning on the fans is a low-energy way to keep air moving in your home. Adjust the fans so they blow down during the summer and but pulled air upwards away from you in the winter. Circulating the air allows you to keep the thermostat a degree or two higher in summer and a degree or two lower in winter (and still be comfortable). This saves on high fuel costs.
3. Install a programmable thermostat: Fairly easy to switch out with the old one, a programmable thermostat allows you to schedule the temperature setting to reduce use at night while you sleep or during the day while you are at work.
4. Replace old incandescent bulbs, with LED or CFL light bulbs: These save you a lot of money by cutting energy use dramatically and they last for years – making them well worth the upfront investment.
5. Bag your lunch: If you buy lunch out at a restaurant or drive-thru several times each week, it can really add up. Bring leftovers or make your own sandwiches. Make extra portions at dinnertime – so you have leftovers to easily pack the next day.
6. Make and bring your own coffee to work: This can easily save you $10 or more (depending on how much coffee your drink each day) from your weekly spending.
7. Cut back on entertainment and dinner out: Each time you meet friends for drinks or dinner you probably spend a good chunk of money that can exceed your budget. Now that you own a home, invite friends over and make it a pot luck dinner. Buy the wine from an outlet store, and you have dinner and drinks at a reasonable cost.

Being a new homeowner can be exciting and scary all at the same time. If you get creative with the ways that you cut everyday costs and spending, you can ease worries about your budget and bills, and focus on enjoying your new home.