Whether you're watching your expenses, saving up for a big purchase, or looking to set aside more in savings, there are many ways to save as a homeowner. Here are 5 ideas to trim your budget.
1. Conduct a Utility Audit
Energy efficiency is a top concern for home buyers and owners, especially with Minnesota’s extreme weather. Is money literally draining away thanks to your water or electric usage? Start by reviewing your utility bills and then look for opportunities for savings. You can do this on your own or work with a pro to increase your home’s efficiency.
2. Make Upgrades Over Time
Upgrading to programmable thermostats, energy-efficient appliances, low-flow toilets, and additional insulation can be upfront expenses that pay off. Spread out the cost by selecting the upgrades that will give you the highest return and start with them first. Keeping a running list of future projects and their priority levels helps you strategize where to invest longterm.
3. Leverage a Home Warranty
Large repairs can quickly add up! If you've recently purchased a home, you might have a home warranty that can cover the expenses of costly repairs to large appliances or even issues with your heating and A/C.
If you don't have one, you might still be able to get one! Let me know if you'd like to be connected to a reputable home warranty company.
4. DIY Some Projects & Maintenance
Before you spend money on a professional landscaper, painter, or the like, is this a project you can do yourself? From mowing your own lawn to learning an easy home repair skill, you can save a significant amount of money each year if you’re willing to put in the time and sweat equity!
5. Take Advantage of All Tax Credits
Talk to your CPA to verify all that you might qualify for because there are deductions you might be able to take if you work from home, remodeled, or even installed solar panels. Also, don't forget to claim the homestead exemption for property taxes!
Each of these ways can easily add up over the year and mean more money back into your pocket!