How to Save Money on Your Monthly Home Costs

Dated: December 23 2021

Views: 47

How to Save Money on Your Monthly Home Costs

Did you know that the average American homestead spends just over $17,000 a year on home-related costs? That breaks down to around $1400-$1500 per month. If you’re looking at that number and wondering if you could get it to go lower, you’re not alone. In actuality, when it comes to your home there are very few fixed costs that you won’t be able to budge. Here are a few things you can try to chip away at your monthly home cost.

Shop Around for a Better Interest Rate

Just because your go-to bank is quoting you at a given interest rate doesn’t mean that’s the only option. Interest on a mortgage adds up over time, so it’s definitely worth your while to shop around. You can also get a general ballpark of your mortgage and interest rates using online calculators. This may help you when it comes to negotiating. Even if you get a good offer the first time you approach the banks, it is still a good idea to shop around and make sure you’re getting the best deal available.

Reduce Your Utility Expenses

Utility bills, fees, and miscellaneous expenses can eat up a lot of your monthly home cost homestead budget. It can be hard to keep track of slowly rising internet rates or extra fees being added on to the power bill. For services such as internet, cable, and phone carriers you may have a lot of variety out there to choose from. But for other utilities, such as electricity and natural gas, there may be only one option in your area. Why not try installing solar panels and claiming a yearly tax credit? You can claim solar tax credits that recover a significant amount of the cost of your system.

Shop Around for Insurance

When it comes to lowering your monthly housing costs, insurance is another major expense to look at. As with interest rates, you can shop around for homeowner’s insurance. Many companies will offer discounts when you bundle insurances together, such as homeowners and auto insurance. So it’s definitely worth a look to see if this is an area where you could save a lot of money. When it comes to saving money each month on housing and house-related bills, there’s often more than one way to trim the fat. Keep in mind that this may be a process, not a quick fix. Starting small and then growing into it can help you be successful. Read this next: How to Make Your Home a Great Place for Parties

Blog author image

Ted Daigle

About Ted Daigle – Realtor Growing up in Church Point, LA instilled values of hard work and dedication, which has carried over into every aspect of his life, including real estate. This Lafayette r....

Latest Blog Posts

What More Homeowners Are Looking For These Days

What More Homeowners Are Looking For These DaysWhether you are buying or selling a home, it helps to understand what homeowners are looking for in the homes they love. This knowledge can help you to

Read More

New median home prices in the US are 6.5x higher

New median home prices in the US are 6.5x higher than ...Notably, Finbold recently reported that data for March 2022 showed the median price of existing-home sales surged over 30% in just two years.

Read More

Why You Shouldn’t Wait to Buy Your First Home in Lafayette LA

Buying your first home in Lafayette LA is a huge milestone and can give you a level of security that renting can never do for you. Many people are nervous and hesitant about buying their first home,

Read More

Why Selling Your Lafayette Area House with a Real Estate Professional Is Essential

Why Selling Your Lafayette Area House with a Real Estate Professional Is EssentialSelling your house is no simple task. And when you sell on your own – known as a FSBO (or For Sale by

Read More