Advertising
Advertising

19 Things New Homeowners Should Do Immediately To Save Money

19 Things New Homeowners Should Do Immediately To Save Money

Congratulations on your new home! Home ownership is one of the great milestones in life. It shows you’ve made it. You’ve got stability and security. You’re dependable. Nice going!

Now, all you have to do is move in and begin enjoying that unique and wonderful lifestyle…

But with the circus comes the monkeys. Before you lose that dewy-eyed wonder at your good fortune, take a hard-headed look at your new domicile to make sure it’s going to be a Shangri-La and not a money pit. As wise old Ben Franklin said: “An ounce of prevention is worth a pound of cure.”

Here are 19 hacks that can save you money upfront with your new home:

1. Check Your Attic Insulation

An unfinished attic needs at least six inches of insulation between the beams. And if you live up north in places like Minnesota or Maine, you should have more than that.

If your insulation is insufficient or looks damaged, don’t wait to repair and replace it. Quite a number of northern states offer incentives such as refunds to motivate new homeowners to upgrade the insulation in their homes.

2. Set Your Hot Water Heater Thermostat

Check out the setting on your hot water heater. If it’s set any higher than 120 degrees, you should immediately lower it. Anything above that is going to have the potential to scald you. Who needs that? A lower thermostat always means a lower utility bill.

3. Insulate Your Hot Water Heater

You can buy an inexpensive insulating blanket at any hardware store that fits around your heater. Why pay to heat the air around your hot water heater? Besides, if the power (or gas) ever goes out, you’ll keep your water hot (or at least warm) for several hours.

Advertising

DON’T cover the top or bottom of your heater, or near the pilot light.

4. Install Ceiling Fans

Besides giving your house that elegant Casablanca look, ceiling fans are an economical way to keep your house cooler in the summer and warmer in the winter — they circulate the air so it doesn’t become layered. The key is to have the air blowing down on you in the summer and sucked up from you in the winter.

5. Wrap The Water Pipes

Wrapping exposed pipes will preserve the heat of your hot water so it arrives at your faucet at just about the same temperature as when it left the heater. With immediate hot water gurgling out of the faucet, you won’t be tempted to let it run for a minute or two, which can save you a pretty penny over the years. You can buy good inexpensive pipe wrapping at any hardware store, and if you can do papier mache, you can do the wrapping yourself.

6. Get An Automatic House Thermostat

Programmable thermostats are standard issue in newly constructed houses, but if you’ve purchased an older house, you’d better check to see what kind of thermostat you have.

With an automated thermostat, you can schedule ahead for days, weeks, even months to control when you want the most heat and chill. That way, you can be gone all day to work, or all week on vacation, and not have to worry about a monstrous fuel bill.

The new programmable thermostats are easy to install. All you need is a screwdriver and a pair of needlenose pliers.

7. Check Those Furnace Filters

Your HVAC uses air filters, and they probably have not been changed while your house was on the market — which could be anywhere from several months to a year. One of the first things you should do when you move in is go down to the basement/HVAC unit and find the filter(s). Write down the measurements on the side and go down to your local hardware store and buy several of them so you can replace them frequently. They are lightweight and you normally need no tools to replace them. It’s best to handle them with gloves because the filter fibers can be a bit prickly on your bare hands. Leaving the old filters in reduces the effectiveness of your furnace/air conditioner and gives your air a hint of staleness.

8. Check The Vents

While you’ve still got that “new house momentum” going, take a moment to check all the vents in the house to see how much dust and gunk buildup there is. If you can see those little dust bunnies peeking out at you, unscrew the vent screens and get cleaning. All that dust and gunk is nothing but a hotbed for bad odors and particles that can trigger allergies.

Advertising

9. Don’t Let Your House Crack Up!

Many houses have small cracks in the basement/foundation from settling. As long as these are not growing, you don’t have to worry about them. Just plug them with some putty from the hardware store to keep out the bugs and forget about ‘em.

To find out if your little cracks have ambitions to become bigger cracks (which can spell major foundation repairs down the road), cover both ends of the crack with some masking tape and then date it. Check every few weeks to see if the cracks are extending beyond the tape. If they are, you’ll have to call in an expert to avert a Walls of Jericho scenario. The earlier you catch it, the less expensive and extensive it should be.

10. Clothesline = Lower Utility Bills

Your lovely new house has a dandy dryer, or if it doesn’t you’re already eyeballing the specials online and in the newspaper to see who’s offering the best deals on one.

But just wait and consider: home dryers are a major cause of home fires when they overheat, and they can eat up a huge amount of electricity or gas.

So, why not consider a clothesline in your laundry room and also outside? If you’re serious about shrinking your carbon footprint, this is a great way to do it while reducing your utility bills. Plus, nothing smells as good as clothes fresh off the clothesline.

Of course, there will be rainy and snowy days to contend with, so don’t throw out your existing dryer; keep it for a rainy day and for emergencies. A circular “merry-go-round” clothes pole is great for backyards with limited space.

11. Look For Leaks

Dripping pipes are one major cause of mold inside homes. You do not want to have to tell your insurance company that a leaky pipe in the basement has nurtured a fungus farm behind the wallboard. To prevent that, check all exposed pipes and under every sink and around every faucet. Look for signs of rust and water spots. Discovered leaks should immediately be fixed — a plumber working for a half hour is much less expensive and easier to find than a plumber working for several hours.

12. Use LED And CFL Light Bulbs

In some parts of the country, the zoning and residential laws already mandate the use of these instead of incandescent bulbs. But whatever the rules are where your house is, you should make the effort to install them, especially where lights tend to be left on for a long time, like the kitchen and living room, or where they are accidentally left on, like the garage or basement. They may be a little bit more expensive upfront, but they last longer than the old type of bulb, so you save money in the long run. And check your house insurance; some companies will give you a rebate or lower rates for using LED and CFL bulbs.

Advertising

13. Check The Energy Ratings On New Appliances

If your house came fully furnished, then skip this section. Otherwise, please shop carefully when buying appliances — even a toaster or microwave! Always check the energy rating that’s posted on the side of the box or item. As with LED lights, you may have to pay a bit more upfront, but in the long run you’re saving money with appliances that will use less electricity and last longer.

14. Be Smart With SmartStrips

You don’t need to be told to plug all your electronics into surge protectors. It would be idiotic not to take that simple precaution against an electrical surge that could fry thousands of dollars worth of electrical equipment in your house.

You should be just as smart about SmartStrips. A few of these installed around your new home will significantly impact your electric bill for the better. These handy-dandy items sense when an electronic device, like a TV, is on standby mode, not being used, and will cut the power to it until it is switched on again. In the long run, this saves you mucho dinero.

15. Plant Shade Trees Near Your House

Deciduous trees, prudently placed around your home, can provide a cooling canopy during the summer months — this will make a noticeable difference in your utility bill.

If you’re after some wildlife, then you can also plant fir trees, but much further away from the house. They not only attract birds and other critters, but that touch of green during a long bleak winter can be very comforting. And most pinecone seeds are edible — if you can get to them before the squirrels do. Mature trees also usually increase your property value.

Remember not to plant your shade trees too near to your home — you don’t want them warping a wall or choking your sewer pipes with roots.

16. Throw Out The Old Locks

You really have no idea who might have a key to your new house, no matter what kind of assurances you get from the people selling it or the realtor. To avoid a nighttime visit from the former owner’s crazy Aunt Matilda, you should immediately hire a reputable locksmith or home security company to have the front door, back door, and garage locks changed. Of course, if you’re handy with things, you can do all this yourself, since complete lock sets are available at any hardware store. But be aware that hardware stores don’t always stock the professional brands that can really stymie a burglar bent on getting into your home.

And while you’re at it, get a couple sets of spare keys for emergencies — and for your own crazy Aunt Matilda!

Advertising

17. Make It Airtight

Newer homes are fairly airtight, so there isn’t much you should have to do to them outside of checking the weatherstripping and replacing it if it’s worn or has gaps in it.

Older homes will need some work. Windows are the major culprit in heat loss during cold weather. Check your city and county weatherization programs to see how much, if any, of the cost of replacing old rattling windows they will reimburse you for. It might pleasantly surprise you how much you are eligible for.

18. Take Advantage Of Energy Tax Credits And Other Government Goodies

There are all sorts of tax advantages to owning a home instead of renting. Hopefully, you’ve already gotten with an accountant to take full advantage of these. But you may not know about federal programs in your area that allow you to claim an energy tax credit; the same goes for your state, county, and city or township. They all have programs, usually federally mandated and funded, to help homeowners increase the energy efficiency of their homes. Some of these programs are based on your income, but some of them simply have gobs of grant money to shower on whoever shows up first to claim it. Solar power tax incentives are probably one of the most common and easy to get installed. Depending on your state, you will have the option of leasing the equipment or simply buying it outright.

19. Create A Checklist

Before you settle back and become a couch potato in your new home, compile a maintenance checklist for your home and swear by the unholy mortgage you are carrying that you will follow through with it on at least a monthly basis. Checking on things like air filters, foundation cracks, weatherstripping, etc., will help extend the viability of all the nuts and bolts that make up your home and hopefully save you from ever having to call in a contractor for major repairs.

Again, wise old Ben Franklin knew what he was talking about because he also said: “A penny saved is a penny earned.”

Featured photo credit: Ed Gregory via stokpic.com

More by this author

Who’s at the Wheel? Technology Causing Distracted Driving and Other Stories of Multi-Tasking Is Your Website Costing You Sales? Staying Afloat: Why Kids Should Learn to Swim If You’re a Burned Out Entrepreneur There’s a Solution Common Signs and Symptoms of Depression in Parents

Trending in Money

1 The Best Ways to Save Money Even Impulsive Spenders Can Get Behind 2 How to Answer the Tough Question: What are Your Salary Requirements? 3 How Personal Finance Software Helps You Get More Out of Your Money 4 The Definitive Guide to Get Out of Debt Fast (And Forever) 5 35 Real Ways to Actually Make Money Online

Read Next

Advertising
Advertising

Published on November 20, 2018

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

Why Your Past Prevents You from Saving Money

Are you constantly thinking about your financial mistakes?

If so, these thoughts are holding you back from saving.

I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

Advertising

How to Effortlessly Track Your Spending

Stop manually tracking your spending.

Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

The Truth on Why You Keep Failing

Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

Advertising

Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

  1. Save more than 50% of your available money (after expenses)
  2. Only buy nice things after saving
  3. Automate your savings with automatic bank transfers

These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

How to Foolproof Yourself out of Debt

Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

So how can you separate yourself from the 60%?

By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

Advertising

Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

A Proven Formula to Skyrocket Your Savings

Having proven systems in place to help you save more is important, but they’re not the best way to save money.

You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

Advertising

Transform Yourself into a Saving Money Machine

Saving money isn’t complicated but it’s one of the hardest things you’ll do.

By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

What are you waiting for? Go and start saving money, the sky is your limit.

Featured photo credit: rawpixel via unsplash.com

Reference

Read Next