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7 Money-saving hacks for your new home

Once you have finally acquired your new home, you have to start considering furniture, appliances, possible renovation. Finding new ways to stretch your dollar can be mind-boggling.

Hence, we came up with a few simple and easy money-saving hacks that could help you save while you make that house a home.

#1 Have a solid financial plan

This may sound both daunting and cliched. However, a financial plan will help you in the long run. By creating a comprehensive breakdown of the different costs and expenses will help any new home-owner get a better understanding of their finances.

Hidden costs like painting the walls and replacing the kitchen stove may slowly pile up if they are unplanned. Financial planning helps home-owners spend within their budget and prevent unnecessary expenses.

#2 Prioritise home projects

Home projects can be costly, especially when moving into a new home. We find ourselves excited, thinking of all the changes we want for our new house.

However, installing a new water heater will set you back around $80, a new kitchen backsplash will cost an average of $8-$15/sq ft. Prioritise essential home projects first and leave less critical home projects to a later date.

You might find that the less important projects weren’t needed to begin with!

#3 Invest in cost-effective electrical appliances

While buying expensive electrical appliances may seem like a frivolous way to spend your money when is tight, you could save in the long run. By investing in a more expensive, cost-effective electrical appliance, you can save on electrical bills.

This is especially true for appliances like your refrigerator and air-conditioner. Spending more on cost-effective big ticket items that you use daily can significantly reduce your monthly bills. The more expensive upfront payment might not seem too bad after all.

#4 Shop online

The Internet is chock-a-block with online stores and deals. Online stores save on rental and sales personnel. You can even compare home insurance prices online.

Additionally, online stores like Forty-two sell more affordable furniture than brick and mortar stores, getting similar items at a cheaper price. While the price differences on individual items may seem small they can add up.

Also, check out applications like Carousell for second-hand items that are in good condition at just half the retail price.

#5 Sell your unwanted items

Sort out your unwanted items that are still in good condition and put them up for sale online. Online platforms such as Carousell, Gumtree and Craigslist allow users to sell their second-hand items.

Additionally, places like Cash Converters buy your unwanted items too. Selling your items can help you earn some extra cash while decluttering your home.

#6 Ask friends and family for second-hand items

Don’t be afraid to ask your friends and family for help. More often than not, they will be willing to help you out. We all have items we seldom use lying around our house.

You may end up with a few surprisingly useful items like a juicer, a toaster or even an oven. Small second-hand decorative pieces can help to beautify your home.

#7 Cut down on memberships you do not need

We all face the temptation of subscribing to things we don’t use very often. One example will be Cable TV. The average cost of Cable TV is around $30, by switching to cheaper alternatives like Netflix or Hulu can save you up to $20 each month.

Start looking around your house for subscriptions you can eliminate or switch to cheaper alternatives.

*The advice offered in this column is intended for informational purposes only and not intended to replace or substitute for any professional, financial, legal, or other professional advice. If you have specific concerns or a situation in which you require professional help, you should consult with an appropriately trained and qualified adviser.

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