So, you’ve bought your new home after years of scrimping and saving. Now sitting under your new roof, there’s countless furniture to buy, a kitchen that needs renovating, and the need for knick-knacks to spruce up your new home. We understand that finding new ways to stretch the dollar can be mind-boggling. Hence, we came up with a few easy and simple money-saving hacks that could help you save and make that house a home.
#1 Have a solid financial plan
This may sound daunting and cliche, but a financial plan will definitely help you in the long run. Having 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 save up on unnecessary expenses.
#2 Prioritise home projects
Home projects can be costly, especially when moving into a new home. We tend to get excited thinking about all the new changes we want our house to have. Installing a new water heater will set you back around $80, a new kitchen backsplash will cost an average of $8-$15/sqft. Prioritise essential home projects first and leave less critical home projects to a later date. The less important home projects might just be redundant after all.
#3 Invest in cost-effective electrical appliances
Buying expensive electrical appliances may seem like a frivolous way to spend your money when your wallet is tight. However, by investing in cost-effective electrical appliances that you often use like refrigerator and air-conditioner that you will use for about 5 to 10 years can help you save a ton on your monthly electrical bills. The more expensive upfront payment might not seem too bad after all.
#4 Make online purchases instead
With the Internet, online stores save costs on rental and sales personnel. You can even compare home insurance prices online. Online stores like Forty-two sell more affordable furniture than brick and mortar stores, getting similar items at a cheaper price. The couple of dollars you save up from each piece of furniture will add up and save you some extra cash. Also, check out applications like Carousell where you can buy second-hand items that are in good condition at just half the retail price.
#5 Purge and sell your unwanted items
Sort out your unwanted items that are still in mint condition and put them up for sale online. Online platforms such as Carousell, Gumtree and Craigslist allow users to sell their second-hand items. Also, places like Cash Converter buy your unwanted items too. Selling your items can help you earn some pennies and at the same time declutter 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. Even 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.