Money Hacks For First Time Homeowners
When you first manage to save up enough money for a home, and you move into your first ever place, you might think that the hard part is over and you can relax a little.
However, it will soon become apparent that you have a mortgage, bills, and utilities to pay for each month, which might leave you a little empty-pocketed and without much room for savings. However, with these money tips and tricks you will be able to still save up money for your future while paying for your home now.
Don’t skimp- on some things
When you move into a home, most people will tell you to buy secondhand or cheap furniture for the time being just to get you started, however this is not the most cost effective way to do things at all.
Instead, you need to think about investing in a decent sofa, oven, fridge and other appliances, because they will last for a long time and this will save you money in the long term. Make sure you invest in good quality stuff when you move into your home.
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Rent First?
There is nothing wrong with renting for a while before purchase a house. If you want to get some independence away from your parents, but you haven’t got enough money for a house yet, rent for a while with Apartment Place and you can save up for your deposit, other fees, and save for furniture in the safety of your own space.
It is a great way to give you the experience of being a homeowner before you make that commitment of a mortgage.
Smart With Food
Food is a big cost, especially if you can’t resist a carry out pizza at the end of the week. If you want to save up and be able to live a more luxurious life, you need to be smart with the food you buy and make it last.
Think about not spending money on fruit or vegetables if you aren’t going to eat them, because they will only go to waste and this can be horrible for your bank account. Cook in big batches to last for a few days and this will save you money and time during the week.
Find Bargains
Always be on the lookout for bargains in your life for the house. If there are certain things you want to buy for the home, keep an eye on objects and look online to see if you can score a good bargain.
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eBay can be great for this, because the site has lots of different objects that people need to sell off, and you might get lucky with what you pick out.
It is always worth checking and double-checking for a good bargain, because you will save so much money in the long term, which you would have wasted otherwise. This will allow you to have the things you want without over paying.
A Game Plan
Put together a game plan to save more money, so that you can afford your first home.
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
Image: Bullseye, Jeff Turner CC by 2.0
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