Your home is going to cost you money no matter what, but there are some things you can do to maybe lower those bills each month. Some of them might cost you a lot up front but they will benefit you in the long run while others are real easy to do right now on the cheap.
1- Downsize your house
Are you really using all that space in your house? Do you really need it? If there’s a couple rooms in your house that you never use then maybe you should move into a smaller one. Maybe the kids have finally left you alone in the house and you’re fine with just 3 bedrooms instead of 5. Stop paying extra every month for your rent or mortgage, utility bills, and property taxes if you own your home. Get a smaller place to take care of. What do you need 4 bathrooms for anyway?
2- Make your commute shorter
How long is your commute to work? What about getting groceries and school? Those miles add up quick and they will cost you more in gas and time. Get your sanity back and move somewhere closer to work or work somewhere closer to home. You might not always be able to pick somewhere close to work, but you can at least try and make some of your commutes shorter, like the one to school everyday or the one you make to your gym every evening.
3- Fix that leak
Any water leaks in the house need to be taken care of as soon as possible. Even though it might not seem like it’s costing you any money to wait right now, you need to get things fixed sooner rather than later so you can avoid bigger bills down the line. When things get wet in your home a lot of problems can surface like rot, mold or bug infestations. Not to mention structural damage that will only get worse over time. Get that leak fixed now.
4- Inefficient HVAC unit (aka old)
Does your ac run all day long in the summer or all day long in the winter? Maybe it’s time to get a new one that is more energy efficient. Those older units might still run fine for a few more years, but you’ll save yourself some money if you go ahead and get a new one now that is more energy efficient. If you plan on staying in your house for a few years this definately makes a lot of sense as you’ll make up the cost on the new unit with the savings you get each month on your electric bill.
5- Dumb Thermostat
Don’t just stop at your HVAC unit only, you need to look at the thermostat that runs it too. A new thermostat will be a lot cheaper than a new HVAC unit so if you can’t afford a new unit you should at least do this. Those old units just run at the same temperature all day long unless you remember to turn them up or down when you’re away.
Get yourself a new one and they’ll do all that for you. Even the cheaper new ones will give you options to program them at different temperatures for different times in the day. Use it correctly and a new one will pay for itself in no time.
6- Old leaky windows
Replacing your windows can be expensive, but it can also save you a lot of money on your heating and cooling. If you house is older and it’s never had the windows redone then it’s something that you may consider, especially if you have single pane windows which can leak a lot of air.
Although this does cost a lot more up front it also does a lot more to your home’s resale value. If you’re on a budget and can’t do all the windows at once then start on the windows that face the street as those are the ones the home buyers will see first.
7- Fix your insulation
Again this has to do with the efficiency of your home’s cooling and heating. If you have a new HVAC unit, a new thermostat, and new windows but your insulation is terrible then you’re still costing yourself lots of money. Insulation is what goes everywhere that the windows don’t. It can be in the walls, in the floor, and in the roof or ceilings.
If you have poor insulation then consider having someone come out and make an assessment on your situation. They may find that it would be beneficial for you to insulate something like your attic or floor space. You’ve spent all that money getting your house cold, or hot, so don’t stop there. Get your house insulated properly so you can keep it at your desired temperature.
8- Get rid of your old appliances
That old fridge might still be running but how much money is it costing you each month? It might be a good idea to get a new one. What about that old dishwasher? These days you can get much more energy efficient models that not only use less energy, but also use less water. How old is that washer and dryer? We got rid of our old ones and now our washer uses less energy and water, and our dryer finishes drying quicker and saves us money.
9- Clean out your dryer vent
Getting a new dryer can be helpful, but it won’t do much if your dryer vent that leads outside is clogged. I recently bought a new dryer and it was sophisticated enough to tell me that my dryer vent leading out was 80% clogged. It warned me that it should be cleaned in order for the dryer to run more efficiently. I got a dryer vent cleaning kit and got the job done and now my dryer uses less energy to dry my clothes and dries them quicker.
10- Refinance that mortgage
Did you get a good rate when you bought your home? Most likely you got the best possible rate at the time, but was it the smart option? Did you get a 30 year fixed or did you go for the risky ARM that seemed to have a lower rate (maybe it did, but only at the beginning). If you’re planning to keep your house for a few years then it might be wise for you to shop around for a better mortgage rate.
Refinancing can save you a lot of money each month especially if you didn’t know what you were doing the first go around. This time you don’t have to worry about making bids on your house and passing the home inspection. Instead you can focus on finding the best rate for your time frame and goals.