Tips to help you realize your dreams of buying a home.
From outstanding credit card debt to massive student loans, financial difficulties keep more people from becoming homeowners. While the vision of buying a home for the first time seems to be hopelessly far away for many, there are strategies to make that happen. These expert tips can help turn those dreams into reality.
Tips for saving money
Replace plastic with cash
An excellent strategy to save money is to spend two weeks (or a month, if you feel ambitious) paying in cash. With credit cards, debts are easier to make, as all prints are digital. When you hand over cash, you see and feel the money that flows from your wallet. Using cash can help train your brain to match your spending habits with the money actually spent, and it will inspire you to stick to it.
Several debts can be crippling. The trick is to attack the smallest amount first. If you make more than the minimum payment you demand and make more frequent payments, you can save interest on that balance and reduce stress. Once you’ve decimated that debt, apply the same strategy to the next lower balance. Rinse and repeat.
Budget a game
One way to make the budget more bearable is to turn it into a game. Challenge yourself to spend only a certain amount each week, for example, to take with you. The key is to try to account for every dollar you spend.
Look at automatic prints
Many amenities are automatically deducted from bank accounts each year and every month, especially for millennia. Services like Netflix, Amazon Prime, gym membership, and phone bills can, but do not have to, charge your bank account. First, make a list of all your automatic prints. It could be shocking to see everyone together. Next, decide how many are necessary or beneficial to you. Cutting out a single service can start making a difference.
Tips for saving on home insurance
Add security features
A great way to lower your homeowner’s insurance premium is to install an alarm system or other security features in your home. There are many low-cost systems on the market today, including customized design options from SimpliSafe. If you reduce the risk of a burglary, you can be reassured and noticeably relieve your insurance bill.
Share your space (and rent)
Being a homeowner does not mean that you have to pay for a whole house yourself. In addition to buying a two-bedroom apartment, there are other ways to share a house and cut costs. If you plan to rent a room in your home, you can easily spend extra money each month on your premium. Some new homeowners also choose to share a maisonette with another tenant instead of buying a single-family home.
Newer houses may have higher prices, but also the advantage of cheaper insurance. New buildings pose a lower risk for insurance companies, resulting in lower premiums. Although the recently renovated 1972 home looks charming and new, you should weigh the cost over time compared to a newer building. The refurbishment may have overlooked plumbing and a new roof, and both can be associated with high prices.
Working with an experienced independent insurance agent is the best way to save money on homeowner insurance. An agent knows how to shop in the market and find the best deals for you, as well as tricks to further lower your premium. You can also associate with a policy that meets your individual needs.