Reduce your home expenses
A huge weight on any financial situation, home expenses can often drain your budget quickly. As a homeowner, the cost of maintenance, repairs, insurance and taxes can add up to be a huge cost, hitting your pocket hard. This is an area where reducing costs is an all-important element, allowing you to cope with the costs of living that much better.
How can you reduce costs as a renter?
- As a renter, there are arguably more ways to reduce your costs. The easiest option would be to find a cheaper place to live once your lease is over, or find a way to get out of your lease before the time is up.
- If your lease allows for it, you can also sub-let. Either letting out a room or letting someone take over your place while you find cheaper accommodation. This is often best if you cannot get out of your lease agreement.
- Almost the same as sub-letting, get a house mate to co-sign the lease, allowing you to split the burden of rent and the needed expenses.
- A last resort for many renter, move back in with your parents or family. Opting to rather pay them than an estate agent or property owner. Chances are you can get a reduction in comparison to what you were paying for your rent in the first place.
How can you reduce costs as a home owner?
- The simplest option for a home owner would be to rent out a room or section of the house. While not always ideal, it does mean less cost for you and renters are likely to pay more for the room that what it would cost to you in comparison.
- Another option could be to move out completely, renting out your entire house while you move to more affordable accommodation.
- Taking away from the cost of living through reducing utility bills is probably the best way, although it takes a good amount of effort and control.
- As a drastic measure, you can always sell your house and free yourself of the high costs completely, however this is not ideal for most in this situation.
Reducing utility bills
Utilities can often run over budget and can have a huge impact on your monthly expenses, whether a home owner or renting. There are many ways to reduce these costs, saving you money and helping you build up some cash.
- Get a free energy audit from your municipality
- Replace old showerheads with water-saving versions
- Don’t use Air Conditioning, rather create draft or use fans
- Hang clothes rather than using a tumble dryer
- Use the shower rather than the bath to reduce water usage