6 Money Saving Tips All Homeowners Should Know

6 Money Saving Tips All Homeowners Should Know

Is being a homeowner all you imagined it to be? Let’s be honest: property owners in Melbourne face many challenges that often ruin the experience of having your own little sanctuary. We’re here to change up that scenario because a little planning can go a long way in alleviating the stress and frustration you’re facing.

One major obstacle is the money that goes into the upkeep of a property, so let’s start there. We’re sharing a list of handy tips that have helped locals save money. From budgeting to DIY plans to partnering with a plumber Melbourne homeowners can find some relief and start enjoying their assets more than before—without losing sleep about money. Here’s what you need to do this year.

You Can’t Save Without a Budget

Is your home taking up more of your monthly salary than you expected or are you simply hoping to put away some money each month for a future holiday? No matter your motivation, you won’t reach your money saving goals if you don’t track your spending.

Realising what your maintenance or upgrade expenses really are will help you plan more effectively for the future. Having an overview of your spending helps you not run out of cash before pay day, because you’ll always know what’s a wise amount to spend on your latest home renovation project. So, use a spreadsheet or a budget app and take back control of your money.

‘Prevent’ is Much More Cost Effective than ‘Repair’

A huge part of your expenses on your budget may end up being repairs, whether it’s fixing your structure, plumbing infrastructure, appliances or a window someone broke with a ball. Some of these expenses can be prevented by regular maintenance checks. Reparations will be menial instead of replacing large components.

For example, having a plumber check your pipes on a regular basis or a garden service trim trees can prevent massive problems. Fix tiny issues before a pipe bursts and make sure branches don’t break roof tiles. Planning ahead in this way will prevent escalating maintenance costs.

Smart Technology is NOT Just a Trend

Modern innovations aren’t only about making life more luxurious or comfortable. You’ll start saving money if you try out smart home solutions. For example:

  • A programmable thermostat helps use less electricity. Your rooms can be returned to the temperature you like about an hour before you arrive, but while no one’s home the system won’t waste power working so hard.
  • When motion sensors help switch on lights only when someone enters a room, you don’t waste power because you forgot to switch off upon exiting.

While you help yourself manage your budget, you’re also helping the environment by wasting fewer natural resources.

Upgrading is Investing

You can also upgrade and renovate your home to save money in the long run. Yes, initially you’ll have to sacrifice some capital but in the long run you’ll see it becomes a wise investment. Monthly expenses can fall and if you sell your home one day you can set a higher asking price, so you’ll have more to spend on your new home.

Even if you don’t switch to an entire smart home system, consider at least upgrading your appliances. Newer models tend to use less energy because they’re more efficient by design and when components aren’t worn out, the item will be more power wise.

Renovations like insulation or adding awnings to windows can help you manage room temperatures more effectively, without even switching on your HVAC system. All of this will result in many dollars saved each year.

Time to Review Mortgage and Insurance

You may have received an excellent deal on insurance a few years ago, but that doesn’t mean it’s still your best option today. Make a habit of reviewing your insurance policy and talking to experts to see if you’re eligible for a different deal with the same benefits but at a lower rate. For example, the security system you added could mean your premiums will drop because your car and home content is safer than before.

Mortgage rates don’t stay the same, so revisit this topic once a year. Find out if you can refinance for a lower monthly rate.

DIY with YouTube—Why Not?

You do need certain experts on your side, so it’s smart to have a plumber and electrician on speed dial. However, some tasks are safe to handle on your own, especially with all the helpful DIY videos you’ll find online these days.

Start adding up the numbers, implementing some of these tips. Chances are you’ll see a difference in your savings within months. And while you discover these solutions, you’ll realise it’s once again fun to be a homeowner.  

John Norwood
John Norwood is best known as a technology journalist, currently at Ziddu where he focuses on tech startups, companies, and products.