by Mrs C | Sep 3, 2020 | Blog
As your family grows, you might be wondering if you need a bigger house. However, getting one might not be the best idea. A bigger space means paying more and paying more can mean working more. This can take important time away from your family, and the tradeoff may not be worth it. Yes, it is tempting to get a bigger space as your family grows. But before you do that, consider some of these tips to make the most of your smaller home.
Learn to Live with Less
Most people live with far more than they need. One obvious culprit is clothing: is there clothing that you own that you haven’t used in a month? How about a year? Often getting rid of the things that you don’t need can leave you feeling less stressed. Whether that’s because you have fewer outfits to sort through in the morning to get dressed or you don’t have to find a place for the sandwich maker you never use or you’re not tripping over that extra basket. Before you purchase an item, think about whether you really need it. Getting rid of possessions you don’t need can be intimidating. It’s okay to start small. That way you can feel accomplished about what you have completed, and you can use that accomplishment to push you forward.
Maximize Your Space
Even without a major remodel, there are plenty of ways you can make better use of space. You don’t have to be limited by the layout of the home. A common problem is not having enough storage space. If you do not have enough storage space, make more storage space. You don’t have to be limited by the layout of the home. Creating more storage space can look like finding furniture that doubles as a storage container. This can be a couch with cushions you can remove to reveal chests. This can be a bed that you raise on stilts to make more room underneath for storage containers.
Maintenance
It is hard to stress the importance of consistent maintenance enough. It is almost always cheaper to fix something up so it doesn’t break, then to fix it or replace it after it has broken. Good maintenance practices can also help you better insulate your home and reduce utility bills by making your heater and AC units more efficient.
Staying in a smaller home as your family grows isn’t always the most obvious solution. But hopefully these tips help make it a feasible solution. It’s not just that you may not need a bigger home for your growing family—a smaller home could be better for your family.
Read this next: 3 Financial Concerns Homeowners Should Stay Aware Of
by Mrs C | Aug 28, 2020 | Blog
Even with an incredible resource like the internet, you may still be doing some of your shopping the outdated way. Shopping online for certain products can end up saving you significant time and money. Here are three different types of shopping that you should think about doing online.
Groceries
Going to the grocery store with a list in hand has been the traditional way of restocking your shelves for ages. But with even more efficient online services, it can actually be more cost-effective and convenient to buy certain products online.
When it comes to the actual shopping process, online selection allows you to assess what is actually in your cupboard and then buy what you actually need. You can also easily find coupons online to cut the overall total of your bill. And besides making the actual selection process easier, online shopping allows you to save time that would have been spent in the store as well as gas that would have been used to drive there.
Home and Garden Products
You may not think to take garden shopping online, but you often have access to an even wider variety of plants, seeds, and gardening necessities online. In fact, you can find premium seeds by purchasing them online. What’s more, whereas many home and garden stores tend to stock their seeds in smaller quantities, you can save on different plants and vegetable varieties by buying seeds in bulk when you purchase them from online vendors.
Electronics
When it comes to buying electronics, it can already be an overwhelming process to try and figure out which brand, model, and price of a particular gadget fit your needs. It can be tempting to go into a store and pick something out there. But in reality, you could be missing out on a lot of different promotions and resources if you pick electronics based solely off what is stocked at a particular site.
Instead, take time to research different gadgets online and take the pressure off yourself to buy one in the moment. You can also turn to different websites that will scan the web for the best deals and help you find the perfect electronic that meets all your needs without going above your price-range.
When you have shopped for things like groceries or home products for so long, it can seem unnerving to seemingly upset your typical routine by going online. But giving online shopping a try can pay off in the long-run. Start with some of these suggestions and see if they help you save money and then branch out as you feel comfortable.
Read this next: Surprising Ways You’re Wasting Money Every Month
by Mrs C | Aug 27, 2020 | Blog
Surviving financially in today’s world isn’t easy. Many homeowners are surprised to see how little they’re actually able to save each month. Here are some of the most common money-wasters and some tips on how to avoid them.
Gas
The exorbitant price of gas is a common conversation starter, and for good reason: gas is one of the most infamous money guzzlers on the planet. Many drivers unknowingly waste a surprising amount of gas every month gas.
There are many ways in which this may be taking place in your life. For example, failing to keep your car’s tires inflated properly will make your car work harder than necessary, and cause you to waste gas.
Choosing premium gas for your car when it’s not required is another way you can waste money—this will actually cost you 20 to 25% more each time you fill up.
Additionally, while it may feel like the fast track to glory (or to work), accelerating too quickly is also a surefire way to waste money. Instead, try driving at a slower, steadier pace.
Subscription Services
Many consumers drastically underestimate the amount that they pay in subscription services every month. While a TV or music subscription may only cost a few dollars a month, they can add up quickly. A recent study by Waterstone revealed that the average consumer spends a whopping $237.33 on subscription services each month!
Subscription services automatically charge you every month, so it’s easy to forget when you’re not using them anymore. It’s a good idea to take inventory of all the services to which you have subscribed, and then assess whether or not you really need to be paying for them.
Utilities
Almost every homeowner would answer affirmatively when asked if they would like to save money on their utility bills. However, many homeowners do not realize that they have the necessary control to make this happen in their lives. It’s likely that you are wasting money on utilities because of poor insulation, inefficient appliances, ineffective lighting, and wasteful water fixtures. Fortunately, these problems are relatively simple to correct.
One of the best ways to save money on utilities is to replace your windows. There are numerous benefits to getting energy efficient windows. Through a combination of multiple panes, gas fills, and insulated frames, energy efficient windows will reduce your reliance on your HVAC.
Buying Name Brands
It is sadly common for people to make the false assumption that a name brand automatically comes with higher quality. This simply isn’t true. Buying name brands when the quality isn’t better than other brands is a waste of money.
Next time you go shopping, experiment with a brand that costs less than the one you usually buy, and see if its quality is acceptable. You can blindly even compare the two products to see which one you really like better. Making informed, intentional shopping decisions is far better for your wallet. There are even grocery budgeting websites and apps that can help you to make smarter choices when grocery shopping.
Not Using Coupons
Many customers make the mistake of not using coupons, thinking they are not worth the hassle. However, not using coupons is equivalent to literally throwing away your money. If customers knew that many millionaires use coupons as part of their savings plan, they might think twice before passing up a coupon. Shoppers who used coupons from U.S. Consumer Packaged Goods (CPG) were able to save $30 every week, depending on their level of coupon participation.
These days, using coupons is easier than ever. Most store websites have online coupon features available, and your local supermarket can accept coupons just by seeing them on your phone. If you seek coupons out, keep track of them, and use them often, you will be surprised at how much you can save.
Eating Out
It’s easy to rationalize eating out by saying you’re too busy, and argue that the cost is worth the convenience. But if you’re not careful, it’s easy to find yourself eating out for all three meals. This is one of the fastest ways to blow your next paycheck.
You can save hundreds of dollars every month on food by making a grocery list, purchasing your groceries intentionally, and spending a few extra minutes cooking your meals for the week. This practice is healthier both for your body and your budget. After a while, you will be glad you passed up that cheeseburger and brought a lunch from home instead.
Groceries
Your weekly shopping run can be a waste of money, even if you have good intentions. Many people accidentally buy more groceries than they can actually use, causing them to waste money in spoiled food every week.
You can counteract this problem by putting together a menu of what you actually plan to eat each week. This will help you shop more intentionally and accurately, and ultimately save money.
Credit Card Debt
Homeowners often feel that it’s necessary to make frequent purchases on their credit cards in order to raise their credit score and build up a solid credit history. While this can be true, credit card debt is a slippery slope. Credit card companies have sky-high interest rates that can cause you to pay hundreds of extra dollars each month and year, just in interest. For this reason, it’s a good idea to pay off your credit cards as quickly as possible.
Impulsive Spending
Impulsive spending is a lifestyle that can be hard to change. There are many factors which work together to persuade shoppers to buy what they want, exactly when they want it. These factors include subtle advertising, entitlement culture, short attention spans, and many more. But, by simply exercising some restraint and taking some time before making a big purchase, you can save hundreds of dollars.
The next time you feel the urge to buy something, take a second to slow down and give yourself some time before you go through with your purchase. A good rule of thumb is to give yourself at least a few days before splurging. It’s likely that you will decide you actually don’t need that product after all, and you can save money to buy something you really do want.
Knowledge is the first step to improvement. Now that you know a little more about the ways you’re wasting money, you can make the simple lifestyle changes you need to save money for what you really want.
Using coupons is a great way to save money each month. See our coupons here!
by Mrs C | Aug 17, 2020 | Blog
Being a homeowner is a pretty significant milestone. It’s not without its challenges though, especially when it comes to financial responsibilities. There are some financial concerns that are especially important for homeowners to keep in mind and stay on top of.
Your Insurance
Homeowners insurance technically isn’t a type of insurance you are required to carry, but it’s still a good idea. Homeowners insurance helps cover your home, your property and possessions, and you from being financially responsible for injuries that happen on your property. These problems can be incredibly expensive, so having insurance to help can be valuable. There are different types of homeowners insurance, and they each cover different things. Some are best for homeowners, while others are designed for renters, condo owners, or even those who own mobile homes. Which one works best for you will depend on your situation, so take that into careful consideration when choosing coverage.
Your Home Equity
Your home’s equity is calculated by taking the fair market value of your home and subtracting the amount of money you owe on it from that amount. You can build equity in a number of ways, which will put you in a more secure position. Home equity grows as you pay off your mortgage and if your home increases in value. You can wait for your home’s value to increase. Alternatively, you can take matters into your own hands by doing home improvement projects that will increase your equity by increasing the market value of your home. This can put you in a better position if you are selling your home.
Maintenance Costs
Maintenance costs are another expense homeowners should keep in mind as they plan their budgets. Performing regular home maintenance is essential to keeping your home in good condition and preventing the need for more costly repairs. If you find the prospect of all the maintenance you should have done to be overwhelming, sort the tasks into more manageable segments by assigning them to be done by season or even further by month. When it comes to figuring how much you should be saving for home maintenance costs, plan on somewhere between 1 and 4 percent of your home’s market value.
Being a homeowner comes with additional financial responsibilities. These costs are important to keeping your home protected, in a good financial position, and in proper working order. It is important to keep up with these expenses and be aware of them. Make sure they are included in your budget and spend accordingly.
Read this next for more great tips: Costs in Addition to a Mortgage to Factor into Buying a Home
by Mrs C | Jul 24, 2020 | Blog
If you can’t pay your bills because of a lost job during the pandemic-related recession, you have options. It won’t be easy, but if you take care to cut spending on non-essential expenses, make time to negotiate with your lender, and file for unemployment insurance and benefits, you can get the help you need to continue making it through.
Cut Non-Essential Expenses
Cut your non-essential expenses. According to Scotia Bank, creating a survival budget can help you save as much of your money as possible and put the essentials first. Look at trimming your cell phone services, get rid of any services you can live without for a little while (such as premium cable television channels, newspaper or magazine subscriptions, lawn service, etc.), and get rid of your landline phone if you have one. Look at your usual expenses and cut whatever is not necessary. Until you have the money for it again, stop eating out and spending money on activities like going to the movies.
Negotiate With Your Lender
According to Roswell Infiniti, missing a payment can reduce your credit score or result in late fees, so you should contact your lender before all else. Negotiate with your lenders and banks to come up with a payment plan that’s manageable. It is sometimes possible to negotiate reduced interest charges or a deferred payment schedule.
Especially during a pandemic-related recession, some creditors may be willing to work with you. Some may not, but it is worth a try. Banks and other mortgage lenders face greater pressure to agree to mortgage modification requests, so you may find success there.
File For Unemployment
According to FindLaw, depending on your situation, you may be eligible for unemployment insurance and other benefits. The U.S. Department of Labor has unemployment insurance programs which provide benefits to people who find themselves unemployed through no fault of their own. During a pandemic-related recession, it is probable your loss of job will qualify you for these benefits. Check your state’s individual requirements in order to verify your eligibility. Unemployment benefits can include financial assistance, educational help, and even self-employment assistance to help unemployed workers start their own businesses.
Even if you are unemployed and don’t have the money to pay your bills, you can find ways to continue surviving. Stop spending money on things you don’t need, negotiate with your lenders, and file for unemployment in order to keep your head above water before you can get back in the game.
Read this next: Costs in Addition to a Mortgage to Factor into Buying a Home
by Mrs C | Jul 16, 2020 | Blog
A home is one of the most expensive investments you will ever make, but when buying a home, you need to consider more expenses than just the mortgage. Taking care of a home requires other fees simply to maintain it and keep it in good living condition. Here are three additional costs to factor into buying a home.
Repairs
Repairs can come unexpectedly, and they can drain the bank if they aren’t planned for. Before buying your home, make sure it is inspected. But even if the home is completely inspected and approved, things might go wrong. The dryer might break. The roof might need replacing or repairs from age or a bad storm. The basement might unexpectedly flood from a broken sprinkler pipe. Repairs can be incredibly expensive, with $3000 being average for many repairs. Plan to have an emergency fund for when things break and need to be repaired.
HOA Fees
Some homes come as part of a homeowner’s association (HOA). A homeowner’s association requires you to pay a fee and live a certain way to maintain the vibe the community wants to give off. HOA fees average $200 a month in the U.S. That fee allows you access to the shared community spaces, like a community rec center, but it also comes with certain obligations. For example, you may not be able to paint your home the crazy colors you’ve always wanted, or park recreational vehicles on your property because of the aesthetic HOA wants to maintain in the neighborhood.
Any Renovations
Another cost to consider would be any renovations you want to make on the home. For example, if, when you move in and you discover the kitchen is too small, you will have to pay the costs for a kitchen remodel. Renovations can be incredibly expensive, depending on the amount of renovating you want to do. Small renovations are cheaper, but the cost still needs to be considered if you’re planning on doing one after you buy the house. When buying a home, if you are planning on any renovations at all, make sure to factor those costs into the costs of maintaining a home.
Before you purchase your dream home, consider that there may be other fees other than those on the surface that you will need to pay, either monthly or when they’re needed. Buying a house is a big decision that comes with many costs.
