Saving money is often one of the most common New Year’s resolutions. And since owning a home is easily one of the biggest expenses the average person will have in their lifetime, saving money around the home is crucial. Even for those who are able to pay off their mortgage, the cost of annual maintenance – plus the little luxuries we tack on – can really add up. In order to save some money this upcoming year on home-related expenditures, consider these steps:
Refinance. Interest rates are low right now, so take a look at your current mortgage and assess if it would be wise to refinance. Cutting even $100 from your monthly mortgage payment will mean huge savings over the life of your loan. Be sure to understand the terms of the refinance, as sometimes the cost to refinance does not outweigh the savings.
Shop your homeowners insurance. We often overlook the cost of homeowners insurance because it is escrowed and paid as part of our monthly mortgage payment. However,...