The homeownership rate in the United States alone has been growing ever since 2016, and it has reached over 65.1% in 2019. With the rising percentage of occupied households, there is also a rising demand for various commodities. Nowadays, the life of many homeowners has been improved in many aspects. Whether you would use a robot vacuum cleaner or a food ordering application to fill up your fridge, it is a great way to improve your life and save some time.
However, these improvements might be quite expensive and add to your already tight budget. According to the Leading Index for Remodeling Activity, home improvement spending has been rising up to 6% annually. Luckily, there are many ways to cut on some costs and make homeownership fit your budget.
Saving Money While Cleaning
Cleaning is a huge part of everybody’s life and is one of the main prerequisites of keeping a house in a good shape. Hence, you can cut on some costs by using plain or a flavored vinegar for cleaning windows and carpets instead of expensive detergents is just one of many ways to use home remedies for cleansers. This is also a very good eco-friendly option for cleaning, which is way better for nature.
Saving Money on Electricity
Another thing you can do to minimize your expenses is to cut down on electricity. You can try turning down your water heater when you are not at home and or on vacation. However, there are even better options for cutting electricity, and it is by getting a smart power strip. Electronics are known to be sucking power even when they are in sleep mode or turned off.
Nevertheless, you can stop this vicious cycle by getting a smart power strip, which can detect when a device is in sleep mode and stop the supply of power. This can result in a hefty decrease on your electricity bill. You can also try adjusting the electric thermostat in your house, especially when you are away. As per the U.S. Department of Energy, lowering your thermostat by seven to 10 degrees for eight hours a day while you are away, you can save up to 10% on your monthly electricity bill.
Saving Money by Replacing the Windows
Windows can be one of the reasons for your high bill, as they are the entry points for the cold breezes in the winter and the hot air in the summer. Although it might be quite costly to replace all the windows of a house, it might end up saving you a lot of money in the future. However, if you can’t replace all of them, focus on replacing the ones that are facing the north and the south.
These are considered to be the most problematic. Hence, the new windows can lower your energy bills significantly. According to the U.S. Environmental Protection Agency, you can save up to $501 a year if you replace your old windows with new Energy Star approved models. Last but not least, you can install new window cellular shades to block the sun in the summer and keep your house cool.
Refinance Your Mortgage
Eventually, you might consider refinancing your mortgage at a lower rate. Since the mortgage rates are always fluctuating, you have probably bought your house at a higher rate. However, if you consider refinancing your mortgage, you might end up saving several thousands of dollars of interest cost on a monthly basis. Although, before going for a refinancing of the mortgage, it is best to consider other factors such as closing costs and how long you plan to stay in the house.