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Personal Finance Tips For New Homeowners

  • July 27, 2020
  • boss

After a big event like purchasing a new home, you will want to know that you have full control of your finances.  The money you have to work with after the initial purchase of your home is a tool for perpetuating the wellness of the property. 


Take some time to investigate what it takes to properly keep up with your new home’s maintenance, and don’t go broke along the way.  Here are a few personal finance tips to help new homeowners keep their bank account in the black.  


Get creative with the interior design of your home


Now that you have a home, you have to furnish it.  Working with the interior design of your new purchase is what makes a house a home.  If you want the perfect dining room setup, you don’t have to spend a fortune to achieve it.  


Take the time to do a little research when you go to purchase furnishing for your new home.  Don’t rule out the possibility of some great consignment furniture to accent your style.  


Pay attention to your utility bills 


You may have a good idea of what your utility bills will cost in your new home, but there’s nothing like hard evidence to help you make the necessary adjustments (if any).  Pay close attention to your utility bills for the first year.  


You may find that you need to cut back on some things.  You may find that your home is super energy efficient.  Either way, paying attention gives you usable data about your house.  


Always have an emergency fund in the mix


No matter what, you need to keep a running emergency fund.  Owning a home can throw some surprises at you along the way, and you want to know that you’ll be able to afford the necessary fixes without breaking the bank.  


As a general rule of thumb, you’ll want to save at least one percent of the cost of your home per year to financially be able to handle the cost of upkeep.  


Budget for the cost of regular home maintenance


If you want your personal finances to remain balanced, you should always include home maintenance in your regular budget layout.  You may need money to have the yarn manicured, get your HVAC unit serviced, or have your chimney cleaned to keep your home in top shape.  


It may cost money to take proper care of your home, but taking action now will save you money in repairs over the years.  Proper maintenance will extend the life of your home and all of its most valuable features.  


Always pay your mortgage on time 


It will help your finances to always pay your mortgage payments on time.  Paying late fees and added interest will only compound the expense of owning your home.