Buying a home is a dream for so many, and finally crossing that financial hurdle is something to celebrate. After you sign the papers and move in, though, it doesn’t mean you can stop prioritizing your saving habits.
Now that you’ve become a homeowner, it’s time to set new financial goals for yourself and start monitoring your money to reach them. Luckily, saving after you buy a home is easy if you follow these five tips from The Degnan Group!
1. Go Back to Cash
Absolutely everything is digital these days. Banking, communication, work and more are all on your phone and you can buy anything you need without ever seeing the money leave your wallet.
Instead of getting lost in the digital world, start taking out your weekly budget in cash. Keep it in your wallet and you might think twice about spending it frivolously. When you see the bills dwindle or physically hand them over, it makes the spending feel more real. If you have trouble sticking to a budget, forcing yourself to only use the cash you’ve taken out for the week will definitely help.
2. Stick to Your Old Budget
For many people, money gets tight right before they buy a home. You save aggressively for the down payment, and that shouldn’t stop once you move in. You’ve already been living with the budget and making it work, so stick to it for just one more year.
Challenge yourself to keep saving the same amount every month but instead of putting it away for your down payment, make extra payments for your mortgage. Watching your home loan decrease every month will be worth the sacrifice.
3. Review Your Budget Regularly
Where is your money really going? If you add up how much you’ve spent on gas station purchases or meals out this month you may be surprised.
The best way to save money is to regularly review your budget. Are you spending too much on subscriptions you never use? Cut them out. Do you eat out too often? Make a concentrated effort to cook more. After you buy a home the saving shouldn’t stop, and regularly reviewing your budget can help make sure you still reach your financial goals.
4. Start to Meal Prep
You have a brand new home and (hopefully) a lovely new kitchen. It’s time to put it to good use.
There are plenty of online resources to help even the most novice cook get into meal prep. It can be as easy as packing a sandwich and an apple every day or making a stew in your crockpot.
Meal prep saves money by decreasing the amount of impulse buys you make at restaurants, especially when it comes to eating out with your coworkers instead of packing a lunch. It also helps reduce food waste every week which will cut down your grocery bill.
5. Spend More Time at Home
The fifth and final tip to help save money after you buy a house is to spend more time at home. You have a brand new place and it’s time to put it to good use.
Instead of going out to dinner with your friends, invite them over for a potluck meal where everyone brings a dish to share. Or, try out some new recipes with your family and watch a movie together instead of going out to the theater.
The best way to make your house a home is to spend time in it. Commit to altering your schedule for a few months and when you see the savings it’ll be much easier to stick with it. If you usually go out both nights every weekend, reduce it to only one. If you spend Wednesdays at the nearby bar, invite your friends over for a game night instead and put that money aside for future expenses.
Little decisions add up, and you can still enjoy spending time with your friends and family without blowing your budget every week!
Use These 5 Tips to Save Money After You Buy a Home
Once you make the down payment and sign on the dotted line for your new house, you’re still not in the clear financially. It’s vital to keep saving even after you buy your home.
These tips from The Degnan Group will help you adjust your lifestyle and keep your bank account happy. Try taking out your weekly budget in cash to spend instead of doing it all on cards. Also, stick to your old budget even after you buy the house so the extra savings can go toward your mortgage payments. Then, make it a habit to review your budget regularly and incorporate meal prep into your weekly routine to save money. Finally, consider a shift in your lifestyle and start spending more time in the home that you just moved into.
All of these steps will help you save money after purchasing your home so you can secure a comfortable financial future for you and your family. Try them out today!