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SAVING FOR A NEW HOME
Part 4: 10 Expenses You Can Cut to Save

May 8, 2017

checkbook, cash, and calculator

 

We all have spending habits that are hard to kick, and sometimes it’s even the smallest expenses that are hard to do without. That being said, cutting back on daily, weekly, and monthly expenses can add up and help you save for a home.

Here are ten ways you can kick expenses to the curb in order to work toward buying a home.

 

Cut Back on Transportation and Drive Your Savings Upward

We all have to get from A to B. In most places in the United States, having a car is a necessity. However, there are certainly ways to cut back on car maintenance costs and gas costs.

1) Carpool

Find four or five friends at work who live nearby and create a carpool schedule. It may be a little slower than driving individually, but a little bit of time can save you money. The savings from gas alone will add up rather quickly.

2) Take Care of Your Car

That’s right. You should spend to save. Cars don’t do you any favors in regards to depreciation. There are little things you can do to get better offers when it comes time to sell. Routine maintenance, such as oil changes and filter or belt replacements, can go a long way in extended the life of your car or adding value should you sell.

Make sure your tires are properly inflated to improve your mileage by one percent. Also, don’t wait until you are almost empty to fill up your gas tank. This can damage your car and hurt its resale value.

 

Feed Yourself and Your Wallet

We all have to eat, but there are simple ways to save each month on your food expenses.

 

And here’s the good news:

 

You don’t have to starve in order to save.

3) Don’t Eat Out as Much

Eating out can be more fun and faster than making a home-cooked meal. However, your fast food and restaurant debit charges can really empty your bank account. Take the time to make your meals. If you need to save time, consider making meals in bulk on the weekend and freeze them for quick meals throughout the week.

4) Start Gardening and Canning

Many may not feel they have a green thumb; however, learning how to garden can save loads of money. On top of that, home-grown vegetables taste so much better than store-bought vegetables.

 

Reduce or Eliminate Bills and Save Long-Term

We all have those monthly bills we have to pay, but you don’t have to feel stuck if the bills are just too high.
Here are two examples of bills you can cut out of your life or reduce:

5) Gym Memberships

While you may prefer going to the gym, a membership isn’t necessary to get good exercise. Cancel your membership and go on jogs, lift weights at home, or look up exercise videos on YouTube.

6) Insurance

Insurance is a necessity. Paying a reasonable amount per month for thousands of dollars of protection is more than a fair trade, but that doesn’t mean you can’t find a better deal somewhere else or bundle insurances together.

 

Great Money-Saving Habits

Here are some habits you can adopt to save for a home.

7) Make More Gifts

Everyone has a birthday, and it seems every month has a holiday. However, you don’t have to go blow your money on expensive gifts from the mall. Learn how to make gifts. It’s more sincere and it can save you a couple hundred dollars.

8) Save Up Your Credit Card Rewards

Find a bank with good credit card rewards. Don’t touch the rewards unless you absolutely need it. If there are expiration dates on cash rewards, try redeeming them and throwing them into savings. This can be a great fund for renovations to your home. Be careful, however, not to rack up unnecessary debt on your card just to get rewards.

9) No-Spend Week

Pick a week to hide your wallet. It’s okay to spend in case of emergencies during this week, but otherwise exercise control.

10) DIY

There are several necessities and home accessories you can make yourself. For example, you can make cleaning products with simple ingredients like lime juice, baking soda, and vinegar.

If you implement these tips in your life, you will see your bank account grow and come closer to buying a home.

 

For the rest of our SAVING FOR A NEW HOME series, be sure to read Part 1, Part 2, and Part 3.

What's New

  • SAVING FOR A NEW HOME
    Part 5: Asking for Support Read More »
  • SAVING FOR A NEW HOME
    Part 4: 10 Expenses You Can Cut to Save Read More »
  • SAVING FOR A NEW HOME
    Part 3: Sacrifice Your Luxuries Read More »
  • SAVING FOR A NEW HOME
    Part 2: Saving Your Big Breaks Read More »
  • SAVING FOR A NEW HOME
    Part 1: How to Create a Budget Read More »
  • HOME-BUYER’S GUIDE
    Part 4: Mortgages 101 Read More »

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