3 Tips to Reduce Spending as a Homeowner | Cleveland Bradley County Teachers Federal Credit Union

When you become the new owner of a home, it can often be a daunting and overwhelming period of transition. Issues and areas of improvement can be prevalent and take you by surprise.

Because homeownership can be quite costly, our team at Cleveland Bradley County Teachers Federal Credit Union wants to share three great ways to save your hard-earned money as a new homeowner.

Check the Insulation in Your Attic

Whether it is extremely hot or extremely cold, a lack of insulation in your home means that you will have to dish out more cash just to maintain a comfortable temperature inside.

Take the time to go into your attic and see if there is an adequate amount of insulation. If you’re lacking on coverage, you can now know where all your heat is going when you have to crank it up every winter.

Start an Emergency Home Repair Fund

From natural disaster, your kids messing around or just some bad luck, the possibility of an unprecedented accident is just one moment away. For example, if your hot water heater were to break, it’ll likely cost you over $1,100 to repair.

The ability to come up with this money in an instant is, unfortunately, not possible for many people. Put aside a small amount of cash from each paycheck for this emergency fund.

The earlier you start saving, the less difficult it will be when the emergency occurs.

Get a Smart Thermostat

In most cases, a smart thermostat can actually save you money. In home/away settings, a smart thermostat can turn the system on or off or change its temperature setting when you arrive or leave.

This can help reduce the amount of money spent for the comfort of people who aren’t even presently at home. And due to the increased energy efficiency, it is common for a homeowner to save about $140 per year on their power bill.

There are so many things to be stressed about when becoming a new homeowner. The cost of utilities and potential emergencies shouldn’t have to be one of them. Just practicing a few mindful habits and implementing one of these tip can save you tons of money in the long run.

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