The Must-Know Money Tips for Homeowners Everywhere

The Must-Know Money Tips for Homeowners Everywhere

Owning your own home is a major achievement and something that many people aspire to. Once you’ve purchased a property, however, it’s more important than ever to manage your finances effectively. To ensure you’re a step ahead, take a look at these must-know money tips for homeowners everywhere:

1. add value to your home

Every time you think about making changes to your property, consider whether they will add value to your home. If you’re unsure, talk to a realtor about what impact any proposed home improvements will have. Creating more space, adding an extra bedroom, or even improving your home’s curb appeal could be a savvy way to increase the value of your property, for example.

2.  you can remortgage your property

Most people take out a mortgage in order to purchase a property, but this doesn’t mean you’re stuck with the same interest rate forever. In fact, most fixed-rate mortgage deals only last for a limited period of time anyway. Following this, you’ll need to shop around if you want to get the best rate. In some instances, it can be more cost-effective to switch to a different lender, which means remortgaging your home. Although this can sound daunting, it can be an easy way to reduce your monthly repayments and cut the amount of interest you’re paying.

3.  make your home more energy efficient

Increasing the energy efficiency of your home can reduce your carbon footprint and enable you to enjoy a more sustainable lifestyle. When you upgrade the insulation in your property or add a thermal coating to window glass, for example, you’ll lose less heat in the winter and retain the cool air from your AC units in the summer. 

This means you’ll rely less on your HVAC system and, therefore, use less fuel. As well as being less damaging to the environment, this is also a great way to reduce your running costs and save money in the long-term.

4.  generate income from you home

If you have any extra space in your property, it could be a good idea to consider renting out a room. You can either take in a lodger on a full-time basis or rent a room out on an ad hoc basis for just one or two nights depending on your needs and how you feel about having someone around. Alternatively, if you have extra garage space, you might want to generate a little income by renting it out as storage. By making your property work for you, you can supplement your income by a surprising amount over the course of a year.

5.  managing your money as a homeowner

Investing in a property can be a great way to safeguard your future but there’s no doubt that owning a home can be expensive. By taking a proactive approach to your finances, however, you can ensure that you stay on top of your financial obligations. By sticking to a well-planned budget and making savvy home improvements, for example, you can maximize the value of your home and use your income wisely.

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– a contributed post

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Why You REALLY Need an Emergency Fund

Why You REALLY Need an Emergency Fund

Managing your finances should always be a top priority but a surprising number of people overlook the importance of having an emergency fund. Even the most comprehensive budget can’t account for every eventuality, which is one of the reasons why having an emergency stash of cash is essential. To help you get started and to keep you motivated, take a look at these five reasons why you really an emergency fund:

1. You’re saving for something important

When you’ve got savings goals, it’s easy to assume that all of your spare cash should be diverted to your savings account. However, this increases the likelihood of dipping into your savings when an unexpected expense crops up. Of course, seeing your savings balance go down can be demotivating and may even put you off your stride.

If you have a separate emergency fund, however, you won’t have to dip into your savings when something unexpected happens. When you need to pay an unforeseen bill or fund urgent repairs, for example, you can use your emergency fund, instead of having to withdraw some or all of your savings.

2.  You own a car

If you own a vehicle, then you certainly can’t be without an emergency fund. Although some vehicle expenses, like tax and insurance, are predictable, many aren’t. When you break down and need a towing service, like https://sg3towingandrecovery.com/, or when you need to get your car repaired, you’ll need to be able to access the funds easily. Fortunately, an emergency fund gives you this flexibility. 

Many people need a vehicle in order to get to work, which means that being without a car can have a major impact on your income. By having an emergency fund to fall back on, however, you can ensure that unexpected faults or repairs won’t be difficult to cope with.

3.  you want to get out of debt

Whether you’re paying off your mortgage or trying to get out of credit card debt, not having an emergency fund can make it hard to transform your finances. If you don’t have a fund to fall back on, you’re more likely to take out a loan or use a credit card to fund unforeseen expenses. Of course, this will increase your debt, even though you’ve been working hard to get out of the red.

When you have to pay interest on the money you’ve used, you’ll end up paying more in the long run, which can lead to further difficulties in the future. With an emergency fund, however, you can pay the added expenditure without relying on commercial lenders and without being forced to accept high rates of interest.

4.  you have bad credit

If you have bad credit, you may not even have the option of getting into debt in order to fund essential expenses. If your vehicle breaks down and you don’t have an emergency fund and you can’t get credit, you might have no way of getting it repaired. If you can’t then get to and from work, you could be at risk of losing your job, which means you’ll have no income. Although this might seem like a far-fetched situation, it’s something that millions of people encounter every day. 

If you have bad credit, the only way you’re likely to be able to get credit is by paying an extremely high interest rate. Unfortunately, this type of borrowing often has disastrous consequences and can lead to a spiral of debt. To avoid this happening to you, be sure to build up an emergency fund as quickly as you can.

5.  you’re the breadwinner

If you’re single, you live in a one-income family or you earn more than your partner, you may take on the responsibility of the majority of bills in your household. Even if you earn a good income, there are always unexpected costs that crop up. To protect your finances, it’s important to have some funds you can access in the event of an emergency. This means you won’t have to disrupt your budget or miss important payments when something unexpected happens.

6.  Expecting the unexpected

You may not be able to predict when something will go wrong or exactly what it will be, but you know that it will happen at some time or another. This should be all the motivation you need to get started building an emergency fund. By contributing to the fund regularly, you can ensure that you’ll be able to access the funds you need and give yourself peace of mind in the meantime. 

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The Best Advice You Could Ever Get About Creating A Rainy Day Fund

The Best Advice You Could Ever Get About Creating A Rainy Day Fund

If you are stuck in the gloom of uncertainty, now may be the perfect time to start planning for the year ahead, when lockdowns and restrictions are a thing of the past. 

Plus, with an extra bit of cash, you’ll be able to do some fantastic things somewhere down the road, post the Coronavirus pandemic.

1. What are rainy day funds all about?

A rainy day fund is an amount of money you set aside for something special or those minor emergencies that life may throw at you, outside the everyday living expenses. 

You’re probably wondering why it is called a rainy day fund? Just like days when you have to adjust your plans due to the weather, rainy day funds are similar to that analogy. You may not have anticipated a torrential downpour or your car breaking down, but either of these could happen at any given time, so having a little rainy day fund could at least help to mop up any unforeseen issues.

2. how do you create your own rainy day fund?

Setting up a rainy day fund does not have to be tricky or challenging. Fortunately, there are several great ways that you can do this; the first step should be to create a budget that you can easily stick too. 

Here are a few steps you can look at to start your rainy day fund:

  • Download a budgeting app.
  • Set up a monthly direct deposit from your bank account when your paycheck goes into your account. That way, you will be less likely to go on a mad spending spree.
  • Transfer at least $40-50 per month to an ISA or savings account.
  • Create a rainy day fund jar: decorate it and put any spare change in the pot often. A little bit of loose change here and there, will soon add up to an amount you can use as an investment.
  • Consider reducing your outgoings for a few months, while you get settled into a routine of creating your rainy day fund. 

Aim to save $1,500 in 3 months, and then stick to that plan; you’ll be amazed.

3.  Alternate Approaches To Becoming A Saving Diva

An alternative to rainy day funds is to generate a savings pot of gold or a Terramundi Jar, which a sealed jar that you can add a little money to or throw all your loose change into the Terramundi jar, until it is full. Once the pot is full, you can celebrate by smashing the jar and counting up all the money. This approach is a beautiful way of saving.The jar is completely sealed making saving easy, plus the Terramundi jar holds up to at least $600. 

Another option would be selling or pawning your jewelry; for example, you could pawn diamonds or gold if you have these languishing in your jewelry box. It would help if you need a quick solution to meet a financial emergency. 

Look at all your options, and become a savvy saving diva.

best,

– a contributed post

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Can You Own A Car And Keep The Costs Under Control

Can You Own A Car And Keep The Costs Under Control

Owning a car is a choice that always comes with a massive expense attached to it. There’s no way to avoid the costs of owning a car. However, there are ways to keep them under a tighter level of control and ensure that they don’t eat your entire budget. Here are some of the best options that you should explore for keeping the costs of owning a car at the right level.

1. Choose A Maitenance Friendly Vehicle

First, you might want to think about how expensive a car is going to be to maintain. A lot of people think the greatest cost of owning a car will be the initial purchase. However, this isn’t quite true. The reality is that the cost of maintaining a car can be a lot more in the long term. Particularly if you’re planning on keeping a vehicle for several years. The good news is that there are quite a few car brands that are well known for being incredibly reliable and lasting longer without issues. For instance, Land Rover is easily one of the most reliable car brands in the world. You won’t end up at the side of the road if you buy one of these. Alternatively, you could also think about something smaller like a Mini. Visit a Mini dealership and you’ll find that these compact cars are well made to ensure that they last for years without faults. Hybrid cars are also believed to be cheaper to maintain compared with the typical gas guzzler. 

2.  Fuel Costs

Another big cost that is often overlooked by people buying a car is the price that you’ll need to pay for fuel. Fuel costs can be huge for certain vehicles and can end up eating into your budget. That’s why when you buy a car, you should always consider the MPG carefully. It’s important that you don’t end up with a car that wants to stop at every petrol station you see.

3.  Get a car on lease

It’s possible that you can’t afford to buy a car outright. If that’s the case, then there should be nothing stopping you considering purchasing a vehicle on a lease. A lease can be far more budget friendly than most people realize. You just need to make sure that you are choosing the right provider. Be aware that a lease contract will tie you to a car for a long time. As such, you definitely need to consider the car that you choose carefully and ensure that it is going to be the right choice for you. You also need to be careful of additional expenses and ensure that you do check the small print. 

We hope this helps you understand some of the best ways to keep the cost of owning a car under a tight level of control. For some lifestyles owning a car is absolutely unavoidable. However, that doesn’t mean that this choice has to cost you a fortune. You can get the perfect car and remain as frugal as you need to with your budget.

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– a contributed post

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The Most Financially Savvy Steps You Can Take When Buying a House

The Most Financially Savvy Steps You Can Take When Buying a House

Buying a property is an exciting but stressful exercise, and this is something that you need to try to make the most of as much as possible. Try to make sure you come up with elements that will help you choose the right property, as well as being able to take the necessary steps moving forward. You need to make sure you think about the best ways of achieving this, and there are so many ways of being able to cut costs and reduce expenditure here.

You’ve got to make sure you think about some of the best ways of being able to improve the house move, and do as much as you can to work on this right now. There are a lot of elements that you need to make sure you factor in here, and it is important to do what you can to focus on this moving forward right now. Think about some of the best ways of being more financially savvy when buying a house.

1. Get as Much as You Can for Selling Your Old Place

A great place to start is with the home you already own and are trying to sell. One of the best things you can do here is to make sure you get as much as possible for your home. This can be done in a number of ways, such as through basic DIY, proper home staging, and choosing the right time of year to put your home on the market. This is not an exact science, but these are ideas that will help you significantly when it comes to understanding how to get the most from your home moving forward.

2.  Try to Go with Commission-Free Agent

Most estate agents or realtors will charge commission for selling your home, or for helping you to purchase a new home. This is pretty common practice, but there are also a lot of things you can do that will allow you to save money here. Agents who charge low commission or don’t charge commission at all are few and far between, but they do exist. Alternatively, you may decide that you would like to try to sell your home yourself without any involvement from realtors, and buying a property you may rather go directly to the buyer. These are things to consider when you are trying to save money and reduce the expenditure involved in moving.

3.  Take Care Of The Moving By Yourself

There are a lot of things that you should be looking at when it comes to saving money during your house move, and one of the key parts of this is to take care of moving yourself. Something you are going to need to get right when you move is being able to transport your stuff, and this typically means an outlay with hiring removal professionals. However, you might well be able to take care of this yourself if you can gain access to a van and move all of your items yourself.

4.  Find The Right Mortgage For You

Finding the right mortgage for you is something that plays a massive part in this process, and you should try to make sure you look at many of the different options available to you. Understanding the different mortgage lending products that are available is very important when it comes to allowing you to find the best possible mortgage offer for you. This is a really important part of the process when it comes to trying to improve the process and take things to the next level right now.

5.  Use A Larger Deposit

Something you can do that is going to help you when it comes to saving money is to make sure you use a larger deposit when buying the home. There are a lot of things that play a role when it comes to trying to save money, and using a larger deposit is definitely something that can help with this. It will reduce the amount you’ll have to pay each month for your mortgage payments.

As you can see, there are a lot of things that you need to think about when it comes to improving your finances and being able to buy a home. There are a lot of things that play a part in this, and it is important to help you take the right steps to ensure success. You need to buy the right home, but it is essential to make sure you look at ways of cutting costs and saving money in the process as well.

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– a contributed post

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