Homeownership can be a path to financial success. Generally, real estate value tends to rise over time. Owning a home also offers a sense of stability and security that often isn’t available through renting. However, home expenses sometimes add up, and a major, unexpected cost may put you in a precarious financial spot. Cutting certain home expenses could help you bring your bank account to a more stable position.
Understanding where you can save money without negatively impacting your property is critically important. You wouldn’t want to eliminate your homeowner’s insurance or defer maintenance costs until a catastrophic failure of a key system or appliance in your home occurs.
Luckily, there are ways to address household expenses that keep you safe and secure in your home. With so many costs tied to living in your home and maintaining it, there are plenty of options. You could:
- Keep a closer eye on utility usage. Electricity, water and heating use can all be monitored and adjusted for decreased utilization and increased savings. Start with changes that don’t have an effect on you, like unplugging energy-hungry appliances when not in use and turning down your air conditioning or heat when leaving your home.
- Engage in preventative maintenance. Simple actions like regularly changing your HVAC air filter and checking for potential issues in major appliances can help you avoid more costly repairs and replacements down the line.
Comerica Bank offers effective tools for managing your money, including our Access Checking account. Check out our video for more tips for cutting home expenses, and get in touch with us today to find out about how we support your financial needs.
