Ways to Save Money On Housing
What you pay for housing each month can be one of your most significant expenses. You could feel like you are paying too much or you might be looking for a place to live. Here are a few ideas to help you save money on your housing.
Ways To Save Money On Your Housing
If you own your home
If you already own your own home, there are still a few things you can do to lower the costs.
- Check into refinancing your home to lower your monthly payment. This can work if you have equity in your home.
- You can downsize, sell your home, and buy a cheaper one. Although this might be a process, doing so can save you hundreds of dollars a month.
- If you have the space in your home, you can rent out a room. College students could be looking for a place to stay.
- If you have a spare basement, granny unit, or even second floor you don’t use, you could rent our that part of your house as an Airbnb or as a regular rental.
If you rent your home
If you rent your home, you also have some options to help you save money each month.
- You can bring in a roommate or two if you have the space. Then, the entire rent is not all up to you. You can also save money on utilities and even food this way.
- You also have the option to move to a cheaper rental. See what the average is where you live and if you can make a more affordable rent each month by making a move.
If you are looking for a home
If you are in the process of looking for a home, be smart about what you decide to do.
- Consider living in the dorms if you are a college student. While this isn’t a good option for families, staying in the dorms can work well for those who are single and going to school.
- If you are thinking about buying a house, make sure you will be in the area for a few years. You wouldn’t want to buy a home only to have to sell it again a year later.
- Don’t overbuy when it comes to a house. Figure out how much you should be paying on your mortgage each month. Spending no more than 28% of your monthly income on housing is a good guideline. That way you know you will be able to pay your mortgage every month and won’t find yourself overextended.
- Ask yourself how much space you need. This is even more important if you are only going to be somewhere for shorter amount of time. Can you sacrifice an extra room for a year or two to save money?
- When looking for a new place to live, keep your BAH in mind You will want to stay under the amount that you will receive for BAH every month, keeping your utilities in mind too.
- Consider getting rid of some of your belongings so you don’t need as big of a home as you needed before. The more stuff you own, the more space you need.
- If you are looking for a rental, keep an eye out for specials. Sometimes you can get into an apartment and have a discounted first month or other perks. Just make sure the rental otherwise fits your budget.
Think outside the box
Sometimes it is best to think outside the box when you are looking for ways to save money on your housing.
- Talk to your apartment manager or a potential apartment manager about doing some of the repairs yourself. If you are handy, this could allow you to get a discount on rent.
- Consider living in an RV if that will work for you and your family. This is sometimes a good idea for more temporary moves. See if there is an RV park near your duty station.
- Look for extra jobs that will give you a place to live. You could work as a nanny, gardner or in some other capacity where you are given your own room as apart of your job.
- You can become the manager of an apartment or rental and be able to stay there rent free, or with a significant discount.
Saving money on your housing will allow you to expand your budget in other places. See what you can do to lower those costs while still maintaining a home that fits your needs.