Financial Tips

How to Save Money : Save Money on Housing

Should you stay or should you go?

Whether you rent or own, it's always a good idea to look at less expensive housing alternatives. You may consider getting a roommate to share housing costs. If you own your home, there are a lot of benefits to staying put, especially at tax time. Homeownership provides you with a nice tax exemption; the maximum if the home is your primary residence. Another solution is to rent your house and move in with a relative or friend temporarily.

If you own...

Ask anyone who owns their own home... meeting the monthly mortgage payment is just the beginning. It costs extra money to maintain both your home and yard.

Avoid costly home repairs by planning ahead

The key to avoiding costly repairs is to know your home-especially if it is older. How long before you'll need a new roof, furnace or driveway? Has your wood-frame house been checked for termites? Use this knowledge to budget and plan ahead accordingly. Also, protect yourself by making sure your plumping, electrical and heating and cooling systems are in sound working condition. Contact utility providers who offer maintenance programs at little or no cost.

Make simple repairs yourself

For simple repairs and home decorating, "do-it-yourself" is simply the best way to go. Thanks to the Internet, you can get step-by-step instructions on fixing and enhancing just about anything. In addition, the big home-improvement chains offer free classes on everything from painting to putting in a new light fixture. Another great way to save is by bartering. Trade a service you can perform or an item you own-but don't want-for work around your home and yard. If you rent, trade with your landlord.