Moving into your first home is a life milestone that most pass, but even more rarely make the most of. Some move into their first home and soon find that it tends to capitulate into being their worst home. Why? Because some people move into their first home thinking all the hard work is done because they’re there, in their very own little castle. But, the moving in is just the beginning — the real hard work comes after. For tips on how you can stop your first home becoming your worst home, make sure to read on.
Cut down where and when you can
That first step on the property ladder is an expensive one. What with the downpayment on the house, the bills you are now continuing to pay in order to pay it all off as well as all the other bills and taxes you are paying, it all gets a bit expensive. Of course, as long as you have a steady job and the steady income that that brings you should be able to circumvent your necessary monthly outgoings quite safely. But, what all of these outgoings leave in your pay check once they have gone out can be a bit few a far between. And not having as much money to save or spend can come as a huge shock to the system for those who have, so far in life, always had enough money to do these things and do them comfortably. It is this shock to the system, and specifically the fact that first time home owners cannot transition into their new, far less excessive lifestyle which helps to turn a dream first home into the nightmare worst home.
So, when you move into your first place you have to be willing to cut back on the excessive lifestyle you have always lived; specifically, you must always be looking for ways to cut down on your expenditure. First of all, this means being more frugal with food than you ever have been before and saving as much as you can when it comes to grocery shopping. To do this you should always ensure that you are planning each shopping trip you can before the trip begins, no matter how tedious and ‘grown up’ this task may seem. What you should then do is stick to this list religiously and not allow for bargains and deals to turn your head unless they get you money off of the groceries on your list. Something you should also do with your grocery shopping trips is schedule them as close after pay day as possible. By doing so you will be able to get this very important bit of expenditure out of the way and will then know exactly how much money you have to play with for the rest of the month.
Something that you should also try to cut down on whenever and wherever you can are the various bills, insurances and taxes that you pay out on the home. You should do so, quite simply, because you can do so. And whenever you are afforded the chance to cut down on your expenditure, even if it is just a little, you should take it. Firstly, you should attempt to save on your home insurance by doing a number of things that include: combining your home insurance with the other insurance policies that you take out in life, such as the insurance you take out on your car, because more often than not multi deal discounts are offered by insurance companies; you should stay as loyal as you can to your chosen insurer as they will likely reward loyalty with discounts and deals; and you should do all you can improve your credit score because doing so will make you look far more favourable and trustworthy in the eyes of insurance companies.
Something that you should also try to cut down on when it comes to the money you pay out on keeping your home, well, your home, are the taxes you pay because of it. Yes, all homeowners must pay the taxes asked of them. Yes, there is no way to avoid them completely. But, there are ways to cut them down considerately. You could start your own business, for example, and tap into the fact that you would be able to draw more money out as tax free income. You could get started on creating a big family with your other half because of the fact that bigger families are favoured in regards to tax. Or you could just avoid these tax mistakes as well and as often as you can.
Don’t be afraid to nix the move if it just isn’t working
As sad and disappointing as it might seem, if the money saving tips above just aren’t working and your home move in general just doesn’t feel right, then there is nothing wrong with nixing the idea and then looking for a new place to live. There is nothing wrong with or embarrassing about giving up on your move, selling up and moving out of your first dream home. This could mean opting for a far less demanding type of accommodation and looking for apartments for sale, or it could even mean moving back in with your parents.
The point is, if your dream home move has turned into a nightmare because of the fact that the bills are getting on top of you and something just doesn’t feel right about it all, don’t feel embarrassed to give up with it. By doing so you would be able to reevaluate where it is you are in your life, whether a home is the right thing for you at this point in your life and whether or not you’re really ready for the huge responsibility of being a homeowner
Becoming a first time homeowner is just half the battle won; the hard work starts as soon as you get the keys. This hard work involves being as frugal as you possibly can with your money. This hard work involved giving up on your dream, for the time being at least, if it is the best move for you, the home and your finances.
