How to Save Money in Your First Home


When you purchase a piece of real estate for the first time your financial situation will change forever. This might sound extremely daunting but if you follow these simple tips you should be able to cope more comfortably.

Work Out a Monthly Budget

When you lived in your parent’s house there wasn’t really any need to work out a monthly budget, was there? If you ran out of money before you got paid all you had to do was stay in your room until wages day. Sadly, as a homeowner this isn’t as good an option. You really need to make sure that there is always enough money to pay the bills and to put some food on the table. This needn’t be as difficult as it might sound, though. A simple spreadsheet on your PC is all you need, although you could also download a smartphone app and use this if you prefer. Working out the monthly budget is the easy part and you might find that sticking to it is far more difficult.

Eat In More

Eating out on a regular basis is a treat which is far more affordable when you don’t have a property to run and a mortgage to pay every month. This means that one of the big changes you should make in your lifestyle is that of eating at home more. This can actually be good fun if you decide to learn some recipes and turn home cooking into a bit of a hobby. You will soon realize what ingredients are cheap and easy to use, like pasta, vegetables etc. You can usually save even more money by cooking in big batches and freezing the excess for later.

Invite Your Friends Round

Going out to bars and clubs with your friends can be even more expensive than eating out. However, a fine way to adjust to your new financial situation and lifestyle is to start inviting guests round. They are probably keen to see the new place anyway, and it could be a great way of turning it into a place with some great memories for you. If the last point made sense to you and you plan to take up cooking as a hobby then you could even arrange some dinner parties and let them sample some of your best recipes. With any luck they will return the favor and you will have cheap and enjoyable nights out in your friends’ houses to look forward to each month.

Take Up DIY

The last point is one of the most important of all. It is normal for someone to enter their first house without having any idea how to carry out even the most basic DIY jobs on a property. After all, until you own your own place this kind of thing has no relevance in your life. Having said that, once you buy a property you will soon realize that you need to learn a few things. Every property needs work done on it now and then, and it is going to be an expensive business getting in tradesmen to do it every time. By going online and checking out some detailed instructions you will probably discover that the majority of home DIY jobs are easier than you thought. As with the home cooking ideas, you might even find that you enjoy doing it and decide to turn it into a hobby rather than a chore. Although you might have to splash out a little to get the right tools for the job, this is only a once in a while – sometimes once in a lifetime – expense. Once you have the tools the basic materials for most jobs around the house are pretty inexpensive so with a bit of time you can patch up all those little faults before they turn into something more worrying.

5 Responses to How to Save Money in Your First Home

  1. Michelle says:

    Great post! We are working on eating in as much as we can. It’s so expensive to eat out all the time.

  2. Great post for anyone who is looking or has bought their first home. It’s also just great tips in general for any homeowner. Eating in always saves money and it’s much better for you. I also agree to try and do DIY but I also know when to call in the professionals. No sense causing a mess and having to pay twice to get a job done right.

  3. Having a budget is really the first step when it comes to saving on basically anything. Great post, very informative!

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