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"Let’s Save More on Housing: Save More Series Part 5"

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In the previous parts of this article series, we have discussed several ways to save more money by focusing on reducing a certain expense we commonly made. In our latest one, we have discussed how we can save more money by reducing our utility bills, and we hope you found it effective!

Today, we will discuss one of the greatest expenses for most people: the housing budget. Housing, as one of our primary needs, take roughly 27% of our pre-tax income each year, a very significant number for everyone.

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Although reducing housing expenses can be very difficult, there are still a lot of simple yet applicable things we can do, and here are some of the notable ones:

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1. Smart Refinancing

If you are currently in a bad mortgage deal, try to find a rate-and-term refinancing of your remaining balance for a lower interest rate and a more flexible term.

One thing to keep in mind, refinancing is an expensive business, so make sure to do your calculations right. There are many break-even calculators available online that might assist you.

2. Find Gaps in Your Property Taxes

There are a lot of cases when we overpaid our property tax, because of the gap years between assessments. Thoroughly check out your tax assessments, and if there are any mistakes, you might probably ask for a lower tax.

There might also be other factors that might affect your property tax calculation, so make sure to consider all possibilities.

3. Getting a Roommate

If you have any spare space in your household, getting a roommate can cut your costs considerably, from rental (if you are renting), utilities, as well as being able to share chores and errands.

4. Rent Your Space

On the other hand, if you own a property, consider renting spare rooms to get more earnings. There are many platforms available today that made the rental process easier than before, such as Air BnB.

It shouldn't only be limited to a spare room. If you have a parking space, you might also rent it to your neighbors, getting extra earning while you can park a bit further away.

5. Move Back To Your Parents

Depending on your age and marital status, moving back with your parents might still be an option. Although it's considered an embarrassing act most of the time, getting back with your family can help you save more money to eventually get your own place.

Just keep in mind that it's a temporary thing, and don't get too comfortable along the way.

To Be Continued…

Housing expenses can be one of the most significant costs you can have, and managing it well can dramatically increase your chance to save more money.

In the next part of the series, we will discuss more ways to save more money by reducing your expenses. Stay tuned for more!