4 Ways to Save on Housing Expenses

July 04, 2019
With the cost of living constantly on the rise, many people are finding it harder to make ends meet. Short of getting a second job, is there anything that can be done, to make your budget work? Yes, there is. You can cut down on expenses.
4 Ways to Save on Housing Expenses

Some household expenses are relatively easy to reduce. For example: saving on groceries and clothing is fairly simple since you can do so by taking advantage of specials and coupons, or buy shopping in less expensive stores. 

But what about the cost of housing itself? Is it possible to reduce the amount of money that you need to spend on rent or for your mortgage? Yes, it is.  

Here are four ideas on how you can lower your housing expenses:

Share a House or Apartment

Consider splitting rent and utilities with someone. If this is what you would like to do, figure out how much of your living quarters you are willing to part with, then ask around, or place an ad in the papers to who would be willing to share living space. Once you’ve found that person, make sure to put an agreement in writing, to avoid any possible misunderstandings that could arise in regards to the housing arrangements.

Move to a Rural Area

Housing is usually much more expensive in urban and suburban areas. The reason is simple: city living is convenient. Therefore, the further away you get from the city, the less expensive apartments and houses tend to be. So, if you’re able and willing to make a few sacrifices when it comes to travel time getting to work, and if you don’t feel the need to be near large centers, why not try moving to the country?

Downsize

You may want to think about downsizing. If you rent an apartment, see if it would be doable for you to get a less expensive apartment, even if that means getting a smaller one. And if you are a homeowner, why not consider selling your home and buying another one that would be easier on your budget, even if that means having a bit less living space. Smaller houses and/or apartments can be just as functional as larger ones, so you likely won’t miss out on much. 

Re-negotiate Your Mortgage

If you’re a homeowner, you can re-negotiate your mortgage to reduce your monthly payments. Of course, by doing so you would be extending the amount of time you will have to pay for your property. But keep in mind that you can probably eventually revert to larger payments, depending on your mortgage terms, and on your financial circumstances.

So, there you have it. Four ways to reduce your housing costs when money is a bit too tight. 

It’s important to realize that the present doesn’t necessarily equal the future. In other words, just because you have money troubles now, doesn’t mean you always will. But by immediately taking positive steps to control your expenses, you are certainly one step closer to getting back on your feet, financially speaking.