Home Savings: Knowing Where to Spend and Where Not to

 

Saving money is something we’ve all tried to do; as a result, we all know how difficult it can be to actually put away a good amount of savings. However, it isn’t impossible to do. Just within your home, there are simple ways to save money. Here are a few ways you can save money by making simple adjustments in your home.

Know When to Cut Corners

Not everyone needs name-brand, high-end goods to enjoy their home. In fact, there are some areas where cutting corners may not actually hurt you. For example, buying luxury appliances will not make your food taste any better than if you had bought the middle-of-the-line options. This is an area where buying conservatively may help you save some money.

The same goes for furniture and decorations. Buying discount or thrifted furniture is a great way to furnish your space without breaking the bank. You don’t have to buy the most expensive desk for you to complete your work effectively. It doesn’t have to be the most expensive kitchen table to enjoy meals around it with your family. If the piece of furniture serves its function as well as the high-end choices, why not go for the more affordable option?

With decorations, sometimes less is more. Not every wall needs to be decorated, but decorations can be very cheap or even made yourself when you want to save a few bucks. You don’t need to buy a piece of art worth hundreds or thousands of dollars. Save money by living comfortably, but not lavishly.

Another easy way to spend a little but save a great deal is by investing in landscaping. The shade and wind buffering provided by trees reduce annual heating and cooling costs by $2.1 billion throughout the United States. Though it will take a few years for the trees to grow, this is a great way to help save money on your energy bill. And, you don’t have to buy the most expensive trees for them to provide protection from the weather for your home.

Know When Not to Cut Corners

Sometimes, you should invest in the goods that cost a little more. If you’re smart, you’ll know where cutting corners will benefit you instead of hurting you.

One of the areas where cutting corners will not be beneficial is with your lightbulbs. Residential LED products are expected to use at least 75% less energy and last up to 25 times longer than the traditional incandescent lamps. While the LED bulbs are a bit more expensive up front, it will have a beneficial impact on your energy bill and your savings account when you make the switch.

Similarly, a remarkable amount of heat and air are lost through your windows. On average, up to 30% of heating and cooling is lost through leaky windows and doors. This means that buying the cheapest windows and doors — and not replacing them regularly — will result in a higher energy bill. Investing in higher quality windows and doors will end up saving you money in the long run, even if you have to pay more at first.

Consider the Return Value

Another way to save money is by investing in projects for your home that will increase its value when it comes time to sell. For example, the average basement remodel can have up to a 70% return on investment, according to Home Advisor. For this reason, it may be worth it to remodel your basement if it is currently unfinished or could use some work.

The same goes for landscaping, as well. Selling a home is all about curb appeal, so putting some money into landscaping the front yard will be sure to make you money when selling.

The best way to save money is to know where to spend it. Make sure you’re not overspending in places you could go without and be sure to invest in areas where it will save you money down the line.

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