While we mostly reserve New Year’s resolutions for things like our diets or exercise, but we can also make resolutions about being homeowners. Our homes, after all, are one of the biggest investments we’ll ever make, and we can always do things to save money and be better homeowners. Here are a few New Year’s resolutions you can make this year that could end up saving you money in the long run.
1. Make Mortgage Payments on Time
One of the worst things a person can do on their mortgage, besides missing payments entirely, is paying them late. Besides the annoying calls and possible penalties, consistently late payments can start to affect your credit scores. Make a resolution to pay your mortgage payments on time. It can reduce your stress levels, put you in the bank’s good books, and help you keep a more regular financial schedule.
2. Make Extra Mortgage Payments
This year, why not try and may off a little more of your mortgage than just the minimum. Many mortgages come with the option to pay off a little more every month. If this is the kind of mortgage you have, start a fund to pay off a little extra. It could be as simple as having a change jar at the door, which can lead to thousands of dollars by the end of the year, or forgoing some luxuries and putting that money into the mortgage. Either way, you could end up paying off your mortgage sooner, and be that much closer to living the rest of your days debt-free.
3. Keep an Eye on Your Property Tax
Property tax is never any fun, but it’s even less fun if you’re paying more than you should. Always double check how much you’re paying in property tax every year. Besides clerical errors that could see you paying more than your share based on simple, everyday mistakes, there can be excessive estimates on your property’s worth, which can lead you to shelving out far more than you should.
4. Look for Homeowner Insurance Discounts
If you’ve been good at maintaining your home, you may be eligible for cheaper home insurance. Certain renovations can actually decrease your insurance rates based on the fact that they make your home a much safer place. A new electrical system, for example, can actually reduce the chances of fire in a home, which can mean you’re eligible for a reduced rate. The same can be said for other kinds of maintenance or renovations, such as new plumbing or an upgraded furnace. If your insurance hasn’t been addressed in a while, it may be time to look it over and talk with your insurance representative about how to reduce your fees.
These are just a few New Year’s resolutions that could help you save money this upcoming year and help you get debt-free a lot faster.
Posted by Gurpreet Ghatehora on
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