Natalie Buxton

If you can make a few adjustments to your housing expenses, you’ll free up more funds so that you can capitalize on great savings rates. Cut corners when it comes to these housing expenses, and then invest the money in savings accounts that offer competitive savings rates.

1.Only buy the space that you need. Many times, Americans end up buying a lot more square footage than they actually need.

2.Purchase housing near your workplace. If you can reduce the number of miles you drive annually by 5,000 miles, you’ll be able to save more than $1,000.

3.If you are having trouble paying your mortgage, then refinance so that you can get a better rate and term. If you’ve got a 20 year, $150,000 fixed-rate mortgage, lowering the rate from 6% to 5.5% can save you more than $7,500 in interest charges for the duration of your mortgage.

4.Only hire home repair contracts that have a proven track record. Don’t hire shoddy contractors just because you can save money. Always obtain a fixed price bid before you hire any contractors. Also, only pay the contractor once he or she has successfully completed the job.

5.Obtain a free home energy audit. This will help you cut down on home heating and cooling costs. You’ll be able to save hundreds of dollars if you have a payback period of less than three years.

6.Perform weatherproofing on your home. Place caulk in the cracks and holes of the house. Check with your local hardware store about proper insulation.

All of these easy steps will save you tons of money. You should conservatively place any extra funds you have in savings accounts. You’ll be glad you did.