Between working, raising a family, and caring for one’s own needs, it’s not uncommon for home repairs and other expenses to fall by the wayside. This is especially true given the rising costs of food and daycare, which can make it seem impossible to get ahead.
However, there are plenty of ways that you can cut costs while still enjoying a beautiful and safe home. A little ingenuity and community-building can make a huge difference in your monthly budget. Today, we’ll explore some of the best ways to reduce your expenses when improving or financing your home.
Consider a Home Refinance
You will pay thousands of dollars in interest over the course of your mortgage, so it makes sense to pay close attention to interest rates and decide when to seek a lower rate. You could shave hundreds off your mortgage annually, all of which can go back into a rainy day fund or be used for a fun vacation with your family.
Interest rates vary significantly across the country, so you cannot simply rely on the national average to determine when it’s time to refinance. For example, interest rates in Arizona may be dropping, making an Arizona refinance a great idea. Still, they may be rising in other areas of the United States, like Washington and New York.
You also need to consider the breakeven point of your refinance. This is when the cost of refinancing, such as closing costs and applications, is canceled out by the savings from a lower interest rate. It is usually described in months or years. If you plan to leave your home in two years but the breakeven point is 30 months, then it would be better to sit tight and continue paying the higher rate.
Swap Skills With Neighbors and Family Members
Most of us default to paying contractors when we need home repairs, which makes perfect sense. Contractors are licensed, insured, and specifically trained to help us with certain projects; plus, you can ask for a refund or seek legal action if they make a mistake that damages your property.
However, you may not be aware of the amazing skills that your friends and neighbors have, which could help you out in a pinch. A family friend might be a carpenter or the neighbor down the street might be a retired plumber willing to consult with you on a leaky pipe. In this case, you might propose trading favors so that you can get help with certain home issues that you can’t tackle on your own.
It’s important to consider fairness here and ensure that whatever you offer has equal value for the recipient. For example, you might offer to pick their kids up from school for the next few weeks in exchange for help with landscaping or offer to do some free work for their business if they help you install a new window. You should also promise to pay for any materials that they will need.
Not only does this cut costs when it comes to home repair, but it also helps you build a more vibrant and close-knit community. These trades can be an amazing way to make more friends and feel good about helping others.
Borrow Tools from a Lending Library
Renting tools for minor home repairs can cost hundreds of dollars, which can be especially frustrating for DIY enthusiasts. Thankfully, many libraries allow you to rent certain tools, including power tools, the same way you would check out a book.
Not every library offers this service, and there are also independent tool libraries that you may not know about. You can use the Local Tools website to find nearby lending libraries that meet your needs, then review their website to see what they have in stock. You may want to call ahead and ensure that they have what you’re looking for or stop by and ask what might be most suitable for your next project.
Look for Safe, Secondhand Appliances and Building Supplies
While you surely know about the many household appliance sales that occur throughout the year, these can still be above your budget. Instead of waiting, consider looking to see if local stores have open-box sales on certain appliances, which can shave hundreds of dollars off the price.
Another great option is ReStore, which is run by Habitat for Humanity. Not only can you find secondhand furniture, but they also sell appliances and building supplies that their volunteers have tested to ensure that they are safe. Some secondhand stores and flea markets will also sell doors, wood, tools, and older appliances that are still functional but not quite as beautiful as their newer counterparts.
Saving money as a busy mom can sometimes be challenging and time-consuming, but it also can help you build community, hone your own DIY skills, and have more money to take care of your loved ones. Don’t be afraid to reach out to those in your neighborhood for good recommendations and utilize free resources like lending libraries. With a bit of creativity, you can pad your budget with hundreds of dollars without sacrificing quality.
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