According to Real Simple magazine, housing costs an average of #17,109 per year. The magazine has offered up some advice this month on saving around the home.
Ways to cut your mortgage or rent:
Appeal your tax bill, says the article. You might be paying way too much in property taxes. Grab a copy of your home’s assessment and compare it with assessments on similar homes in your area. Believe it or not, 75 percent of appeals often result in a reduction of taxes.
Look into refinancing. Interest rates continue to be at historic lows for home loans. Check out the calculator at Bank Rate. It can help you figure out how much you can reduce your payments by locking in a lower interest rate. It will also tell you how long it will take you to recoup the cost of refinancing your home.
Renegotiate your rent. Log onto Rentometer to see if you might be paying way too much for your area. Then go and discuss it with your landlord. It never hurts to try.
Reduce your payments. You might be eligible for a Home Affordable Refinance or Modification if home values have dropped in your area or if you’re having trouble making payments. The federal program allows home owners to refinance at a lower rate or modify their loans. Check out Making Home Affordable for more information.
Ways to cut your home owner’s insurance:
Install safety devices. You can often get discounts of about 5 percent from insurers if you add smoke alarms and dead bolts to your home. Make a call to your provider to discuss your options.
Boost your deductible. You can save up to 25 percent on insurance costs each year by increasing it from $200 to $1,000. Real Simple says the average person files a claim once every 8 to 10 years, so you’re better off putting the amount of your deductible in an interest-bearing savings account.
A few others ideas for saving around the home include auditing your bills. The average cell phone user can save up to $331 per year if they would shop around for a better plan, according to a recent study. Go to Bill Shrink or Lower My Bills to compare cell phone plans. Also, don’t forget to look at your cable bills. There might be some services you can really do without like those premium movie channels.