Dizzy Miss James - Travel / Food/ Lifestyle

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The Money Pit: The Problem With Your Home


architecture, daylight, driveway

Even those who feel relatively comfortable with their personal circumstances will go through periods where they worry about their finances. This is only natural. After all, money is just about the most common cause of anxiety for the vast majority of people. People worry about not being able to save enough, not having money set aside for emergencies, and even simply not having enough money to make it to the end of each month. This leads to people needing to make a lot of different choices that impact their finances in both big and small ways. People will curb their spending on luxuries, which can be incredibly useful since far too many people simply don't realize how much they needlessly spend every month. They will attempt to cut down on things like food shopping and work on ways to make their meals last longer and look for cheaper ingredients. While all of these things are extremely useful and are things that just about everyone should at least think about, many people end up ignoring one of the biggest drains on the finances that there is: their home. If you're worried about your financial situation, then there's a pretty good chance that taking a long hard look at your home is going to go some way towards helping you deal with that. Your home is often the thing that you spend the most money on every month, which is understandable. After all, few things are as important as having a roof over your head. Of course, that doesn't mean that there aren't way that you can reduce that cost as much as possible so that you don't end up dealing with outgoings that are larger than you can actually manage. With that in mind, here is the truth about your home and many of the ways that it might be costing you far more than it needs to.

Rent/mortgage

Of all of the expenses that you'll end up paying when it comes to your home, few are going to larger than your rent or your mortgage. It hardly takes a genius to understand why. You're paying to be able to actually live in your home in the first place. Now, whether you think that people should be paying such a high price for the ability to have a roof over their head is irrelevant, the reality is that you need to pay your rent, or your mortgage and if you can't you could well end up in serious trouble. However, that doesn't mean there aren't things that you can do if it seems as though you're not going to be able to afford your rent or mortgage each month. Remortgaging is an option for a lot of people which allows you to extend your mortgage period and potentially bring your monthly payments down. Sure, this may result in you having to pay back more money overall, but it will lessen your monthly bills which will have a much greater impact on your everyday life. When it comes to renting the best you can do is to speak to your landlord and try to negotiate something, even if it's just for the short term. It's important to remember that you can't always rely on landlords to agree to this. If that's the case, then you might want to start thinking about downsizing and moving to somewhere with a lower rate of rent.

bills, calculator, cash

Energy bills

No one likes getting bills in the mail, but the fact is that they're a part of life and they are certainly not the sort of thing that you should ignore under any circumstances. The problem is that, for a lot of people, the idea of even opening a bill is a source of serious dread over how much of an impact it's going to have on your bank balance. Luckily, there are things that you can do to avoid this. For one thing, setting up your bills as a direct debit is often the most cost effective method. Not only that but you can then turn it into a regular monthly payment which makes it that much easier to budget around. The other thing that you can do is to do everything you can to save energy wherever possible. When you're looking for new appliances, try to make sure that you're choosing the most energy efficient ones that you can find. Not only that but think carefully about the amount of energy that you're using on a daily basis. Even if your home is extremely energy efficient, it's not going to make any different if you can't adjust your behaviors to be the same way. Never leave lights running when you're not in the room, use your heating sparingly where you can, and be frugal about how much water you're using. These things might take a little bit of effort and discipline, but that can make a big difference to your energy bills at the end of each month. That way you'll at least be less anxious when that envelope comes through the letterbox.   

Repairs

In an ideal world, your home would always be a safe, secure place where you can feel comfortable, relaxed, and free from the stress of the world outside. Of course, it should be pretty obvious by now that we do not live in an ideal world. In reality, your home is just as susceptible to problems from the outside world as anything else. If you suffer any kind of home disasters like flooding, fire, or a burglary, it's probably going to result in some kind of repairs being necessary. Whether these are big or small, they can take a serious chunk out of your finances. The very best way to solve this problem is to try your best to avoid it in the first place. Make sure that you've got an alarm system set up in your home so that you are as safe from intruders as possible. Not only that but you should make sure that your home has the right kinds of insurance to protect you from things like fire and flooding. You might not be able to ensure that you never have a problem with these kinds of things, but at the very least you can try your best to minimize those risks. Of course, if something does happen, make sure that you shop around when you're looking for someone to do repairs. Make sure that you only speak to established companies with clear reviews from other people. The last thing you want is for any problem to be made even worse because of a construction team who try to overcharge you or don't even finish the job properly.

cable, call, communication

Phone/internet

Can you imagine trying to function without the internet? As much as a lot of people like to go on about the fact that modern generations are slaves to their smartphones and are losing touch with the real world, no one is going to be that willing to give up their internet connection. Not to mention all of the people who work from home and require the internet to be able to make ends meet. Of course, many people end up taking the first deal they get when they move into a new home and never really think about it much beyond that point. You should make sure that whatever contract you're on, it's suited to your needs. If you're only online for an hour or two a day and otherwise aren't that concerned, then you don't need unlimited high-speed internet. But if you're working from home then trying to save money by having limited internet is going to make life much harder and probably result in greater costs further down the line. It's worth checking for new deals when it comes to your phone and internet connection as often as you can. Not only that but there's a chance that, if you decide to find a better deal elsewhere, your existing provider may well offer you and even better deal than before.


Of course, no matter what you do, your home is always going to cost you money in one way or another. Because of that, it is, of course, very important to think about your personal and household finances more carefully. Create a clear budget so that you can easily differentiate between necessary and unnecessary spending, as well as the things that you can reduce in order to bring monthly costs down. Not only that but it's important to be careful with your money in general. Don't spend money that you don't have, never use credit cards as a way of justifying your spending, and be wary of things like short-term cash loans as much as possible. In reality, the only way to be totally sure that your finances are entirely secure is to take the safe, boring option to put in the time and effort required to be as safe and responsible with your money as possible.



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