If gaining better control over your finances in 2020 is one of your new years’ resolutions, looking at ways you can save money should already be at the front of your mind. While earning more always makes a difference, in tough economic times this isn’t always an option, so looking at how you can cut your expenses in the short-term could be a viable way to save money and ensure yourself a better future. Housing costs are through the roof all over the world, so taking a close look at how much you’re paying as a potential homeowner, renter, or property owner, while considering ways to save some money, is a good place to start.
If You’re Looking For a House Right Now
The property market is facing some tough times, so if you’re looking to enter, make sure you are up to date around interest rates, the general performance of houses in your area, as well as finding out how much you would be eligible to loan from a bank in order to purchase a house in your price range. Simply put, it pays to gather the facts. Do some research around some of the houses on the market at the moment, talk to real estate agents about their last couple of sales and whether they came in under or over market price, and find out from financial institutions what interest rates they can offer you after you’ve found out what your credit score it.
If You’re a Property Renter
Renters have a few more options than homeowners when it comes to changing their living situation in the short term. They tend to invest their savings elsewhere (considering they are not paying back a bond) and tend to share with others, with a view to moving around often, as they find options for cheaper rent. If you’re not doing either of these, explore adding an extra person to your household where possible, or seeing if there are cheaper apartments in the area, or close to your work. Saving a couple of bucks extra each month really adds up in the end, and over the course of a year could help you to have a small nest egg you can use for further investment, like starting a business.
If You’re a Current Homeowner
As a homeowner, you’ll be well versed in property finance, and keeping an eye on federal interest rates and other indicators affecting the value of your house. In tough times, consider renting out some of the space you own, doing DIY updates that can increase the value of the house, or refinancing the house altogether. Getting a bit of extra income out of your house could also include something out of the box, like opening up your guest room to Airbnb bookings. In tune with current economic climates, this has become the norm for many people. If you continue to approach things with an open mind, you’ll be able to stay ahead of the pinch, making your assets work for you, while also meeting a couple of interesting tourists in the process too.