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Top 5 money saving tips for new homeowners

Posted on 18 March 2015

Discover 5 straightfordable ways to create a palace on a shoestring

If you're fresh on the property ladder, you probably don't have a lot of money left to splash out on the décor. But panic not. By being smarter with your spending and clever with your spare cash, you can turn a house into your perfect home.

Here's our top money saving tips to get you started:

1. Turn old into new

There are plenty of straightfordable ways to furnish your new pad with a bit of imagination. Give hand-me-downs like wooden furniture a makeover with a lick of paint, varnish, or new handles. Use a throw to give your mate’s old sofa a new lease of life.

Budgeting tip: If you’re nifty with the sewing machine, run up some cushion covers or curtains to brighten everything up at a fraction of the cost of buying them.

upcycled-table-half-sanded-half-not

Source: Flickr

 

2. Bargain hunt

Auction sites, freecycling communities, car boot sales and restoration yards are perfect for finding everything from antiques to artwork and furniture to cutlery. Bag yourself some bargains and if anyone asks, tell them you’re going for the vintage look.

Budgeting tip: Save money on day-to-day home essentials by keeping an eye out for supermarket promos and bulk deals. You’re always going to need toilet rolls, washing up liquid, shampoo, toothpaste and tinned items, so snap them up when you see them on offer.

people-at-a-car-boot-sale

Source: Flickr

 

3. Wise up to energy costs

Be smarter with your energy use around your home. Cutting fuels bills can be as simple as not leaving devices on standby, turning down the thermostat and draught proofing doors and windows.

Budgeting tip: An energy monitor is also a good investment. When you can see just how much energy you’re using, you might feel more inclined to save your hard earned money by making a few small changes.

extravagant-energy-man

 

4. Find the best deal on insurance

Please don’t be tempted to save money by going without buildings or home contents insurance. Just think how much cash you’d need to find if anything drastic happened. With so much fierce competition and the rise of the comparison site, it’s easy to see what’s out there and bag the best deal to protect your precious home.

Budgeting tip: Don’t forget to check what the policy includes and excludes before you buy. That way you can be confident everything is covered without paying extra for cover you don’t need.

monopoly houses on top of pound coin stacks

Source: Flickr

 

5. Get the right help

If you have work to do on your house and need professional help, ask for recommendations and references before taking the leap. It’s estimated that us Brits have spent £3.7 billion in the past 5 years fixing mistakes made by rogue builders and decorators, so it pays to get it right first time.

Budgeting tip: A straightfordable way to add some colour to your home on a budget: throw a painting party for friends and family. Put on a buffet, crack open the wine and hand everyone a paintbrush. Free labour and great fun!

hard-hat-filled-with-various-tools

Source: Flickr

 

Saving for the future

Now you’re the proud owner of your first pad, it makes sense to have some cash saved ready for the dreaded domestic emergency. Try our savings calculator to see how a few small changes in your spending could help kick start your savings.

If you’re also thinking about saving towards future plans, our guide to What is an ISA? explains how a Cash ISA or a Stocks and Shares ISA may help.

Enjoyed this article? Read more essential money saving tips.

SunLife offers a range of straightforward and affordable products including over 50s life insurance, funeral plans, equity release, pet insurance, home insurance, car insurance, ISAs and Will writing services.

Here's the information that you need to know about who we are and the other companies that we work with in order to provide our products and services.

Who are SunLife? 

Phoenix Life Limited trades as SunLife and is the provider of the Guaranteed Over 50 Plan, SunLife Insurance and the life insurance policy payment option for Funeral Plans. Phoenix Life Limited’s registered office is at 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 1016269). Phoenix Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is entered on the Financial Services Register (registration no. 110418). As part of SunLife’s commitment to quality service and security, telephone calls may be recorded.

SunLife Limited distributes financial products and services and is a company limited by shares, registered office: 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 05460862). SunLife Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (registration no. 769427).

You can contact us by post at SunLife, PO Box 1395, Peterborough, PE2 2TR or by phone on 0800 008 6060.

If you choose to add Funeral Benefit Option to your Guaranteed Over 50 Plan the funeral services are arranged and provided by Dignity Funerals Limited. Dignity Funerals Limited is a company registered in England and Wales No. 00041598. VAT registered No. 486 6081 14. 4 King Edwards Court, King Edwards Square, Sutton Coldfield, West Midlands, B73 6AP. Telephone No. 0121 354 1557. Fax No. 0121 355 808. Part of Dignity plc. A British Company. Dignity is not authorised or regulated for this activity by the Financial Conduct Authority or the Prudential Regulation Authority but is a member of the National Association of Funeral Directors.

Who provides the Funeral Plans?

The funeral services are arranged and provided by Dignity Funerals Ltd which is not authorised or regulated for this activity by the Financial Conduct Authority or the Prudential Regulation Authority but is a member of the National Association of Funeral Directors.

The life insurance policy that pays for your funeral will be provided by Phoenix Life Limited, trading as SunLife.

Who provides My Smarter (ISA)?

My Smarter (ISA) is provided by Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority. Details can be found on the Financial Services register, registration No. 188832. Member of The Investment Association. Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.

Who provides the Will writing services?

Hugh James is authorised and regulated by the Solicitors Regulation Authority (SRA Number:303202).

The information contained on this website is based on Hugh James' understanding of the law of intestacy in England and Wales only as at April 2014. The law in Scotland and Northern Ireland is significantly different. This is for information purposes and is not intended to be legal advice.

Who provides Family Life Insurance?

SunLife Family Life Insurance is provided by Scottish Friendly Assurance Society Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Details can be found on the Financial Services register (registration number 110002). Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ. 

Who provides SunLife Pet Insurance

SunLife Pet Insurance is arranged and administered by BDML Connect Limited. BDML Connect Limited is authorised and regulated by the Financial Conduct Authority (No. 309140). Registered in England and Wales Number 02785540. Registered Office: 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

Who provides SunLife Home Insurance

SunLife Home Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.

Who provides SunLife Car Insurance

SunLife Car Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.