Top 5 money saving tips for new homeowners

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.

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.

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.

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.

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!

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.

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