Z Living’s original series House Poor focuses on helping homeowners with large financial debts find practical ways to learn how to save money. In that vein, we thought we'd give readers a glimpse into how we help homeowners with some money-saving hacks every homeowner should know.
Tune into House Poor on Tuesdays at 8 PM. Find out where to watch here.
On the show, we bring in fiancial advisors and contractors to help the homeowners get on the right track. In this video, certified financial planner Suzanne Shultz and contractor Frank di Leo talk about how they'll help one couple turn their life around.
Here Are 7 Money-Saving Hacks Every Homeowner Should Know
1. Don’t Put Down Too Little On Your House
On an episode of House Poor, we meet a couple who only put a 5% down payment on their house, which lead to a half-million dollar mortgage down the road. When you’re trying to learn how to save money, there are tons of options for responsibly putting less than the traditional 20% down payment on a house, but look at them carefully, because a smaller down payment will likely give you a higher interest rate, and higher closing costs.
2. Don’t Overextend Yourself
A pair of foster parents featured on House Poor gave so much of themselves and their bank accounts to their family, and others, that they left themselves in a financial bind. If you want to lead a large, giving life, you need a financial plan that can support it. Otherwise, be wise with how you budget your contribution to the world.
Also on Z Living: 7 Big Reasons Not To Miss Our Show ‘House Poor’
3. Be Careful With “Dream” Buys
When you go from renting and spending frivolously to buying a home, it can be easy to overspend on “dream” properties, renovations, and appliances. If you want to know how to save money, be wary when you first start making big purchases, because the excitement can blind you from red flags and poor investments.
4. Know When Not To “DIY”
We’ve seen couples who try and take their home renovations into their own hands, and it’s not always the best idea. The reasoning is simple—DIY projects are often money-saving, but if you bite off more than you can chew, you’re likely to botch the job and cost yourself even more money and time.
Also on Z Living: Here’s Why You Might Be “House Poor” & How To Fix It
5. Look At What You Need vs. What You Want
Necessities are extra important when it comes to building a home, and that’s a tough lesson for a lot of first-time owners to learn. For example, if you overlook plumbing or kitchen renovations in pursuit of your dream flat-screen television, you'll likely face even costlier renovations down the line, while potentially letting your house become unlivable.
6. Credit Cards Are Dangerous
A lot of new homeowners who don’t know how to save money will rack up credit cards to get their essentials, planning on paying them off when things “settle down,” with some sort of business plan. Unfortunately, houses continually have issues, so if you don't’ have credit-card room when something goes down, your home and bank account will be in trouble.
7. Learn From Other People’s Mistakes
If you ask a history teacher why we record the past, they’ll tell you that it’s so we don’t repeat our mistakes. Take that wisdom to a relaxed watching session of House Poor, where you can gain valuable insights that will teach you how to save money when buying a home.