Owning a home is a wonderful asset to have but paying off a large mortgage every month can be difficult, especially when you’re trying to save as well. The best way to boost your savings, and have a little more disposable income at the end of every month, is to utilise the property you have and make every area work to its full potential. While the ideas below may take a small amount of your precious time, the benefits you’ll see in the long run will be worth it.
Rent Out Your Spare Bedrooms
The majority of homeowners have a spare room which stays unused for a huge chunk of the year, and while it’s great to have the space when friends and family come to visit there is an opportunity for some additional income being missed.
You may find it worthwhile renting a spare room to a working professional who has to endure a long commute most days of the week as they’ll only be looking for accommodation Monday to Friday which means you’ll still have the space available for weekend visitors when you need. If you decide to list your spare room somewhere like Airbnb you can block off any dates you would like to save in advance, keeping any social gatherings scheduled in the calendar free from any disruptions. You also won’t have to invest much money to start this additional stream of income, just make sure the online listing represents the room correctly, and you’ll be on your way.
Replace Old Features With Efficient Alternatives
If you like a DIY project and are looking for ways to improve your home, converting old architectural features to modern, energy-efficient alternatives will do wonders to your savings long term. It’s important to remember the bigger picture here, as you will need to spend some of your money investing in the changes, to begin with, but it won’t take long until this initial spending is paid off.
Green Power Technology offers some great ideas for reducing your energy bills and are able to source and recommend the very best products and installers for your project. Consider updating your windows to double glazing or adding solar panels to your roof. Your savings account will be reaping the benefits in the not too distant future, and the environment will be much better off as well.
Utilize Your Garden and Grow Your Own Produce
Garden space can often be overlooked, but it has huge potential for cutting your food bills if utilized correctly. Adding a vegetable garden and greenhouse during the winter months before spring begins will create a great base for you to start growing some crops, you’d be surprised about how much you can produce from a limited space.
If you haven’t tried to grow your own vegetables in the past, there are plenty of resources that can help you along the way. Allotment Month by Month is a user-friendly book for beginners in the garden and will guide you through the produce you can grow throughout the year.