Budgeting and Saving Tips when paying a mortgage

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Budgeting and Saving Tips when paying a mortgage

One of the biggest challenges in personal finance is figuring out ways to spend less money. This is especially crucial when you have made a huge investment in buying a new house and your mortgage payments are due on top of the other expenses. While you cannot do much about the mortgage, you can cut down on your monthly expenses. Even though some of your regular bills might seem small and insignificant on their own, their cumulative effect can be enormous – and become a huge drain on your resources.

So here are a few practices that can help you cut down your monthly expenditure without taking a huge hit on your current lifestyle.


Cars. It is something that we spend on month after month. Fuel, repairs, insurance, maintenance expenses, tolls, parking etc.. It is one of the most significant monthly expenses. Some alternative ideas are

  • Use public transportation
  • Carpool or Hitch a ride with co-workers
  • Sell your vehicle if it is rarely used
  • Good maintenance and keeping tires properly inflated can increase the efficiency of the vehicle.

Other Debt

Any time you can reduce how much money you owe, it will help lower your ongoing monthly expenses. For starters, paying off debt means fewer monthly bills to pay, leaving you with more money to save. Here are a few ways to cut down on debt and save money over time.

  • Refinance your automobile debt
  • Consolidate student loans
  • Take advantage of balance transfers
  • Request a credit card rate reduction
  • Set up automatic debt re-payments

Energy Bills

From hot summers to cold winters and all the gadgets we plug in, we spend a lot of money on energy bills. Fortunately, technology has brought us a few effective ways to improve energy efficiency and lower that figure. With a new home comes better energy efficiency.

  • Install CFL or LED light bulbs
  • Have a programmable thermostat
  • Unplug all unused electronics
  • Utilize timers
  • Lower the temperature on your water heater
  • Air seal your home
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Many people look at entertainment as the first thing to cut when trying to trim costs, but they often forget to look at the regular entertainment expenditure that slowly eats away at your financial foundation.

  • Cancel unused club memberships
  • Reduce cable costs and switch to home internet TV
  • Find ways to reduce travel expenditure
  • Cancel magazine subscriptions
  • Consider regulating regular entertainment expenditure


Food is one of the most common problem areas in the average budget of a person. We either eat too much, spend too much on groceries, or eat out so often that it costs our budgets (and waistlines) to swell. Here are some ways to save money on food and eliminate waste.

  • Cook and pack your own meals
  • Reduce eating out when lazy and take-outs
  • Buy non-perishables in bulk from wholesale
  • Use coupon apps and look for deals in grocery
  • Start your own garden
  • Buy generic brands when you can.


Some of the things you can do to reduce your expenses are

  • Bundle your insurance
  • Reduce grooming expenses.
  • Stop splurging on clothing and shoes.
  • Reduce cell-phone bills by scouting for better plans
  • Reduce or eliminate consumable habits such as drinking or smoking etc..

These are some of the ways in which you can help yourself reduce your expenses to have some breathing room when you first buy a home and start paying a mortgage. Some of these changes can prove to significantly pleasant in the long run and can even help in a lot of surprising ways.

For more tips on saving, budgeting, and financial advice, log on to Agent ReVa.





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