Buying a New Home: Capital Mortgages Ottawa

Money saving ideas for your first home

Purchasing your first home is a crucial step in life – a milestone that you should be proud of. But if the costs are allowed to pile up this joyous occasion could quickly turn into a very costly affair.

While many people focus on the cost of acquiring the home, decorating and customizing it to fit your lifestyle can leave a huge dent in your pocket. Fortunately there is a myriad of ways in which a first time home owner can decorate a home on a shoestring budget. Now that you have bought your 1st home with the help of a Capital Mortgages, Mortgage Broker here are some helpful tips to get you started making it livable.

Fresh paint

Apply a fresh coat of paint is the easiest way of revitalizing tired décor. Painted surfaces tend to fade over time and may even start harboring stains and smells. This is why apply fresh layer of paint in the appropriate color can transform a lackluster home. You should ideally choose a neutral scheme as this can be used in all sections of the property, resulting in significant savings on buying different paint colors for each room.

Invest in second hand furniture

Not many people have warmed to the idea of buying second hand furniture. However, high quality second hand furniture can be one of the smartest investments you can make in your home. With the internet, there are numerous ways of getting second hand furniture, and most pieces are in near-new condition. Browse through websites like Kijiji or visit charity shops to get good pieces of second hand furniture. The good part is that you can always sell the furniture to acquire newer pieces when your financial situation improves – or when you need to make a change in décor.

Up cycle old items

This is the interior design craze of the moment. Not only will it help you make huge savings, but your interior will also get marks for style and trend. There are several reason you should consider up cycling your unneeded furniture. For instance, you can have unused wooden crate or pallets hammered to create a bookshelf or even trim old beer bottle to make trendy tumblers – the ideas and endless.

Deal with one room at a time

Sticking to your home decorating budget is easier said than done considering the numerous possibilities and additions that can be made to various décor pieces. Avoid setting unrealistic expectations and instead set a target to decorate one room at a time. To achieve best result, allocate a percent of your budget to each room and treat each as a separate project.

Buying a New Home: Capital Mortgages Ottawa

Why is my budget not working?

So, you’ve set yourself a budget to live on but STILL don’t have enough money left at the end of the month? Don’t worry, you’re not alone – in fact, many people have problems managing their money. But there’s help out there. Here are a seven ways you can make your budget work for you…

1. Live within your means

Comprise a budget and try to stick to it as closely as you can. Although you might want to purchase the items you want everyday in order to keep up with the Joneses, it’s important to live within your means.

2. Keep a closer eye on your finances

Don’t forget to factor in the small little extras in your budget that can eat into your finances over time. Keep track of every single thing you spend – even if it’s a coffee at Starbucks. Write down what comes in and what goes out, and see if you can make any adjustments in your spending. Even saving a few dollars a day can soon add up!

3. Don’t underestimate how much you spend

Remember – your bills can fluctuate depending on the month or time of year. That’s why it’s a good idea to re-assess your budget every month and never underestimate what’s going out. If you find it easier, call your utility companies to see if you can pay a set amount every month (via a payment plan) so that you can budget more effectively and control your finances.

4. Stick to your budget

Try to stick to your budget as closely as you can. You’ll soon get used to how much you can spend, even if you need to make some adjustments down the line. Encourage your partner to stick to the budget as well, and try to remain as consistent as you can. Always discuss your finances with your significant other, and talk to them about the importance of having a budget.

5. You’re not making enough money

You might want to take on a second job if you can to generate some additional income and increase your monthly budget.

6. Plan for emergencies

An unprepared emergency or shortfall in funds can throw your budget into disarray. Keep money aside in case of such an event, and prepare yourself for any unexpected expenses.

7. Don’t use your credit cards

Using credit cards can increase the amount of money you owe, and you’ll soon find that you will have to factor in this additional expense into your budget.