Becoming a homeowner is one of the most thrilling times in one’s life. You’ve worked hard for the keys, but now it’s time to shift your focus to the responsibilities of ownership: household expenses. If you’re worried about the economy, here’s how to budget for residential roofing repairs.
Budgeting For Home Maintenance
How much should a homeowner budget for home maintenance? There are a few considerations that affect how much you should save. The one thing you can count on is that there will come a day when you actually will need to make residential roofing repairs, so follow these simple rules.
- Some homeowners use the square foot of a home to determine how much to save. While it’s possible that you will need to make residential roofing repairs more often than a residential roofing replacement, using square footage to determine savings will add a pretty good amount to your savings. You save $1 for every foot of your home. If your home is 3,000-square-feet, you would save $300 a month.
- You can also save based on the percentage of your home’s value. If your home is worth $200,000, you would save 1%, or $2000 a year.
- If you want to plan ahead for a rainy day, you can also save 8.33% of your home’s monthly expenses to cover 100% of household repair and maintenance expenses. If your monthly expenses are $2500 (mortgage, insurance, or taxes), you would save $208.25 or $2499 yearly.
How Do You Drastically Cut Household Expenses?
Now that you have chosen a budget, it’s time to shift the focus to your household expenses. Cutting household expenses can be tricky because some are set, such as the mortgage, insurance, or taxes, while others, such as utilities and personal wants, are much easier to shed a few dollars.
- Tips For Cutting Household Expenses
How do you drastically cut household expenses? You need to itemize your household expenses into two lists: those that must be paid and those that are based on usage. Some things you can cut down include electric, water, and gas. Here are a few ideas for cutting costs.
- Turn off lights when not in the room. A 60-watt incandescent light bulb saves about 0.6 cents per hour.
- Turn the thermostat down on the heat and air by ten degrees for eight hours a day. You’ll save 10% on electricity bills.
- Get rid of subscriptions. America loves Netflix, but there are likely a few you pay for that you don’t use regularly.
- Stop eating out so often. The average American eats our 4 times a week. $10 x 16 meals= $1920 in yearly savings.
- Use public transportation or ride a bike to work. If you sell your car for this option, you’d save $825 a month.
- Go hiking, see free movie showing at a park, or have a night in with friends. You will save 10% of your monthly income.
- Pay off your credit cards. Putting that interest into your savings account will boost your rainy-day-fund quickly.
North Shore Roofing is all about helping our customers prepare for unexpected residential roofing repairs and replacements. If you are experiencing unexpected roofing issues, contact us at (978) 977-3816 or www.facebook.com/NorthShoreRoofingMA for payment options.