50 Ways for Homeowners To Save Money Every Month (2024)

Housing is the biggest monthly expense for most families, and it keeps adding up month after month for life. For homeowners, the cost of keeping a roof over their heads goes beyond the mortgage, property taxes and insurance premiums. Thanks to never-ending maintenance and repairs, the house itself costs money and requires a bigger emergency fund that must be replenished more frequently.

The good news is that homeowners have a house full of opportunities to reduce expenses, save money and even earn a little by getting their property to pay them back — and the following 50 tips are a great place to start.

Some of these strategies require monthly attention. Others can save you money every month even though you perform them only once or twice a year — or once or twice in a lifetime.

But from insulation to insurance, water to windows, each of them can make your home run more efficiently and more inexpensively each and every month of the year.

The first step is to invest some time in learning about the systems, materials, machines and mechanisms that make up the modern home.

A book like “How Your House Works: A Visual Guide to Understanding and Maintaining Your Home” costs about $15 on Amazon. If that’s too old school, you can find most of it for free on YouTube.

Either way, when it comes to something as complex, needy and expensive as a house, knowledge gives you the power to save money.

If given enough time and usage, nearly every system in your home will eventually need fixing, replacing or tuning up. Service is expensive, and it pays to learn to do the simple stuff yourself.

“Learning basic DIY skills can save on labor costs for minor repairs and home improvements,” said Andreis Bergeron, VP of sales for real estate investing firm Awning.

Declutter any unoptimized storage space, and utilize it for a money-saving shopping strategy that most apartment dwellers don’t have the luxury of employing.

“Purchasing supplies in bulk and taking advantage of sales can reduce your monthly expenses,” said Bergeron. “Stock up on non-perishable items, like cleaning supplies and paper products, when they are on sale.”

Regular gutter cleaning can prevent serious problems with the foundation and other hard-to-fix features.

“Clogged gutters can lead to water damage, which often results in expensive repair jobs,” said Kelly Salas, co-founder of Sierra Vista Maintenance. “By ensuring your gutters are free of debris, you not only extend their lifespan but also protect your home’s structural integrity.”

Pressuring washing makes your home’s exterior, walkways and driveway look sparkling new — but it also saves you money.

“This not only improves the aesthetic appearance of your home but also prevents the build-up of harmful molds and substances that can degrade your home’s exterior materials over time,” said Salas. “Regular pressure washing can thus prevent costly future repairs to siding, decks and driveways.”

Window maintenance is often overlooked but can lead to dramatic savings.

“Dirty windows can significantly reduce the efficiency of your heating and cooling systems, as more energy is required to regulate the temperature,” said Salas. “Professionally cleaned windows enhance natural light and heat retention, reducing energy costs throughout the year.”

Your windows might be squeaky clean, but if they’re allowing air and heat to escape, your utility bills will rise.

“Regular checks for leaks and drafts around windows also prevent moisture damage and further loss of energy efficiency,” said Salas.

If your windows are old or leaky enough to justify an upgrade, an upfront investment now can pay dividends for the life of your home.

“Upgrading to energy-efficient, double- or triple-pane windows can drastically reduce heating and cooling costs while maintaining the aesthetic appeal of the home,” said Tony Mariotti, CEO of RubyHome, a luxury real estate brokerage.

If you’re remodeling, choose high-durability materials that you won’t have to spend money on replacing before you should have to.

“Materials like composite decking for outdoor spaces or quartz countertops in kitchens offer longevity and require minimal maintenance compared to more traditional materials,” said Bob Berriz, CEO of Berriz Design Build Group. “Although these may come with a higher upfront cost, the long-term savings on maintenance and replacement are substantial.”

You’ll save money every month with one yearly tune-up to your heating and cooling system.

“Cleaning and servicing an HVAC system annually can prevent inefficient operation and prolong the system’s life, saving a significant amount on potential major repairs or replacements,” said Berriz.

When your HVAC system needs replacing, spend more on a high-efficiency unit to save money in the long run.

“Upgrading to energy-efficient HVAC systems is a game-changer,” said Allen Chennault, owner and founder of AC’s Heating & Air. “Although it involves an initial investment, the modern energy-efficient models can cut energy consumption by up to 20% to 30%. This not only lowers monthly utility bills but also qualifies homeowners for various rebates and tax credits, enhancing overall savings.”

Installing energy-efficient light bulbs can save you money this month and for all the months to come.

“Replace traditional incandescent light bulbs with energy-efficient LED bulbs throughout your home,” said Matt Bigach, interior designer, real estate investor and founder of Nexus Homebuyers. “LED bulbs use significantly less energy and last much longer than traditional bulbs, reducing both electricity consumption and the frequency of bulb replacements. While LED bulbs may have a slightly higher upfront cost, the long-term savings on energy bills and replacement costs make them a cost-effective investment.”

So-called vampire appliances consume energy if they’re plugged in — even when they’re turned off.

“To save on electricity costs, make a habit of unplugging electronics such as TVs, chargers, computers and small appliances when they’re not in use, or use power strips with an on/off switch to easily cut power to multiple devices at once,” said Bigach.

Mortgage broker Christian Trad said that if your home has appreciated by 21% or more, you can probably ditch your painful monthly mortgage insurance premium that was a condition of your small down payment.

“Remember, your loan and mortgage insurance was not calculated on the value of the home,” he said. “It was calculated on the sale price. Lots of homeowners got a great price on their home and don’t know that they can already remove the mortgage insurance. All it takes is a call to the bank holding the note requesting a broker opinion.”

According to licensed CPA Alec Kellzi of IRS Extension Online, programmable thermostats can save you money on utilities.

“Adjust temps down when sleeping or away to curtail energy consumption,” he said.

The DOE says this strategy can save you 10% on your heating bills.

For a little more than an analog thermostat, you can invest in a Wi-Fi-connected device that automates your temperature settings with far more precision, control and versatility.

“Installing a smart thermostat allows homeowners to control their heating and cooling systems remotely, optimizing energy usage and reducing costs,” said Tommy Mello, entrepreneur, home service/DIY expert and founder of A1 Garage Door Service, a $100 million-plus home service business.

According to the DOE, “Reducing the amount of air that leaks in and out of your home is a cost-effective way to cut heating and cooling costs, improve durability, increase comfort and create a healthier indoor environment.”

“Ensure your home is properly insulated, caulking and weatherstripping drafty doors and windows to reduce heating and cooling demands,” said Kellzi.

If your audit reveals heat transfer that quick fixes like caulking and weatherstripping can’t correct, consider investing in high-performance spray foam.

“This type of insulation can save homeowners approximately 20% to 50% on energy bills, according to our experience and industry standards,” said Jake Herman, CEO of Spray Foam Insulation USA.

According to Save on Energy, central air consumes 3,500 watts of power compared to 50 watts for a ceiling fan, which can cool on its own or supplement your A/C on hot days.

“In occupied rooms, utilize ceiling fans to create a wind-chill effect, allowing air conditioning output reduction,” said Kellzi.

Once per month, you should look under your sinks and anywhere else a clandestine drip might be slowly but steadily creating an expensive future catastrophe.

“Regularly inspect for and promptly repair any leaks to conserve water resources and avoid potential damage remediation expenses,” said Kellzi.

According to the DOE, 75% of households leave their window coverings in the same position all the time despite the fact that most of them can be opened in the morning to warm their homes for free.

“During winter, open interior curtains and blinds to harness natural warmth from sunlight penetration,” said Kellzi.

Kellzi also suggests converting scattered high-interest debt, such as credit card balances, into one fixed-rate loan — and homeowners have a unique opportunity to consolidate for less.

According to Equifax, home equity loans often have better rates than other types of borrowing.

“The interest savings over the repayment period can be significant,” Kellzi said.

You’ll probably have to spend a little more on an energy-efficient upgrade the next time a major appliance needs replacing, but the purchase will pay off in the long run.

“Investing in energy-efficient appliances can significantly reduce utility bills over time by lowering energy consumption,” said Mello. “Look for the Energy Star label when purchasing appliances.”

Plumbing fixtures that reduce your water usage will also pay you back month after month.

“Installing low-flow showerheads, faucets and toilets that conserve water leads to reduced water bills without sacrificing comfort,” said Mello.

If you do invest in upgraded appliances, you might want to protect yourself against the cost of fixing and replacing them.

“Consider purchasing a home warranty plan to cover unexpected repair or replacement costs for major appliances and systems, providing financial protection and peace of mind,” said Mello.

Speaking of coverage, every homeowner is required to carry insurance, and most of them buy their policy and never think about it again.

That’s a mistake.

“Periodically review homeowners insurance policies to ensure adequate coverage at the best possible rates,” said Mello. “Bundling policies with the same insurer may also result in discounts.”

For some people, a house isn’t a home. It’s a place to watch Netflix — and Hulu and Disney+ and Peaco*ck and Prime and Paramount+ while listening to Spotify.

It adds up.

“Reduce monthly entertainment subscriptions like movies and music,” said licensed real estate broker Catina Willis. “Go for walks outside or read books for entertainment instead. This will reduce the electric bill and reduce entertainment costs.”

Your biggest housing expense is the money you borrowed to buy it, and a clever repayment strategy can save you a lot on your loan without dramatically diminishing your lifestyle.

“Pay your mortgage bi-weekly instead of monthly, as this will reduce the interest and shorten the length of the loan,” said Willis.

According to RocketMortgage, this adds one full extra payment per year to your principal and can put you in the clear six to eight years early.

“Cook at home instead of going to restaurants and fast food,” said Willis.

According to CNET, cooking your favorite takeout dishes at home saves you 50% compared to ordering them as carryout and a whopping 75% less than having them delivered.

This, along with the money-saving potential of meal planning, means you should see dollar signs every time you walk into the kitchen.

If you have a thirsty lawn and landscaping features, an automated irrigation system can substantially reduce water usage.

“Our systems are designed to distribute water efficiently and only when needed, potentially cutting down your water bill by up to 30%,” said Peter Pappas, owner of P.J. Pappas Company, an irrigation and landscape lighting firm. “Such systems use weather sensors and soil moisture levels to adjust watering schedules, ensuring optimal hydration without waste.”

Although automated Irrigation is cheaper than winging it with the hose, it’s not free — but rain is.

“Installing rain barrels to collect rainwater for outdoor use can lower your water bills and reduce your environmental impact,” said Jordan Woolf, CEO of the real estate investment company We Buy Houses In Bama.

Professional security systems are expensive to install and come with monthly monitoring fees, but you can piece together your own system a la carte with connected smart devices.

“DIY systems like Ring or SimpliSafe offer comparable protection at a fraction of the cost,” said Roman Zrazhevskiy, founder and CEO of MIRA Safety.

Zrazhevskiy said many homeowners leave exterior lights on all night to deter burglars at the expense of their electric bills. There’s a better — and cheaper — way.

“Motion sensor lights activate only when needed, providing security while saving energy,” he said.

If you take a vacation, let fellow travelers chip in for your mortgage.

“When you’re away, consider renting out your home on Airbnb to generate income,” said Pierce Hogan, owner and lead editor of Varied Lands, a travel resource publication. “This can offset your mortgage and maintenance costs, turning your unused space into a valuable asset.”

Contrary to popular belief, utility providers aren’t always a monopoly.

“Don’t be afraid to shop around for electricity and gas suppliers,” said Martin Boonzaayer, CEO of The Trusted Home Buyer. “Many companies offer competitive rates, and switching providers could lead to substantial savings on your utility bills.”

Water is expensive — and every drop counts.

“Install low-flow showerheads and faucet aerators to reduce water usage without sacrificing performance,” said Boonzaayer. “Fix leaky faucets promptly to prevent wasted water and money down the drain. Additionally, consider watering your lawn less frequently, especially during cooler months.”

It’s good to DIY, but you don’t need to add tools you’ll never use to your collection with every obscure undertaking.

“For occasional projects, consider borrowing or renting tools and equipment instead of buying them outright,” said Boonzaayer. “This can be a much more cost-effective solution for infrequent-use items.”

Purging is good for your personal space — and it can be good for your personal finances, too.

“Do you have unused items cluttering up your space? Host a garage sale or sell them online,” said Boonzaayer. “Decluttering your home can not only create more space but also generate some extra cash.”

Homeownership offers several unique tax breaks that renters can’t enjoy — get the most out of all of them every April.

“Explore available tax deductions for homeowners, such as the mortgage interest deduction and property tax deduction, to reduce your annual tax bill,” said Matt Vukovich of Matt Buys Indiana Houses.

Home equity loans aren’t the only way to leverage the wealth trapped in your house.

“Utilize a HELOC for major expenses or emergencies, but use it responsibly and avoid borrowing more than you can afford to repay,” said Vukovich.

If you have a house, you need a household budget.

“Track your expenses and set a budget for home-related costs to avoid overspending,” said Vukovich.

When something in your house starts to show its age, a newer, better and more expensive version is always just a click away — but breathing new life into an aging item is more fulfilling and much cheaper.

“Consider refurbishing old furniture or appliances instead of buying new ones to save money and reduce waste,” said Vukovich.

Chances are good that the default setting on your hot water heater is higher than it needs to be.

“Lowering your water heater temperature can save energy and reduce utility bills without sacrificing comfort,” said Vukovich.

You don’t have to host people through Airbnb to make money from unused square footage in and around your home.

“If you have extra parking space or storage areas, consider renting them out to neighbors or individuals in need of such space to generate additional income,” said Vukovich.

You can earn hundreds per month doing exactly that on sites like Neighbor.

If an inspection reveals a problem that requires a re-roof or even a full replacement, invest as much as you can afford in one that will outperform and outlast the bargain kind.

“Investing in high-quality roofing materials is another cost-saving measure,” said Jonathan Stowell, CEO of Five Guys Roofing. “While the initial investment may be higher, durable materials like metal or ceramic tiles have longer lifespans and require less frequent repairs or replacements compared to cheaper alternatives. This choice not only saves money in the long run but also enhances the property’s value.”

You can’t lower your utility bills until you know which devices are consuming the most energy.

“A simple and affordable way to gain this knowledge is to buy a power consumption meter,” said Clement Feng, VP of product management for Briggs & Stratton Energy Solutions. “Available at local hardware stores or online, these devices are inexpensive and easy to use, with some costing less than $25.

“They work by plugging each appliance into the meter, and it will indicate how much power the appliance uses. More sophisticated models can monitor multiple appliances or even all circuits in your electrical panel and can log the power consumption over time.”

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