New Year's Savings Resolutions for Homeowners

WILMINGTON, N.C., Dec. 29, 2011 /PRNewswire/ -- Saving money is often one of the common New Year's resolutions. And since owning a home is easily one of the biggest expenses the average person will afford in their lifetime, saving money around the home is crucial. Even for those who are able to pay off their mortgage, the cost of annual maintenance - plus the little luxuries we tack on - can really add up. In order to save some money this upcoming year on home-related expenditures - consider these steps:

Refinance
Interest rates are low right now, so take a look at your current mortgage and assess if it would be wise to refinance. Cutting even $100 from your monthly mortgage payment will mean huge savings over the life of your loan. Be sure to understand the terms of the refinance- as sometimes the cost to refinance does not outweigh the savings.

Shop your homeowners insurance
We often overlook the cost of homeowners insurance because it is escrowed and paid as part of our monthly mortgage payment. However, you could be greatly overpaying for home owners insurance which would increase your monthly mortgage payment unnecessarily. While you're at it, ask your home insurance agent to package in your car insurance policy to get additional discounts- typically up to 20%.

Reduce energy waste
Take a look at your monthly energy bills to see how much energy you are really using each month. Make efforts to reduce energy usage in the winter cold and summer heat by properly sealing windows and doors that could be susceptible to drafts. Set your thermostat a few degrees cooler during the day when no one is home to save on unnecessary heating and cooling.

Skim down your cable, phone and internet
Oftentimes when homeowners setup their television, internet and home phone service they get talked into a bigger package than they need. Do you really need the fastest internet speed? How many of those 245 television channels do you actually watch? See if you can save yourself a few hundred dollars a year by downgrading your service package.

Get smart at the grocery store
We often think of our food costs as a necessity- therefore, we justify the expense. However, a little bit of frugality can go a long way when you're working the aisles at your local market. Get in the habit of clipping coupons and checking the sale papers to make some smart food shopping choices.

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