finance
Paying for your house
I you haven’t bought a house, but know when you will be ready to buy one, one – to five – year CDs and US Treasury notes will accumulate money for your down payment.
Most 401-K savings plans allow you to borrow from your account to buy a home. Interest payments on that loan go back into your account. If you own your own home now you can lower your interest rate by refinancing if the difference between your current mortgage and the new lower rate is at least 2 percentage points, and you plan on staying in that home for another three years, you can save thousands of dollars on life of that loan.
TIP: Try to refinance through your current lender to save money on closing costs, title search and points.
How to save $17,400
Accelerate your payments on your mortgage and save. Not having to pay interest on a nine percent mortgage is as good as earning nine percent. If you have twenty years left to pay on a thirty year loan of one hundred thousand dollars, and you add just fifty dollars a month to payments, you’ll own your own home two years earlier and seventeen thousand four hundred dollars in interest cost.
Shop around for homeowner’s insurance. You might meet discount qualifications, for instance, if your house is new, or it’s equipped with security and fire detection devices. See if you can pay your real estate taxes directly instead of having your bank or mortgage company do it from an escrow account. That way, you’ll be able to earn interest on your money until you need to pay your taxes.
If you rent your home, offer to do a few hours a month of minor repairs, gardening, or painting in exchange for a rent reduction. People have negotiated between twenty to fifty percent off their monthly rent this way.
You can save a bundle of money on your household bills with this advice.
Air – Conditioning
Air conditioners are one of the greatest consumers of household energy. However there are ways to use them more economically.
Use less. Check the outside air – it may be a perfectly cool day, and if your closed up in an air – conditioned house you wont even know it. Turn it off at night – it’s usually cooler at night, so air- conditioning isn’t necessary.
Use fans. Fans use only ten percent of the electricity that air – conditioning uses. Get ceiling paddle fans for the bedrooms.
Save on air- conditioning by closing off rooms and vents in your home that are not in use. Clean or replace air- conditioning filters at least one a month. Otherwise your air- conditioner won’t run efficiently.
Put reflective film on windows that receive direct sunlight. It’s inexpensive, available in hardware stores, and can save you tons on your energy bill.
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