First off, congratulations on your home purchase! It’s definitely a time for celebrations and cheer. Now, let’s get down to business. Be mindful of some of the money traps home owning can lead to if you’re not careful.
- Furniture – Usually, first time home buyers move into a home that’s bigger than their rented apartment. Or an already established homeowner is simply up-sizing. What to do with this extra bedroom? What about all this extra square footage? Fill it up with furniture, of course! Don’t max out your credit card to fill your new space! Look for deals, go to second hand shops — just take your time and buy wisely.
- Landscaping Services – When a landscaper smells fresh meat on the street you’ll get bombarded with lawncare and landscaping services. And who doesn’t want a nice beautiful yard? It’s hard not to be tempted so spruce up your yard right away.
- Utility Bills – Your electricity and water ain’t free my friends. Do you know how much it costs to heat your new home in the winter? Find out. Contact WPS and see what it was in the past, if possible. Then ask them what you can do to lower your bills.
- Credit Card Usage – You probably put down a nice down payment on your home. It could have used up most of your liquid money… for now. Don’t start ringing up your credit card because your low on cash. Keep track of what you’re purchasing, charges add up. And FAST. Credit is all fun and games until you get the bill.