Redditors Share Their Best Money-Saving Tips for New Homeowners

Rearview shot of a young couple standing outside their new home


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Rearview shot of a young couple standing outside their new home

Budget Blueprint

You’ve bought your first house — a major step toward building wealth (congrats!). But with everything from property taxes and utilities to maintenance and upkeep, a home can quickly drain what’s left of your savings. To keep you solvent, we’ve compiled a list of eight money-saving tips for first-time homeowners, all of which come from savvy, budget-minded Redditors.

Related: Watch Out for These Added Costs When Buying a House

Female friends carrying a sofa out of a house on moving day

Slowly Furnish Your Home

You might be tempted to rush out to Ikea as soon as you’ve signed the closing papers, but Redditors say it pays to be patient. Start with the basics and slowly furnish your home with secondhand furniture from thrift stores, estate sales, and friends and family. Not only will taking your time save you money, but it will also give you more space to be deliberate with your furnishings.

Related: What to Know When Buying a House After 50

Latin American plumber fixing a toilet in the bathroom
Window Weather Seal Application
Painter dipping his brush in paint can

Use Mistint Paint

Does your new home need a new coat of paint? If so, the cheapest option is likely purchasing “mistint” paint. These unwanted paints — often returned by a customer because the color is off — are perfectly good and come at a steep discount. If you need more, you can either color match the mistint paint or mix your own paint colors at home.

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Woman Watching Tutorial and Fixing Leaking Tap

Watch YouTube

Before you call a technician to fix a broken dishwasher or pipe, browse YouTube to see if you can do it yourself. “I’ve had so much success fixing little things around the house with a quick Google search or YouTube video,” one Redditor shares.

Male Finger Turning Down Tankless Water Heater Temperature

Install a Tankless Water Heater

With a tankless water heater, you’ll never run out of hot water — and you’ll save money on your energy bill. That said, they are a significant upfront investment, as the units can cost between $500 and $1,500.

Large Front Yard Xeriscaped For Water Conservation

Check For Local Incentives and Programs

Some utilities and cities incentivize home improvements that conserve resources. In Los Angeles, for instance, the Department of Water gives customers a rebate for replacing their lawns with sustainable landscaping.

Male hands screw an LED light bulb in holder
Olena Vasylieva/istockphoto

Install LED Lights

Chances are your home is already equipped with LED lights. But if you find a few incandescent bulbs lying around, replace them to save money on electricity. The Department of Energy says that LED bulbs use up to 90% less energy than incandescent models — and last up to 25 times longer.