Congratulations! We've survived the longest government shutdown in history, and although the timing couldn't have been more rough for some Americans (after overspending during the holidays as well as not receiving a paycheck) - we are now getting back on track.
How do we know we're back on track? Easy! People are getting paid again and recovering from the temporary hardship. Agencies that were impacted are now working hard around the clock to process payments, to pay workers and reinstate important time lines like your tax refund checks!
What can you do to start spending wisely on your home again ?
Make a list of your essential needs first!
Rank the most important expenses by categorizing it by risk types. For example, if you know your GFCI outlet trips constantly in the kitchen - you may need to hire an electrician to replace or fix your outlet. A GFCI that constantly trips is an indication of moisture introduced or a faulty switch causing hours of inconvenience. The cost to repair a GFCI on an average is $215 with a lifetime labor warranty! So pick wisely before you invest in those wireless headsets! A GFCI will protect you from electrical shock and is totally worth the investment.
Figure out the short term and long term expenses by categorizing them by price. This type of segmented list will help determine the "low hanging fruit" or easy wins! If you have multiple items that can be resolved under $65 - then go for it! An example of easy, cost efficient items are replacing lighting fixtures, updating switches, adding an outlet (back to back connection).
Focus on longterm cost savings by examining current bills. For example, reexamine your utility bills and pick a plan that has a better value. Lower your energy usage and resource usage. This is a wonderful way to also reduce your carbon footprint! By assessing your recurring expenses you can save hundreds per year!
Create a list of expenses to reevaluate in 6 months. This will help disciple an itchy hands looking to overspend, By sticking to a list, you can avoid overspending and actually reallocate the money you saved towards larger home improvements.
Do you have any additional tips to share? Comment below.