27 Money Saving Tips to Help You Save to Buy a New Home in Rhode Island 

Stephen Perrino - Realtor
Published on May 8, 2019

27 Money Saving Tips to Help You Save to Buy a New Home in Rhode Island 

Saving to buy a new home in Rhode Island can be tough. Below is a list of things you can do to tighten your budget and save for that dream home in Rhode Island.

When you start seriously thinking about buying a house, the first step, after dreaming about what your new home will be like, and browsing homes for sale in Rhode Island or your preferred location, is figuring out your budget. Often times, prospective new homeowners realize that they need to save faster to be able to purchase a home that matches their dreams AND budget. Read more to learn some tricks on how to save some money and designate more of it to help you purchase the home of your dreams.

Try these at home!

READ: Budget Your Way to a New Home

For most Americans, saving money is a necessity of everyday life.

We clip coupons, watch for sales, and hope there’s not too much month left at the end of our paycheck. Today, the challenge is how to reduce spending on a longer-term basis. Here are some money-saving tips for everything from vacationing to laundering!

Airline Fares

Make sure your trip includes a Saturday evening stay over and purchase your tickets in advance. Consider using alternative airports and keep an eye out for fare wars.

Auto Leasing

Don’t lease a new car just because the payments are lower than a loan to purchase. The leasing payments may be lower because you don’t own the car at the end of the lease.

Auto Insurance

Raise the deductible on collision and comprehensive insurance coverage to at least $500 or more. If you have an older vehicle, consider dropping this coverage altogether.

Life Insurance

If you want insurance protection only, and not a savings and investment product, buy a term life insurance policy.

Mortgage Refinancing

If you can get a rate that is at least one percentage point lower than your current mortgage rate, consider refinancing your mortgage.

Checking

Usa a checking account with a low (or no) minimum balance requirement or no fee checking.

Credit Cards

Pay off your entire bill each month or use a check, cash or debit card for purchases.

Telephone Service

Check your phone bill to see if you have optional calling services you don’t use. Dial your long distance calls directly.

Food Purchases

Shop at the lower-priced food stores. Convenience stores often charge the highest prices. You will spend less on food if you shop with a list.

Prescription Drugs

Use generic drugs whenever appropriate. When taking a drug for a long time, consider using a mail-order pharmacy.


Want to Buy a New Home in Rhode Island?

READ: FREE Guide to Buy a Home in Rhode Island

Around the House Savings:

Use compact fluorescent bulbs. They last 10 times longer than regular lights.

Set your water heater to 120 degrees F.

Set your thermostat to 68 degrees , or lower if you’re away from home or asleep.

Keep your showers to five minutes or less and switch to lower-flow showerheads.

If nobody’s in a room, turn off the lights and any computers, stereos, TVs or other appliances.

Use toaster-broilers or the microwave whenever possible instead of the range.

The refrigerator should be kept at 38 degrees F. , and the freezer at 10 degrees.

Try using the cold-water wash cycle , and use the coolest dryer setting you can. Only run the washing machine, and the dishwasher, when they’re full .

Make sure your home is insulated , and that all doors and windows are sealed properly.

If you have a fireplace, keep the damper closed when you’re not using it and use a glass screen to minimize heat loss.

Don’t Be Fuel-ish…

Save at the Gas Station, too!

  • Choose the right octane gas for your car. The higher the octane, the higher the price.
  • Avoid topping off your gas tank.
  • Keep your tires inflated to the proper level.
  • Keep up with engine maintenance.
  • Avoid packing items on top of the car. It’s better to place items inside the car or trunk.
  • Stay within posted speed limits. Driving at high speeds uses more gasoline.
  • Use cruise control; it helps maintain a constant speed and, in most cases, helps reduce fuel use.
  • Avoid “jack-rabbit” starts and stops.
  • Use air vents to circulate the air instead of air conditioning.

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