Your home and associated expenses are probably your most significant cash outlay. With owning a home, you have insurance payments, mortgage payments, taxes, and ongoing maintenance. Reductions in any of those areas are a worthwhile goal. Homeowners today are getting creative and have found savvy ways to reduce costs in each of these areas.  

Insurance

Insurance for the home is necessary, and homeowners need to be covered for emergencies. Though a required expense, there are still ways to save. Smart homeowners shop periodically for the best rates. Shopping online for home insurance quotes offers a way to research coverage before calling an agent. Savings have been found by increasing deductibles and reducing unnecessary coverage amounts.

Mortgage

With interest rates low, many homeowners find refinancing a mortgage provides significant monthly savings. When considering this option, closing costs and fees must be factored in. If fees are too high, they can offset any savings.

Taxes

Another unavoidable cost in homeownership is taxes. The property taxes paid are based on the total amount of funds the county requires and the home's assessed value. Property taxes rarely go down. Homeowners have had success by attending county tax setting meetings and voicing their opinions or opposition to unnecessary spending.  Not well known is that many counties offer programs for the elderly or disabled to reduce or defer property taxes.  Homeowners should contact their county and see what programs are available.

Maintenance

Maintaining a home is an ongoing process and a significant cost in homeownership. Outside of general cleaning and yard maintenance, today, many homeowners have optional home appliance insurance policies. These policies cover certain appliances such as a washer, dryer, refrigerator, stove, and dishwasher. For a monthly fee, the company will repair or, if needed, replace the appliance. They are expensive, but they can be a worthwhile expense for those homeowners who enjoy the peace of mind knowing they are covered.  

Electricity

The electricity bill doesn't often go down unless positive action is taken to reduce the energy used. Today many homeowners work from home and have seen costs rise. This increase is caused in part by the energy used to run additional computers and peripheral equipment. But also, the rise in energy consumption can come from keeping your air or heat on at comfortable temperatures during the day. Before working from home, temperatures may have set them to run less often. Indoor lights are also on all day.

Homeowners who save on electricity take several actions. They use LED light bulbs, unplug charging cords from fully charged devices, and have turned down the water heater a few degrees. Replacing windows or covering them with plastic in the winter can reduce energy consumption. Some homeowners have had success by disconnecting all optional electrical devices and reconnected them one at a time to see the effect on energy usage.

Water 

Reducing water saves money each month on the water bill and helps the planet in the process. To save money on water, consider how much of the water you use each time you turn on a faucet and how much you waste. Savvy homeowners, don't run water while brushing teeth and instead of running the tap water until it's cool enough's drink, they use a pitcher in the refrigerator for cold water. Another source of water waste is that it sometimes takes gallons of cool water to run before the hot water emerges in the bath. If fixing the plumbing isn't an option, some homeowners capture the cool water in a bucket and use it in the garden. This cuts down on running water in the garden. 

Sometimes cutting the costs in the home is easy. As time goes on, it becomes more challenging. Homeowners may have to perform upgrades to the house, like replacing the windows or installing energy-saving appliances. With every upgrade decision, the upgrade costs must be weighed against the long-term savings. But, the world is changing rapidly, and energy and water savings are hot topics. Homeowners can look at these areas to save money today and watch for new ways to reduce costs in the future.