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6 Smart Budgeting Hacks Every New Homeowner Needs to Know

August 17, 2021 · Paid Partnership with Great Eastern
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Maximise every dollar with these hacks!

So, you’re a first-time homeowner. Seems pretty exciting on paper, but you might not realise that setting up your first home comes with a whole lot of financial responsibilities that go beyond mortgage payments. On top of renovation and furnishings costs, you also have your monthly utility bills, maintenance fees and daily living expenses to fret about. That’s why it’s important to be equipped with the budgeting skills and know-hows to keep your money management in check.

Tampines Street 43 by Apex Studios

Interior Firm: Apex Studios

Before you take the plunge into the realm of homeownership, keep these tips in mind to start saving money right away!

1. Make big-ticket purchases in stages

Between an expensive wedding and upfront renovation costs, you may find a big dent on your cash flow. But planning ahead for milestones can actually help you to relieve some of that financial stress and accumulate more savings in the long run.

Boon Tiong Rd by Ovon Design

Interior Firm: Ovon Design

To avoid emptying your entire life’s savings, set aside a comfortable sum for impending purchases such as furnishings, appliances and other home improvement projects. Make sure to stagger your budget across a period of time to ensure that you have sufficient funds to account for these expenses.

For instance, instead of splurging on furniture all at once, prioritise getting essential pieces that you truly need in terms of function. Holding off on less important purchases might even give you a better deal when these items go on sale (more on this later).

2. Consider loose furnishings instead of built-ins

When it comes to renovation, one of the biggest debates is whether to pick out loose furnishings or go for custom built-ins. Cost wise, it’s definitely a lot heavier on the pocket if you were to opt for carpentry, considering the amount of materials and workmanship that goes in.

Skyparc @ Dawson by The Interior Lab

Interior Firm: The Interior Lab

And if you don't plan on living here for the long-term or simply prefer changing up your decor every few years, it would be a better choice to opt for standalone pieces so you’re spared from having regrets down the road. Another plus point? You don’t have to deal with the aftermath of added hacking costs required to remove your built-ins. Movable furniture is also more cost-effective as you have the freedom to take it with you to your future home. Makes sense, doesn’t it?

3. Leverage deals on furnishings and appliances

There are plenty of wallet-friendly, good-quality furnishings and appliances that you can easily afford on a shoestring budget – and are just as stylish and functional to boot.

Our tip? Keep an eye out for warehouse sales where you can get your hands on these items at slashed prices during clearance seasons. E-commerce sites also regularly host sales for home appliances as well, so be sure to camp out for them.

Woodlands Street 81 by i-Chapter

Interior Firm: i-Chapter

And we’re letting you, our avid readers, in on a deal not to be missed! Stand to get $200 worth of Best Denki vouchers, given to every 50th applicant who signs up for a FREE Great Eastern HomeStarter Kit. Interested to find out more? Keep on reading!

4. Cook your own meals at home

This might sound like a no-brainer, but eating out less can actually save you a ton of money – and it’s also a lot healthier instead of having to rely on greasy takeaways. Besides, it’s the perfect excuse to make full use of your newly renovated kitchen. Go for a weekly grocery run and prepare your ingredients ahead of time so you can easily whip up meals after work.

Springbloom by Mr Shopper Studio

Interior Firm: Mr Shopper Studio

To help you stretch your food dollar, the Great Eastern HomeStarterKit gives you up to $24 worth of Fairprice Online vouchers so you can save more on your groceries.

5. Save on deep cleaning services

We know, it can be a chore to keep up with housework. It may be tempting to leave it in the hands of a professional, but using regular cleaning services can actually chalk up a sizable amount of money. Make cleaning part of your routine and have a system in place to keep your house spick and span at all times. For example, you can make a list of daily tasks and break it up into a weekly schedule so you will feel less overwhelmed.

Bidadari Park Drive by Lemonfridge Studio

Interior Firm: Lemonfridge Studio

But if you need a little helping hand with the post-reno cleanup, you can consider booking a session with the folks from Helpling. You don’t have to fork out a huge sum either – the Great Eastern HomeStarter Kit comes with $40 off cleaning services from Helpling, so you can come back to a perfectly-clean home (and dread cleaning a little less).

6. Ease into the routine

Moving into a new home is a lot of work, but there’s no need to rush into it. Take a step back and let Great Eastern help you out with its HomeStarter Kit. This kit offers a bunch of vouchers to help you ease into this new journey so you have fewer things to worry about upon moving in. And you can get it at absolutely no cost!

new homeowner budgeting

Here’s an overview of what you can expect in the FREE Great Eastern HomeStarter Kit:

  • Up to $24 off FairPrice Online purchases
  • $40 off Helping Cleaning Services
  • $200 Best Denki Vouchers for every 50th participant

Kickstart your homeownership journey with Great Eastern today!

Learning how to cultivate good money spending habits and taking control of your expenses will go a long way in helping you get the most out of your home. With a bit of planning, you’ll be well prepared to start off your new home journey on the right financial path. To give you a headstart, the Great Eastern HomeStarter Kit (worth up to $64) comes with everything you need to ease your transition so you can stay on top of financial goals.

Register for your FREE Great Eastern HomeStarter Kit here! T&Cs apply.

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