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Tag Archives: downsizing a home

6 Financial Benefits of Downsizing Your Home

These days, evidence of people downsizing is everywhere – in magazines, on television, and all over social media. Unless you live under a rock, you’ve probably seen it just about everywhere you look. Even in the small town where I live, the Mini Cooper can occasionally be seen, likely due to the spike in gas prices we had not all that long ago. Smaller homes and tiny houses have become more popular as people learn to live with less stuff. Having less certainly frees up your time, but there are also some major financial benefits of downsizing your home. Here are 6 financial benefits of downsizing your home. Time Since I already mentioned it, let’s talk briefly about the financial side of saving time. Having a smaller home means less time picking up, cleaning up, and maintaining your home. The extra time you save could be spent working a side hustle. This means extra income for you. Mortgage Payments It makes sense that a smaller home equals a lower cost, which also equals a lower mortgage. At the same time, if you go ahead and make a larger payment each month, as you would have on a larger home, you ...

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Smart Downsizing: Cutting Back Now to Save Time, Money and Effort Later

saving money with a smaller house

Accepting a compact life over a full-sized one is an idea that has been finding favour among a larger part of the population today than ever before. Downsizing isn’t a fad; it isn’t about taking a principled stand against materialism or shrinking your environmental footprint, either. Downsizing, rather, is simply a logical way to conduct your life, because it comes with huge financial benefits, and it eases your transition into retirement the day it happens. What financial benefits? A downsized life can mean a smaller home, together with a smaller mortgage. You spend less on furnishing it, insuring it, heating and cooling it, and making repairs when such attention is needed. Housing costs to the average British citizen blow away a full third of their income. Major metropolitan areas are known to cost even more. Living in a large house in a fashionable part of a town comes with pressure to buy expensive cars and maintain an expensive lifestyle. A modestly proportioned home in a working-class neighbourhood can be a huge load off your income. There’s more that can improve with your life Contemplating life with fewer possessions may seem boring when you think about it. You need to look ...

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