Secrets of Saving for Homeowners

June 8, 2026

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By: Donna Sigley

Buying a home is likely the most expensive purchase you’ll make in your lifetime. It takes years of planning, sacrificing, and saving just to get the keys to your first home. Even after you’ve signed all the paperwork and paid the closing costs, home ownership expenses don’t stop at financing.

Many homebuyers fail to account for the expenses that come after they’ve moved in. Things like taxes and insurance are the obvious, but there’s also the hidden cost of routine repairs and maintenance that many never consider.

However, there are several ways you can lower everyday homeownership costs that will help balance your budget and can potentially increase the value of your home in the process. Here are some tips to save money as a homeowner!

Make Your Home More Energy Efficient

Many homeowners end up spending more than they need on energy bills purely due to a lack of knowledge about how to make a home energy efficient. One of the simplest ways to reduce your energy bills is to install energy-efficient light bulbs. You should also get into the habit of switching off outlets when not in use.

You can go one step further and install energy-efficient appliances. While these purchases will cost you a bit up front in the short term, they can save you greatly in the long run. New Tripoli Bank can help you finance your new appliances by taking advantage of your equity in your home with a Home Equity Line of Credit.

Updating your appliances with newer, more energy-efficient models can actually increase the value of your home, if you are considering reselling in the next few years!

Shop Around for Homeowners’ Insurance

Lenders require you to have homeowners’  insurance arranged before you close on your house. Most homebuyers tend to purchase their homeowners’ insurance and then never consider it again. However, shopping around for quotes on your homeowners’ insurance is a great way to find better premiums and potential savings.

This is also a great time to consider how much insurance you need. What kind of coverage do you realistically need? Can you afford a higher deductible? Take stock of your belongings and consider what makes sense for your situation.

Regular Maintenance & Repairs

Staying on top of home maintenance can help you save money in the long run and prevent bigger, costlier problems from occurring. Fixing issues when they only involve small repairs or performing regular maintenance is easier and cheaper than waiting until the problem turns into a major issue. Regular home maintenance can also increase your energy efficiency, helping to reduce your monthly utility bills.

You can save even more money by doing your own maintenance. Home appliances come with manufacturer’s use and care booklets with guides on how to repair common issues and keep your appliances clean and functioning. You can also find information on home maintenance at your local library or through DIY videos on YouTube, though in the case of the latter you should be careful to get your information only from knowledgeable, experienced sources.

When all else fails and a repair or maintenance job is beyond your capabilities, make sure you comparison shop for the best contractor for the job. This does not necessarily mean the cheapest professional. Again, you should make sure the person you hire for the job is experienced and isn’t cutting corners in a way that could lead to further costly issues in the future. Check with organizations like the Better Business Bureau or review feedback on sites like Yelp or Google to make sure that the business has good reviews from previous customers.

Conclusion

While buying a home is expensive, maintaining it doesn’t have to be. You can save money with a few simple tricks and potentially increase the value of your home in the process.

If you are looking to finance home repairs or improvements, you should reach out to New Tripoli Bank. We have several options to help you pay for home maintenance, whether it’s a dedicated Savings Account to set up an emergency fund for potential future repairs, or a Home Equity Line of Credit to pay for appliance replacements.

Donna Sigley is a Vice President and Mortgage Loan Officer with New Tripoli Bank and has been a part of the New Tripoli Bank team for over 25 years. She has helped several home owners achieve financing for their homes and has decades of experience in mortgage financing. When she's not busy working for the Bank, she's enjoying the outdoors and spending time with her husband, family, and friends.

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