9 Ways North Dakota Homeowners Can Save Money and Boost Cash Flow

Owning a home in North Dakota is incredibly rewarding, but it can also come with its fair share of expenses. If you’re looking to stretch your dollars further, here are nine tried-and-true strategies to save money and increase your financial breathing room.

1. Eliminate High-Interest Debt

High-interest credit card debt can drain your wallet. Paying it off should be a priority, and refinancing your mortgage could help. Use your home equity to replace high-interest debt with a lower mortgage rate.
Example: Refinancing $3,000 in credit card debt at 20% interest into your mortgage could save you $600 annually.
Tip: Schedule your free equity analysis with Tracy today to see how much you could save.

Ph: 701-934-0636

2. Bundle Your Insurance

Combining home and auto insurance is an easy way to save money on premiums.
Example: Bundling policies could save you up to 20%, or $420 a year on average.

3. Consult a Financial Planner

A financial planner can help you maximize tax savings, grow wealth, and plan for major goals.
Example: Investing $200 a month in a Roth IRA could grow to $100,000 in 20 years with a 6% return.

4. Boost Your Credit Score

Improving your credit score can lead to better interest rates, saving you money on loans.
Example: A score improvement from 650 to 750 could save $2,000 annually on a $200,000 mortgage.

5. Cancel Unused Subscriptions

Cutting unused subscriptions is an easy way to free up extra cash each month.
Example: Canceling a $15/month subscription saves $180 per year.

6. Pay Yourself First

Set aside 10% of your income for savings before spending on anything else. This builds a safety net and supports long-term goals.
Example: Saving $300 monthly adds up to $3,600 a year.

7. Make Extra Mortgage Payments

Switching to weekly mortgage payments reduces interest over the life of your loan.
Example: On a $200,000 mortgage at 4%, you could save $24,000 in total interest.

8. Have an Accountant Review Your Taxes

An accountant can help uncover tax breaks you might miss, like deductions for mortgage interest and property taxes.
Example: The average homeowner saves $1,900 annually with these deductions.

9. Lower Your Utility Bills

Cutting energy consumption can lead to significant monthly savings.
Example: Simple changes like these can save up to $1,600 annually.

Visualizing the Savings

Here’s a breakdown of how these strategies could save you over $7,000 annually:

Ready to Start Saving?
With small adjustments, you can achieve big savings while increasing your financial stability. Let’s connect and make your money work harder for you.

Tracy Roberts - 701-934-0636