Stay Or Go? Your Options When Your Home Costs You Too Much To Keep

Owning your own home comes with lots of responsibility and pressure to keep everything going financially. Of course, life doesn’t always work out in a way that is helpful! Sometimes money worries can become so overwhelming that you need to start thinking about a serious change to resolve them. If you’ve found yourself struggling to make ends meet recently, then you might even be wondering if you have to sell your home.


Staying where you are might be a stretch too far. But if you’re willing to make some sacrifices, it might be worth considering them before you hire that removal van. Pull out all your receipts for the last few months. Check over your bank statements. It might take a few hours or even a couple of days to thoroughly analyze your spending, but it could be worth it.

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There are lots of areas where you can make little savings that might add up to enough to cover your mortgage repayments for a while. Start with the things you don’t absolutely need. These might include TV subscriptions, phone contracts, monthly salon visits, wardrobe purchases, and coffees out. There are many more you might be able to add to the list. What you’re looking to do is strip out every non-essential and see how much the bare cost of living truly is.


Your essentials include your grocery bills, energy bills, taxes, insurances, and the mortgage. If you can’t get to your place of work without a car, then include the repayments on that plus the fuel and parking. Can you get these essential costs down by ten percent? Start with the biggest bill – your mortgage. There are several articles at that can help you find ways to refinance the mortgage for lower monthly repayments. You might exchange your car for a cheaper model, switch out your light bulbs for LEDs, and go for own brand labels at the grocery store.

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How Long?

Now you’ve cut out all the fun and treats in life, you might be wondering how long you can keep this frugal lifestyle up. Not long, is the answer. But you might not have to keep it going forever. Channel your savings you’ve just calculated into any monies owed and clear up the problems. It might take just a few months. In the meantime, push for a promotion, find a second or better-paid job, and sell anything you don’t really need. Once you’re back on your feet, you can figure out exactly how much you really need to live a lifestyle you can be comfortable with.

Ongoing Budgets

By now you might have found your way through this difficult period and made an effective household budget that works for you. But if you’re not living within your means, then you might need to make that move after all. It’s better for you to take the reins and sell up rather than find your home is repossessed. Remember, this might be only temporary until things change in your favor once more. How would you tackle an income shortfall?