7 Money Moves to Make After You Buy Your First House

Marcia R. Franco
Mar 9, 2020
2 min read

Updated: Mar 11, 2020

1. Update Your Budget

We like the 50/20/30 budgeting method. It’s super simple. Here’s how you’ll allot your income:

50% goes toward essentials — that’s anything that has to do with your new home.20% goes toward financial goals — you can’t let these slip!30% goes toward personal spending — this is basically your catch-all category."

2. Don’t Let Your Retirement Slip Away

"You’re facing some new expenses now, and that can be overwhelming, but don’t forget to take care of your other goals, like retiring some day.

If you’ve already got a 401(k), you’re on the right track. Now, you just need to make sure it’s doing what you need it to. But tapping into that account and deciphering the information — or lack thereof — can be hard.

There’s a robo-adviser for that. Blooom, an SEC-registered investment advisory firm, will optimize and monitor your 401(k) for you."

3. See How Your Credit Score Is Holding up

"We say credit score, and your eyes immediately glaze over. You know what it is and why it’s important — after all, you just took out a mortgage — but why does it matter now?

These three little numbers affect more than just your home-buying power. They also control what kind of car you can afford, what kind of credit card you can open and if you can eventually refinance your mortgage for a better rate."

4. Find Ways to Save Money on Your New Gigantic Electric Bill

"If you were renting an apartment before buying your new home, you know how nice it is to have your own space. You no longer have to listen to your rowdy neighbors, and you probably have a yard. Heck, your space is probably larger, too.

You know what that means… more room for activities! But also probably an increase in your electric bill."

5. Turn Your Receipts Into Free Gift Cards for Home Essentials

"Whenever you move, it’s nearly impossible to avoid buying a few things to spruce up your new space… even if you already have the furniture you need. So why not stock up on some gift cards to make your new home perfect without busting your budget?

A free app called Fetch Rewards will turn your receipts into gift cards. It partners with tons of brands to give you points for every grocery receipt you share. Then you can exchange them for gift cards to places like Amazon, Walmart, Target and dozens of other retailers."

6. Get a Better Rate on Your Car Insurance

7. Plan for Your New Financial Goal

"You just crossed off a huge bucket list item by buying a home. Congrats! But now what?

When you feel your bank account getting used to this change, start thinking about how you want to achieve your next financial goal — we’re thinking you probably have a home improvement project or two in mind."