Finance Friday: How to Save Money When Something is Broken

Save money: Home Repair TipsIt has been mentioned before on Cleverly Changing about how to affordably make over your home. It’s not difficult to spruce up your home for a relatively low price. But what happens if something breaks? What happens if something malfunctions or springs a leak? If you aren’t careful, home repairs can cost you thousands and thousands of dollars. Here are some tips to help you save money and aid you in a time of home repair crisis:

Save Money by Fixing it Yourself?

If the repair is something minor, you can take care of it yourself by using a few tools around the house and some instructions you get off the internet. This is one of the reasons that it is important to have at least a basic supply of tools on hand—hammers, wrenches, screwdrivers, pliers, etc.  If the repair requires something you don’t have, don’t panic! If it requires something you think you might use again, simply add it to your tool collection. Shop around for bargains and discount codes to help you save money.

Admit it: you like the idea of shopping for tools. It’s okay—most homeowners do!

Save Money by Hiring a Friend?

If you have a friend, relative or colleague who is especially handy, perhaps that person can fix the damage for you (and can teach you how to do it as well). The great thing about getting help from a friend is that you can usually pay them in food and future favors instead of in cash (though make sure your homeowner’s insurance still covers you if your friend gets hurt while helping you out).

Save Money by Hiring the Pros

Sometimes, unfortunately, a professional is needed to help you fix damage or to repair something that was broken. For example, most plumbing problems require a professional’s hand. Electrical and wiring issues are best left to the pros as well. But that doesn’t mean you have to pay through the nose for them!

If you are able, spend some time shopping around in your area for people who will give you the best deal. Use sites like Angie’s List to figure out which pros in your area are worth the expense.

Check around for coupon codes. It’s true! There are discount codes for trade professionals now. A lot of independent professionals will offer these codes to attract new clients and customers.

Save Money by Asking for a deal

You will be amazed at how many service professionals are happy to offer you a deal if you simply ask for one. Explain your situation. Perhaps they have a payment plan you can use to your advantage. Perhaps they can do the most important part of the project and then let you do the aesthetic finishing up to help reduce the rate. Maybe they will simply offer you a lower price in exchange for your agreeing to refer your friends to them in the future.

Things break and need to be fixed. If you own your home, these repairs can quickly become expensive if you don’t know what you’re doing. Use these tips to help yourself save some money!

Guest Post BioThis is a Guest Post by Samantha Peters, a contributor on the personal finance blog Paid Twice.  Sam enjoys writing about ways to ensure that your money is working hard and earning you the highest rates of return.  Sam lives in sunny San Diego, California where she enjoys life with her puppy Leona.

Reader Response: What’s your top home repair tip that you would share with a new home owner?

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