House Expenses

Q.1. What expenses are involved in maintaining a home?

There are more costs involved in owning a home in Canada than just paying the mortgage. There are monthly costs for such things as electricity, water, heating, house insurance (property and liability), telephone and cable. In addition, there are general repairs that are required in order to maintain the property. A household budget worksheet can help to plan for these expenses. If you are a senior, be sure to project increased costs for things like home maintenance, as you will likely have to hire people to help you with monthly maintenance.

Q.2. How can I reduce my costs?

There are a number of things that can be done to reduce costs around the house. Lowering the thermostat in winter and raising it in the summer can help reduce utility costs. Using such energy saving devices as compact fluorescent light bulbs will also help. But there are other simple things that can be done such as opening drapes when the sun is shining in and closing them when the colder evening temperatures arrive. Now, with the arrival of smart meters, attention can be given to using appliances in off peak periods.