--- title: 5 Tips for Getting the Most Out of Your Monthly Housing Budget description: It's always the right time to make your dollars stretch further, including your monthly housing budget. Follow these tips to make your money go further. image: https://info.sdhda.org/hubfs/Monthly%20Mortgage%20Tips.png --- [![South Dakota Housing](https://info.sdhda.org/hubfs/SDHDA_July2019/Images/hero-logo.png)](https://www.sdhda.org) - Programs - [Homeownership](https://www.sdhda.org/homeownership) - [First-Time Homebuyer](https://www.sdhda.org/homeownership/first-time-homebuyer) - [Repeat Homebuyer Program](https://www.sdhda.org//homeownership/repeat-homebuyer-program) - [Governor's House Program](https://www.sdhda.org//homeownership/governors-house-program) - [Home Improvement](https://www.sdhda.org/homeownership/home-improvement) - [Downpayment Assistance](https://www.sdhda.org/homeownership/downpayment-assistance) - [Tools](https://www.sdhda.org/homeownership/tools) - [My SDHDA Loan](https://www.sdhda.org/homeownership/my-sdhda-loan) - [Lenders](https://www.sdhda.org/homeownership/lenders) - [Realtors](https://www.sdhda.org/homeownership/realtors) - [Renting](https://www.sdhda.org/for-renters) - 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[Investors](https://www.sdhda.org/investors/liquidity-reports) - [Liquidity Reports](https://www.sdhda.org/investors/liquidity-reports) - [Financial Reports](https://www.sdhda.org/investors/financial-reports) - [Annual Reports](https://www.sdhda.org/investors/annual-reports) - [Municipal Advisor Disclosure](https://www.sdhda.org/investors/municipal-advisor-disclosure) Your source for expert information on housing in South Dakota # 5 Tips for Getting the Most Out of Your Monthly Housing Budget ![Monthly Mortgage Tips](https://info.sdhda.org/hs-fs/hubfs/Monthly%20Mortgage%20Tips.png?width=779&name=Monthly%20Mortgage%20Tips.png)Budgeting is the framework of financial responsibility. Though it’s an easy-to-learn concept, the benefits are massive.  When people buy a new house, they might lose sight of other expenses in addition to mortgage or rent payments. If you already have a budget, it may be a good time to update it.   **Follow these five tips for getting the most out of your housing budget.**   1. **Leave Some Wiggle Room** When coming up with a budget, it’s important to leave some room for when the unexpected happens. If you’re living on a tight budget, unexpected expenses can catch you off-guard. Save a little of your money for some wiggle room. It’s an easy mistake to only include your largest, regular expenses in your budget, like groceries, rent and utilities.  A lot of the time, some expenses can come out of nowhere. When that happens, you’ll be prepared.   1. **Make the Most of Your Space** People often want to own more house than they can afford. But rarely do they realize that there are plenty of opportunities to optimize your space. By using storage spaces and closets effectively, you’ll be able to better utilize your house and get the most bang for your buck. Take inventory of your household items and determine what’s necessary or not. Sell, donate or throw away pointless or duplicate items and get more space out of your existing, well, space. Don’t get sucked into the trap of owning more than you can afford.   1. **Figure Out Your Priorities** By budgeting, you’re able to take a look at the big picture of your spending habits. It’s no surprise that housing can cost a lot in some scenarios, and budgeting can benefit most anyone. Once you’ve created a budget and understand where all your expenses are coming from, it may be easier to cut down or eliminate avoidable expenses. Find your priorities and shed light on wasted money.   1. **Temperature Management** The weather in South Dakota is all too familiar to us. The high temperatures are really high, and the low temperatures are really low. To manage the weather extremes that we have, air conditioners and furnaces are necessary. Temperature management can be costly in the summer and winter months, but there are ways to optimize a necessity. Save energy by turning temperatures down on your furnace and up on your AC. It may take some getting used to, but take advantage of blankets in the winter and fans and open windows in the summer. Your wallet will thank you later.   1. **Decide to Rent or Buy** Not only is buying a house part of the American dream, but it also may be a smart financial decision. In many cases, buying a house can save you money in the long run. Owning your own property and building equity is a massive benefit to homeownership. This tip might be easier said than done­­–but with the help of South Dakota Housing Development Authority, finding your first house is made even easier.   For a lot of people, putting a roof over your head is the most expensive part of their monthly budget. Owning or renting doesn’t have to break your budget, especially when following these tips for making the most of your budget. 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