(ThyBlackMan.com) The moment you decide to purchase your own home you need to start looking at your finances even more clearly. When you look at statistics and demographics you’ll see that many working class Black Americans find it a struggle to obtain affordable housing. They often spend more than 30 percent of their income simply on renting, and purchasing is even costlier.
According to some statistics, from 2005 to 2012, the number of black homeowners dropped from 46 percent to around 42.5 percent. Some of that loss did have something to do with the housing crisis when many Americans lost their homes. 
Crisis or not, if you don’t pay attention to your finances, you could end up in a crisis all your own, which is why it’s important to make sure you have a plan before you buy a home and during your home ownership.
Have a Savings Account
Home ownership can come with many headaches. Not only do you have house payments to make, property taxes to pay, and utility bills, those don’t account for the accidents that are sure to happen, like a busted water heater or a broken refrigerator.
It is these things that are the reason every homeowner should have a savings account. Sure, you can throw emergency expenses on a credit card, but then how are you going to pay that bill off when all of your money is going into the rest of your home finances.
Make Your Home More Energy Efficient
There are many ways to make your home more energy efficient, from making sure you have ample insulation to installing energy efficient appliances. Just don’t switch out appliances until you need new ones so you aren’t dropping huge sums of money.
Other ways to make your home more energy efficient include turning your hot water heater down some, flushing the toilet less, and unplugging electronics when they aren’t in use. Run your air conditioner less in the summer by keeping windows open at night when it’s cooler and closed in the morning, with curtains closed, to block out the heat and the sun of the day.
Look Into Refinancing
If you want to do some major changes to your home like put in skylights or solar panels, you may want to look into refinancing to free up some money for renovations. Refinancing is also a good way to get lower interest rates. Which type of refinancing depends on you, your home, and your needs.
If you are a veteran, you can look into refinancing through Lowvarates.com VA Streamline Refinance Loan help speed up the process so you don’t have to wait as long. There are other loan types as well and you can talk to your loan officer about what will work best in your individual situation.
Make Sure Your Home Is Properly Insured
Another wise thing for first-time homeowners that may save you a lot of money is adequate home insurance. There are some kinds of insurance you need, and others that are simply a waste of money. Do your research.
In case of fire or theft, make sure that you keep a record of your belongings, and even include photos of antiques and collectibles. Keep this, with the value of your items, locked in a fireproof safe. This will make it easy when it comes time to make an insurance claim.
Don’t Be Afraid To Be Thrifty
Last, but not least, you can save money by shopping thrifty. You have a new home, but you don’t need to furnish it with all new furniture. Instead, check out resale and thrift stores to find discounted and used items that are still new to you.
Shop clearance at your favorite big box stores and you can save a good deal of money. Price match and take the time to shop around for more expensive stuff you are in need of, and you’ll be able to save a good deal of money…to put right in your savings account!
Staff Writer; Jerry Johnson