As living expenses continue to rise, homeowners can take several practical steps to reduce their monthly housing costs without sacrificing comfort or their property value.
With inflation, municipal bills, and other household expenses on the rise, many South Africans are looking for ways to make homeownership more affordable. According to Adrian Goslett, CEO and Regional Director of REMAX Southern Africa, reducing monthly housing costs often comes down to making strategic financial and lifestyle changes.
“Homeownership remains one of the best investments South Africans can make, but it is important for homeowners to manage their expenses carefully to ensure that their property remains financially sustainable. Even the smallest adjustments can produce significant savings over time,” says Goslett.
One of the most effective ways to lower monthly housing costs is to review your home loan. By comparing offers from different banks or lenders, you may find more competitive terms, including a better interest rate, lower monthly repayments, greater flexibility, or better service.
Homeowners should also try to pay a little extra into their bond whenever possible. Although this may seem counterintuitive when trying to cut costs, extra payments reduce the outstanding balance and can help shorten the repayment period or lower monthly repayments over time.
Insurance premiums should also be reviewed annually. Homeowners are encouraged to compare insurance providers to ensure they are receiving competitive rates and appropriate cover. In some cases, increasing security measures such as installing alarm systems, outdoor lighting, or security gates may help reduce insurance costs.
READ: The first-time homebuyer's guide to budgeting for maintenance and repairs
Goslett advises homeowners to create and maintain a detailed household budget that tracks all household expenses, including bond repayments, rates and taxes, maintenance, insurance, utilities, and levies.
“Many homeowners underestimate the impact of small recurring expenses. Having a clear understanding of where your money is going allows you to identify areas where costs can be reduced without compromising your quality of life,” says Goslett.
He adds that preventative maintenance should not be overlooked, as delaying repairs can often lead to more expensive problems later down the line. Routine upkeep of plumbing, roofing, and electrical systems can help homeowners avoid costly emergency repairs and preserve the long-term value of their property.
“Reducing household costs is not always about making drastic changes, it’s about making informed decisions that improve efficiency, reduce waste, and strengthen long-term financial stability,” he concludes.
According to Leonard Kondowe, National Manager at Rawson Finance, the answer is to budget with purpose.
READ: The first-time homebuyer's guide to budgeting for maintenance and repairs
“It doesn’t matter what your property goal is – a deposit, bond savings, or renovations – the key is consistency,” says Kondowe. “Small, smart changes to your monthly routine can make a big impact over time.”
Here are Kondowe’s top five budgeting tips to help South African households move closer to their property dreams.
Try the 50/30/20 rule
The 50/30/20 budgeting rule is a simple and effective way to take control of your finances:
- 50% of your income should go to essential needs like food, housing, and transport.
- 30% is for wants – those little luxuries and lifestyle spends.
- 20% goes straight to savings – including your property deposit or bond prepayment fund.
“Applying this kind of structure to your monthly budget makes sure you’re always building towards something meaningful,” says Kondowe. “Even if it’s just a few hundred rand a month, consistently putting money away gets you closer to your goal.”
Turn clutter into cash
“We all have stuff lying around that we haven’t touched in months,” says Kondowe. “Why not sell it and put the money into your savings?”
Whether it’s baby gear, an old phone, or furniture you no longer need, clearing out your cupboards can boost your savings fund while decluttering your home at the same time. (Just be sure to take appropriate safety measure when meeting buyers and receiving payments.)
Monetise your talents
“Saving doesn’t always have to come from cutting costs,” Kondowe adds. “You can increase your income too – especially by doing something you enjoy.” Think baking, tutoring, crafting, or offering your freelance skills online. Turning a hobby into a hustle can make your property goals far more attainable – and add a lot of personal satisfaction along the way.
Track your spending like a pro
Kondowe advises all his clients to start tracking where their money actually goes each month. “You’d be surprised how much disappears on small expenses,” he says. “Once you see the numbers in black and white, it’s easier to plug the leaks.” Free budgeting apps or a simple spreadsheet can help you monitor your spending and stay accountable.
Automate your savings
“Set up a debit order into a separate savings account the day after payday,” says Kondowe. “That way, saving becomes automatic, and you’re not tempted to spend what you meant to save.” This “out of sight, out of spend” strategy keeps your savings growing in the background while you focus on everyday life.
Slow and steady wins the race
The Bottom Line? Property goals aren’t achieved overnight, but with a bit of discipline, they’re definitely within reach. “Smart saving today sets you up for smart buying tomorrow,” says Kondowe. “Start small if you need to – the important part is just getting started.”
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