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3 Ways to Save Money by Living in a Tiny Home

Most people are gearing up to be financially chained to one house for the rest of their lives — or at least for the next 25 years it takes to pay it off. But what if there was another way, one that promised a new adventure, or practiced minimalism in every way.

Whatever your motivations, abandoning the traditional apartment or five-bedroom home in favor of an intimate bungalow on wheels can save you money.

Enter the Tiny House.

It’s trendy and chic, and homeowners are taking the plunge — mostly thanks to a few well positioned HGTV reality shows. Like any other home, the size and model of a tiny house varies, but often falls between 100 to 400 square feet.

Utilities Are No Longer an Issue Many appliances in a tiny home will use alternate forms of energy — like propane, solar energy, or composting — so you won’t be paying crazy electric or gas bills. Passive home construction will also make it more energy efficient.

You Won’t be Stocking Up on Stuff Since you’re giving up that fully furnished three bedroom home, you’re going to need to downsize the amount of stuff that will fit in your tiny house. There also won’t be space for new abstract art or a bulky armchair — which means less spending and more saving.

A Healthy Savings Tiny Living reports that 55% tiny house owners have savings in the bank of at least $10,000. That’s jaw dropping, as most traditional homeowners can’t even afford a $500 emergency! Not to mention that tiny house owners have less credit card debt or no debt at all.

Tiny house owners seem so much more savvy when it comes to avoiding debt in the first place. Which is not hard to believe, considering that living in a tiny space encourages smarter financial decisions about splurging on unnecessary items. If you don’t have space for five new pairs of shoes, you’re not going to buy them.

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