Running a household can be expensive, but there are many things you can do to cut costs. Reducing expenses helps you stay within your budget and save money for goals like buying a home or increasing retirement income. Here are eight ways to cut back on household expenses.
1. Bundle Your Services
Do you have internet, phone, and cable services? Bundle all your accounts with one provider, and you can save $20 or more a month. Ask your current providers about bundling offers or visit allconnect.com to see which company offers the best service package in your area, then switch and save money.
2. Reduce Extras
Do you really need unlimited data on your phone? What about that premium cable or satellite package you’re subscribed to? Are you signed up for multiple streaming services? You can rotate between them instead of subscribing to many at the same time. Review your monthly expense list and identify what you can live without.
3. Clip Coupons and Shop Sales
Groceries can take up a large part of your budget, but they don’t have to. To cut back on food spending, start clipping coupons and shopping sales. If you use coupons for the first time, you could save 15% or more. Over time, that can increase to 50% or more. Remember, using coupons only makes sense for items you would buy anyway. If you buy items you don’t normally buy, it defeats the purpose of using coupons. Most retailers have periodic sales, but there are some predictable sales. For example, summer clothing usually drops in price by August to make way for fall clothing. Black Friday and Cyber Monday are great times to buy electronics.
4. Lower Your Insurance Premiums
Insurance is necessary but can be costly. Shop around for the best auto insurance rate, and you might save hundreds on your current premium. Can’t find a better rate? Talk to your current provider to see if there are discounts you’re missing. For example, they may offer a multi-policy discount, good student discount, and/or safe driver discount. To save even more, consider raising your deductible or dropping comprehensive and collision coverage on older vehicles. If you have home or renter’s insurance, be sure to review those policies as well.
5. Be Smart About Energy Use
Are you apprehensive when you open your utility bills each month? If so, there are many things you can do to reduce the bill. Install a smart thermostat and set it to work less when no one is home. Turn off lights when not in use. Wash your clothes in cold water. Lower the temperature on your hot water heater. Only purchase appliances with the energy-efficient label. Look around, and you’ll find many ways to cut down on energy consumption and your energy bills.
6. Seek Affordable Entertainment
You don’t have to spend a lot of money to have fun, so check your entertainment spending and see if there are areas where you can cut back. Can you watch movies at home instead of at the cinema? Can you enjoy free concerts instead of paid ones? Can you borrow books from the library instead of buying them? Can you go for a picnic instead of dining out? Challenge yourself to find more fun for less money – every little bit adds up to a lot.
7.
Pay Your Bills on Time
Are you used to paying your bills late? If so, you’re likely paying more than necessary. Start paying your bills on time and say goodbye to late fees and price hikes. One option to ensure your bills are paid on time is to use automatic payments. If your budget is too tight for automatic payments, consider using calendar reminders to remind you to pay your bills. If you have access to bill pay through your bank, think about setting it up to make the payment process faster and easier.
8. Learn to Do More Yourself
Develop your DIY skills so you can keep your home in good shape without needing to call expensive services. Learn tasks like handling clogs, caring for the garden, painting interior and exterior walls, and more. If home cooking isn’t your thing, consider learning. Try one or two simple recipes a week to build your skills and confidence.
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Source: https://www.thebalancemoney.com/save-on-household-expenses-1388742
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