These days we are all trying to save a buck because the cost of living is seemingly increasing overnight and our salaries aren’t necessarily growing fast enough to keep up.
With household expenses on the rise, everyone’s looking to cut some of their day to day expenses down.
Sometimes it feels like there is nothing we can do to ease the stress of increased costs.
But there are a few things you can do to help reduce the financial pain and pressure of rising prices.
Let’s take a look at a few things you can do to save some of that hard-earned money.
Budget, budget, budget. A budget keeps you on track, identifies where and what you can cut back on, and identifies cash flow problems.
There are so many fantastic, customizable spreadsheets and free budget apps available everywhere.
They help you start a budget and motivate you to stick to it.
Never go shopping without a shopping list! Another easy yet effective way to save money.
Your list will ensure that you don’t start spending aimlessly on items not needed that week.
Cancel or Reduce Cable
Cable is a costly household item, and yet, for many, this is something we don’t want to let go of.
Watching a series or documentary is a way to unwind.
Shopping for the right package at the best price is a great way to help you save.
It may take a bit of time on your part, but it could be worth the work.
Consider the many streaming services that would allow you to cancel cable altogether.
Apple tv, Disney, and Netflix are all way cheaper than most cable options out there.
Speaking of subscriptions, when looking to save money on household expenses, it really is a great idea to start with these first.
Write down all your subscriptions and the monthly cost and determine which you absolutely cannot live without and those you can.
Trust me, you’ll be surprised at how much money you spend on subscriptions and even more surprised at how much you will save when you pare them down to just 1 or 2.
Review Cell Phone Plans/Get Rid of Landline.
If you have a landline, you might consider letting go of that expense. Landlines are a thing of the past, especially since many of us have cell phones.
However, you should review your cell phone plan regularly.
The competition is fierce regarding carriers, and most will offer incredible perks to switch to them.
Do your research as the savings could be significant.
Reduce Insurance Premiums
Want a straightforward way to reduce your insurance premiums?
Increase your deductible. Most insurers offer further discounts when you take the higher deductible.
You could save anywhere from 5%-40% on your insurance premiums by increasing your deductible.
But I caution you to do your research regarding this consideration.
Make sure you consider all factors, especially if you file a claim. You must have the money set aside to pay the upfront deductible.
Eat at Home
Ordering in and eating out are two expenses that can be cut off easily.
As much as we want to support our local small business restaurants, pizza, and sub shops, it can be pretty expensive to do so.
Consider cutting back to once a month as a treat the whole family can enjoy.
Meal planning is also another great way to cut expenses in your home.
Bring your Coffee to Work.
We all know how much a gourmet coffee costs. And imagine spending even 5.00 per day on a coffee? That equates to $150.00 per month and $1800.00 per year.
Is it worth spending that much on something you can make at home for pennies a day?
Energy-efficient lightbulbs may cost a little bit more, but the reduced cost on your electricity bill is so worth it.
And the best thing is, they last for a long time. So, it comes as a surprise when you need to change them.
Faucet Aerators significantly reduce the amount of water splashing from the faucet and conserve energy.
It also reduces the levels of hot water consumption, lowering the cost and the frequency of using your water heater.
These are just two ways to make your home energy efficient so it’s worth taking a look to see what else you can change to make your home more energy-efficient to reduce those expenses.
Compare, Compare, Compare.
It is always best to get multiple quotes and compare pricing for home maintenance repairs.
But also consider the reviews of each company because sometimes it’s better to pay a little more for quality work.
You never want to be in a position where you must pay for the same repairs twice.
These are just the tip of the iceberg. You can save on household expenses in many ways, even by tweaking things slightly.
I recommend looking at your expenses and starting a household expense budget to determine what can be adjusted. Once you get that sorted out and make the necessary changes, you’ll begin to see your cash flow open, and savings grow.