Whether your hours at work have been cut or you’re simply looking to pay down debt, saving money on household expenses is one easy way to add more money to your monthly budget. There are numerous ways to save money on household expenses, including the following:
Cut the Cable
If you’re paying for an expensive cable package, it may be time to consider cutting the cord. Often, cable companies provide their users with a low introductory rate, then increase it after a year. If you’re paying these higher rates, or if you pay for premium channels or movies that are available on demand, rethink this expense. You may be able to use sites like Netflix, Amazon, or Hulu to watch your favorite shows on the cheap.
Switch to a Cheap Phone
If you drop a big chunk of money each time the hottest, newest phone comes out, you may be throwing your money away unnecessarily. Instead, consider purchasing a refurbished phone. According to Cheap Phones, the biggest advantage of purchasing a refurbished or reconditioned phone is the money you’ll save. While you’ll save money on the phone itself, you may also save money on your monthly bill and a data plan, as older-model phones often require a lower bill. These ongoing expenses can mount up, so be sure to reduce expenses where you can.
Eliminate Energy Phantoms
Even if your electronic devices and appliances aren’t actively being used, they’re still drawing energy. This “phantom load” causes energy waste and increases your electric bill unnecessarily. If you aren’t using your toaster, cell phone charger, or gaming console, consider unplugging them until you’re ready to use them again. To make this process easier, plug multiple similar devices into a single power strip, then turn off the switch when the electronics aren’t being used.
Weatherize Your Home
If your home is poorly insulated, you may find that it’s difficult to keep it heated properly in the winter or cooled efficiently in the summer. You can reduce the load on your HVAC system by sealing small gaps around your doors and windows and adding extra insulation to your home. Simple kits are available at most home improvement stores, and this is a job that most homeowners can complete in a weekend.
Rethink Subscription Services
Far too often, individuals sign up for free trials of subscriptions or services and then forget to cancel. Periodically review your bank statements or credit card receipts for these regular monthly charges. Are you still using the service? Or have you stopped using it, but forgotten to cancel it? A few minutes on the phone can help ensure that your hard earned money stays in your bank account, where it belongs.
When you’re trying to save money for debt repayment, moving, or a vacation, every penny helps. Use these easy-to-implement tips to reduce the amount you’re spending on household expenses, so that you have more money to achieve your goals. Don’t let your hard-earned money creep out the door without your permission.
