Most of what we earn goes toward meeting monthly home expenses. Be it food, rent or electricity, household chores constitute about 90 per cent of our total expenditure.
The different ways to save money are becoming more and more challenging with every passing day.
One of the best ways you can do it is by cutting down on your monthly expenses. Each bill takes a little toll on your bank balance, even though it might cost you a few bucks only.
The expense associated with your lifestyle usually depends upon where you live. For example, life in the suburbs is way less expensive than life in a metropolis. The cost of your daily commute, essential food items that are regularly required and monthly groceries can accumulate to become a huge, unmanageable amount.
So what can you do in this situation?
You cannot stop traveling to work or stop buying groceries. No. You need to figure out a monthly budget that will help you meet all your expenses and still have some money to set aside for savings.
To do this, just follow these few simple and easy tips that will help you cut down on your household budget by a great measure.
Here are some of the best ways to save money and how to reduce Household Expenses
- Reduce your electricity bill
Let’s be honest, none of us like opening the horrid electricity bill each month. But, there is good news for you. There are many ways in which you can keep your electricity usage under control. You can install an automated thermostat that will switch off when the house is empty. Don’t wash your clothes in hot water- only use warm water for essential activities like drinking and bathing.
Then there are the simpler things- turns off the lights and fans when you leave the room, don’t keep the air conditioner running for too long, and use appliances that are guaranteed to use less electricity. Following these simple things cut your bill in half.
- Find new ways to entertain yourself
Instead of going to the movies, rent them at a local shop. Borrow books from the library so that you don’t have to buy them. Dance your heart away at free concerts instead of standing in line for inconceivably expensive tickets. This way, you will continue to have your share of fun, without spending a pile each month.
- Do It Yourself
You have to learn to do things yourself around the house. Learn some basic plumbing and repairing work. If you have a car, make sure that you know enough about how it works too, so that you don’t have to run it to a garage every time it breaks down. Not only will this help you save money on monthly home expenses, but you will also acquire the basic amount of skills to get yourself out of some sticky situations.
- Make use of coupons and sales
Groceries eat up a chunk of your salary, but you can’t stop eating, can we?
That’s why you should always keep an eye on your local newspapers for sales and coupons. Statistics reveal that people who shop during sales save up to 15-20 per cent of their grocery budget.
Coupons also make a lot of difference to save on your bills. If you shop online, you may also receive cash backs and heavy discounts on the things you need to buy.
- Cook at home
Eating out may seem like fun, but doing it regularly will take a toll on your health and pocket. Ditch the pepperoni pizza for a stir fry made at home. It costs half the money and is twice as healthy. If you are too busy or lazy to cook, use a Sunday afternoon to prepare your meals for the week, and then store them in airtight containers. All you have to do for the next seven days is heat them on a stove or in a microwave and revel in the delicious goodness. A smart work around for lower expenses!
- Use a cheaper mobile plan
We understand how attached you are to your cell phone, but to save on your average monthly bills, you need to make some sacrifices. Swap your current mobile plan for a cheaper and simpler one. Use prepaid instead of post-paid to keep your mobile budget in check.
- Buy only what you need
Compulsive buyers have a tough time trying to reduce monthly spending. If you are one of those people, you should consider buying things on your debit card instead of your credit card. This way, you will not be able to buy stuff once your debit balance runs out. It might be tough for you to control, but in the longer run, it will run smoothly on your budget and expenses.
Thus, we elaborated on some of the many ways on how to reduce household expenses. This is just a starter kit- you can come up with new ways on how to drastically cut expenses by yourself. If it suits you, go for it. If you find more ways on how to save money by cutting down household expenses, please do share with us.