Tired of seeing a big chunk of your salary go on household expenses? We hear you. With household costs on the rise, more people than ever are finding that they have less money than they usually do to spend on the fun things in life, such as restaurants and travel.
Household costs spiral when they’re not controlled. On the other hand, getting a grip on household expenses and actively working to reduce them can result in households saving hundreds — if not thousands — of dollars each year. And that might just be the amount of money you need to take that vacation you’ve been dreaming about.
Minimize Housing Costs
The amount of money you have to pay to simply live in your property will likely be your biggest household expense. Alas, there’s no magic wand that’ll delete your mortgage payments forever. There are, however, ways to keep these costs down. Refinancing your mortgage can be an excellent way to reduce your monthly payments, and this process is actually more straightforward than you might think. It’s also recommended to shop around for insurance, and to consider the possibility of renting out your spare room.
Significantly Reduce Your Energy Bills
Energy bills are on the rise. Electricity costs have risen by 7% in the last year alone. Throw in the fact that people are spending more time at home (remote working) and the weather is becoming more extreme (which means more heating/cooling related costs), and it’s no wonder that many Americans are tired of through-the-roof energy bills.
There are plenty of ways to reduce energy bills, with the most effective strategies helping to save hundreds or thousands each year. Shade products can lower your cooling costs by $600 a year, while homeowners who install solar panels can expect to make savings of some $1,500 a year. Those two methods alone bring savings of more than $2,000 each year — multiply them by the amount of time those products typically last (more than 25 years in the case of solar panels), and the savings amount to a small fortune.
Kitchen Expenses
After housing and electricity, it’s the food side of the household that eats up most of a household’s monthly expenses. With grocery prices on the rise, it’s more important than ever that budget-conscious Americans adopt practices that ensure they can eat well for as little as possible. Buying in bulk can be a great way to save money, resulting in savings of more than 50% when compared with buying individual items. It’s also worthwhile looking up budget-friendly meals, of which there are many — it’s really not so difficult to eat well and healthy for cheap.
Learn Home DIY
Finally, look at picking up the basics of home DIY. You’ll have to invest money in buying tools, but you’ll find that you can save a fair amount of money each year, since you’ll be able to fix minor repairs yourself rather than calling a professional. Plus, it’s just more satisfying to fix issues in the home yourself.