Money is one thing most people don’t seem to have enough of. If you are one of those people, it is likely that you spend a great deal of time trying to figure out ways to cut household expenses in order to save money. Ideally, people want to cut costs without making huge sacrifices or changes to their lifestyle. Whether you are looking to increase your savings, pay off debt, or are simply trying to save money, these 5 money saving tips will help you reduce your household spending.
Use Vouchers
When used correctly, couponing can help save on household expenses. Combining vouchers from newspapers and online can save you tons of money on food, cleaning supplies, toiletries and other household necessities especially when used during a store sale. Never use a voucher as a reason to buy something. If there is a money-off coupon for a large bottle of laundry detergent that you’ve never used, you’re probably better off not using it. A lot of people lose money with vouchers because they don’t use them properly, or they use them to purchase items they wouldn’t normally buy.
Save on Energy
Much of your hard-earned money goes towards paying your utility bills so it makes complete sense to find ways to cut costs on energy related expenses. If you’re trying to save money, it’s likely that you don’t have the money to purchase new appliances or make any home renovations.
The good news is you don’t have too. Small changes add up and with some slight behaviour modification, like turning out lights in rooms you are not using and keeping unused electronics unplugged. You may even consider switching energy providers. De-regulation has brought on some fierce competition and providers are always offering deals or cheaper prices to bring in new customers. Compare rates from the companies in your location to find a cheaper energy deal.
You can also save on your home energy costs by saving and conserving water. If you do have the money to invest in water efficient fixtures, do it. It will save you money in the long run. A single shower head replacement could save you up to £150 a year alone. Consider taking shorter showers and make sure you are turning the faucet off when brushing your teeth. It is also important to check for leaky faucets. A leaky faucet adds pennies on to your water bill with every drip.
Set up a Budget
Setting up a budget and sticking to it is crucial to save money on household expenses. Make sure you go in depth with planning and include all of your expenses. This includes fuel and car insurance, groceries, utilities, cable and internet, phone bills, and pet related expenses if you have any. Make sure to budget in a treat or two too. Keep recites from your spending and go over your budget regularly to make sure you are sticking to it.
Plan Meals
Many people spend a lot of money on fast food and restaurants thinking a cheap burger from McDonalds will save them a few quid here and there. That kind of thinking is far from the truth. Meal planning takes the guesswork about where you will be eating for the week and helps you plan your grocery list accordingly. This helps to prevent unnecessary purchases and splurges on junk food.
