One of the biggest challenges in life whether you have a typical 9 to 5 or work from home is figuring out how to spend less money. One of the most efficient ways to do that is reduce monthly costs. Check out the top five areas in your life where you can save money.
There are many effective ways to improve energy efficiency and lower that monthly utility figure.
Consider buying a programmable thermostat. It allows you to automatically change the heating and cooling of your home when you’re not at home, when you’re asleep, and so on, saving significantly on your heating and cooling bills. You should also use times and power strips. These would help you turning off electric devices you aren’t using at the press of a button. Studies have also shown you can lower your cost by running laundry, dishwashers and dryers late at night/early morning. Early hours have lower rates because most people don’t use these utilities at those times.
Entertainment is the first expense that people look at when they are trying to save money. It’s also the easiest category to reduce cost in.
You can eliminate cable costs, travel costs, magazine costs, etc in this category. Things that you don’t “NEED” to work or survive, you can eliminate or substitute for something cheaper.
Transportation can be very costly. Depending on how old your car is, it can be a complete money pit.
The best way for you to save money in the transportation department is to consider public transportation. With public transportation, you would save money on gas, car insurance, and maintenance. Because you are working from home, the amount of time you drive your car should tremendously decrease. You could make money with your car when you’re not using it by renting it out. It doesn’t even have to be a new car to do this.
Depending on how big your family is, food can be a large expense for your household. Here is a way to lower those cost.
Check out coupons. You can get items for penny on the dollar or for even free by using coupons. The best part is you can buy items in bulk with coupons that don’t go bad allowing you to have more for the rest of the year which spreads your savings over a longer period. You can also consider buying store brand food. Store brand can be cheaper than name brand sometimes. Lastly consider cooking meals and eliminate fast food. The average individual could save hundreds a month by eliminating eat out costs.
Anytime you struggle with your day to day expenses, you will struggle when you add debt payments on your list of monthly bills. Here’s a couple way s to reduce your debt payments.
The first way is to sign up for automatic debt repayment plans. Many will give you an interest rate reduction going this route. Unfortunately, you may not be able to afford automatic payments coming out of your bank account. The best step is to consolidate or refinance your loans. Whether they are student loans, car loans or home loans, if you can get a better rate then you lower your payments.
Do you have ways to save on your household expenses? Please comment and share.