10 Savings Tips for Your Household Expenses
Becoming a millionaire may not be your ultimate goal. But everyone wants to enjoy financial freedom and learning where we can easily save money will help us on that journey. So whether you want to be the millionaire next door or just be able to have financial peace, these 10 tips will help you achieve your financial goals.
Clarity Money is an app that works great if you pay all your bills with your bank account. It simply ties into your account and shows any monthly payments that you have. This allows you to see if there are any services that are no longer bringing you value or if you are not using anymore.
Cut the Cord
For those that have not cut cable out, it may be time. Cable can add at least $30 per month to your monthly expenses. This could be lunch, gas or even money invested for your future. With services like Sling, Netflix, Hulu and Amazon Prime Video it is making less sense to have cable anymore.
Call Your Internet Provider
If you have already cut the cord, you should still negotiate a lower rate for your internet. Every time my wife or I have called our internet provider to “switch” providers they have offered us a lower payment in the end. Recently my wife called and we actually received a lower payment than we were paying and with a faster speed than we had. Remember it costs more to attain new customers than to retain a customer, you have the leverage.
Bulk Purchase Household Goods
Everyday items should be bought in bulk. Toilet paper, paper towels, napkins, detergent (dishwasher and washing machine), toothpaste etc. It is cheaper for companies to package items in bulk which makes it cheaper for us as consumers. Take advantage of this.
Use Your Dishwasher
Dishwashers actually do save you time and money. They use the same amount of water every time you wash your dishes compared to washing dishes throughout the day. You don’t realize how much water and money is going down the drain.
Home Energy Audit
Many energy providers will conduct free energy audits to see if your house is running as efficiently as it could. Even if your energy provider doesn’t provide this free service you can conduct one yourself with this guide.
Install a Programmable Thermostat
Some may have to save up for this but it will definitely help out on your monthly expenses in the end. Smart thermostats are known to save up to $131-$145 per year which is at least $10 per month. That could be a simple lunch during the week or your bar tab at happy hour.
Start a Garden
Starting your own garden takes some manual labor. However, you can save a good amount, especially if you learn how to preserve your bounty for the winter when produce is more expensive. I started a baby garden this year and planted zucchini since we eat zucchini like candy at our house.
Rent Out Extra Home Space
If you have rooms that could be rented out you may want to consider it. Renting out your basement, having roommates if you’re single or even putting a room up on Airbnb will either pay for your mortgage or help out with it. I can only imagine the money we could put away if we could rent out our basement in a functional manner.
Unplug the Energy Suckers
Those small electronic appliances are sucking electricity out even if you’re not using them. Electricity is running through your walls unless you have switches. Unplugging your microwaves, TVs and coffee makers will cut down on your electrical bill.
These tips can go a long way in helping you build wealth and become that millionaire next door that nobody knows about. You can also try YNAB for two months for free, my wife and I’s favorite budgeting tool that can help you stick to these savings habits.