In the midst of financial crisis, it is wise to find ways to save money in every thing we do and spend, including in our homes. Here then are some practical ideas on how save money on household expenses.
- First, turn off the light or any equipment that uses electricity when not needed. This is a good way to save money on electricity.
- Cook for the whole household instead of cooking individually. A lot of resources can be saved here. You save water to clean the food you are cooking. Effort is saved as well as gas or electricity if you using gas stove or electric oven.
- Another way to reduce household expenses is to have water turned off whenever you are not using it.
- Buy groceries weekly or in bulk. Instead of buying groceries individually, schedule a day of the week to purchase a week worth of groceries. Buying in bulk for the household saves a lot compared to buying grocery individually. Also the effort to buy grocery is saved especially when the grocery store is far from the house. Check out other tips to save money on grocery.
- Using electric fan instead of air condition is another way to save money on household expenses. During cool days and nights, refrain from using the air condition unit; instead opt to use the fan. Using electric fan is way cheaper in terms of electricity consumption compared to using the air condition unit.
- Buy compact fluorescent lights instead of regular incandescent light bulbs. Although compact fluorescent lamps are expensive, they are economical in terms of electricity wattage and also has longer usage life compared to regular incandescent lamps.
- Buy bundle services, instead of getting individual services from different companies for like cable TV, internet and phone. Buying all these services from the same company will not only get you a discount on each service but will also reduce your monthly bill.
- Use coupons when shopping. Clip coupons from newspapers when doing shopping to save money. Also shop when there is a sale happening. These two ways would save you a lot of money in the long run.
- Check your entertainment expenses. See how much money you spend on entertainment and if you could cut back on it. Like instead of going out to eat, you can opt for a picnic or instead of going to a movie theater choose to rent a movie.
- Pay your bills on time, so that you don’t have to pay any late fee or penalty. The penalty or late fee charged can accumulate to a big amount. So try paying all your bills on time.
- Instead of driving to each and every place, you can opt for gas savings by using public transportation. Also you can save money by choosing to be a part of a carpool for everyday commuting.
- When you are thinking of buying something, consider buying second-hand or used. Check out yard or garage sales, thrift or consignment stores or even try online for great deals. This would reduce your expenses by a substantial amount.
- Cut back on credit card spending. Credit card companies charge you a high percentage of fee in case you are not able to pay the bill on time. As paying only the minimum bill will keep on adding to your future debt. So limit the use of your credit card, so that you do not have to pay interest charges on them.
- Reduce everyday expenses. Differentiate between things that you need and things that you want. Don’t buy stuff you don’t need. Evaluate before buying, whether you really need that thing. Sometime we just buy stuff because its on sale. We don’t really think whether we need it or not. This does nothing but create clutter. Clutter causes stress and is a waste of time and money. So reduce clutter and save money as well.
- The biggest expense you have in your house is probably on food. The best way to cut on your food budget is to eat out less and do most of your cooking at home. Buy groceries on sale and use discount coupons. Doing this will reduce your household expenses considerably.
Explain to everybody in the family about the importance of saving money on everyday household expenses and get everyone involved in some way. This would help you and the family to understand the concept of saving.
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