Spending money can be a lot of fun, but it can also be a huge issue to some households. When your income barely covers your expenses, every single time you have to swipe your credit card it can often fill you with dread. Add to that the idea of debts accumulating and a lack of savings and you’re definitely going to want to do something to change your situation.
But what? It’s not always that simple. Not only is it difficult to actually know what will get you out of the situation that you’re in, but you can often struggle to get started too.
But this daunting situation doesn’t have to get the better of you – especially when it comes to spending around the home. From your household costs to your regular monthly bills, you can work to reduce them so that your financial situation can feel a little more comfortable. And while you often believe that doing so is going to drastically change your lifestyle, it doesn’t have to.
In fact, you can keep your standard of living somewhat or even improve it, just by being smart about how you spend around the home. So let’s take a look at fourteen ways you can look to do that.
Reduce Your Utility Tariffs
One of the biggest expenses around the home is always going to be your utilities. So it’s often a smart idea to look into reducing your bills. While you may not always be able to cut back on your usage, you should look to reduce your tariff. Where you can, you may be able to limit your supply, or even take advance of a special rate so that your payments are cheaper.
Another option to save money on your energy is to go with a renewable option. While gas and electric are some of the most common options, they aren’t the only ones we have. They just tend to be what we’re used to using. Instead, if you’re able to choose an alternative energy supply, such as solar power, you could find that it saves you a lot of money in the long run.
But if you’re not ready to try out something renewable just yet, you could also look at switching your suppliers so that you can get a cheaper rate. Your current supplier may not be able to offer you a deal when you ask them, but more often than not, a new supplier will. So by changing your supplier, you’ll be able to get a much better rate.
Cut Back On Services
But your energy and utilities aren’t the only options you have to cut back on. You should definitely look to review your monthly expenses, especially those that relate to your household, and you should find that you’re able to remove the services that you don’t need. From TV extras to unused subscriptions and services that you could go without, this is a great way to save money on your bills.
Set A Grocery Budget
Your next step is to look into ways that you can save money on your groceries too. Because no matter what you spend on them now, you’re always going to be able to cut back. By setting yourself a frugal grocery budget, you’ll know that you’re only spending what you need for each week or each month. This is often a huge area that many households can cut back on without it overly affecting your quality of life.
Next, you should definitely think about clipping coupons. Coupons and online discount codes can be used for so many different areas of the home – from your grocery shopping itself to items for around the home. And if you want to make sure that you’re only spending as much as you need to on anything for your home life, this is a great way to do it. Because you can always find a good deal with coupons and discounts.
Grow Your Own
Another really great way to ensure that you save money on food items specifically is to grow your own. By growing your own food, you won’t have to buy as much fresh produce at the market. Your garden will then often dictate your menus and mean that you can spend less on your weekly shopping too.
Start An Emergency Fund
When you’re spending a lot of money on emergencies, the cost will add up. And yes, you can get a loan by phone and access to money instantly online, but that may not be the best option for you. Instead, you may want to think about starting an emergency fund in your savings account. Now that you’re looking to cut back money around the home, you should be able to allocate a little more to your savings for this reason.
Next up, you should definitely think about getting insurance. Some home expenses and repairs can be incredibly costly, and while your savings will help, they won’t always be enough. Insurance can be though. From home insurance to boiler breakdown protection, you should find that you can save a significant amount of money by doing it this way. Because emergency fees can be really expensive, and if you’re not able to save up that much, insurance can be a big help.
Reduce Your Consumption
From here, you should definitely think about reducing the amount you consume in life. This is going to be from all angles. Because in general, the less that you consume, the less that it’s going to cost you. From the amount of food that you eat, and inevitably waste, to the amount of energy that you’re using around the home, if you can reduce your consumption, it will save you money.
Change Your Car
If you tend to find that your car costs you a lot of money, you should definitely think about changing it. You may be able to find a most cost-effective model in terms of the insurance prices, car payment cost, or even the running expenses. Of course, if this will cost you money, it’s not going to be a good idea, so you will need to add up the figures.
Make Life More Minimal
At the same time, you may also want to think about stripping back your lifestyle too. This is definitely something that will apply to almost everyone. With a minimalist budget, it forces you to be more mindful of your material possessions and how you spend. It will also encourage you to not have or want to much ‘stuff’. By having a clear out at the same time, you may be able to live more minimally and cost-effective overall.
Sell Your Old Stuff
When you do have a clear out, you may find that it’s the perfect opportunity to make a little money back, as well as save money around the home. By selling your old things, from clothing and antiques to furniture and homewares, you should be able to not only declutter and living a most minimal life, but profit from it too.
Rent Out A Free Space
Finally, you could also look to make more money from your home at the same time. While you’re saving, it’s also smart to top up your funds too. To do this, you should consider renting out free spaces for extra income. If you have a spare room or an office space, or even garage space, you may find others that are willing to pay to rent it from you – meaning you can really save money with your home.