10 Easy Ways to Save Money on Household Expenses
Do you find that your bank account is empty and all of your cash is gone before you get your next paycheck? I know how expensive it is to feed, dress and take care of me and my husband, four kids, and 3 cats. With so many different expenses, it’s easy for the costs to get out of control unless you’re careful. Not too long ago, I was fretting over literally every penny I spent. I would even worry if it was worth it to buy that 75 cent bag of peanut M&Ms. It was always worth it! Well almost always.
I don’t worry so much about every penny anymore, because I have learned to save money on household expenses and I am always trying to save money everywhere I can. Maybe you can even save enough to add to your savings account each month.
Are you ready to save money on Household Expenses. Here are ways to avoid spending more than necessary on your household expenses:
1. Medication. Always ask if a generic version is available for your prescriptions. Generic prescriptions can save you as much as 85%. There are also online services that will inform you of the best prices for your medications. GoodRx.com is an example. Discount pharmacy cards have saved my family about $100 a month. Check them out here at GoodRX.
2. Entertainment. Matinee movies are typically cheaper than later showings. Also, check out discount movie theaters. It is free to play at the park. During much of the year, the weekends offer various festivals and fairs that can be both fun and inexpensive. Check out our list of 100 ways to have fun with the kids for cheap or free here at 100 Fun Family Activities
3. Cable TV/Satellite. How many of those 172 stations do we actually watch? With much less expensive options like Netflix, Hulu, and YouTube, you might find satisfactory options for less money.
4. Cellphone. One of the reasons most monthly plans are so expensive is that the cost of the phone is included. After your 2-year contract is up, you can continue using your phone and switch to a month-to-month plan that only costs about half as much.
* If you can do without a smart phone, there are options for as little as $15/month for basic phone and text message service.
5, Food. Food is one of the most significant expenses for all families. Eating out is especially expensive. Whether you purchase a morning coffee, go out to lunch every day, or take the family out for dinner, the cost adds up quickly. Try to save more money by eating out less often, by being a little creative and eating food that you already have in your pantry, and brown bagging your lunch.
Groceries – Sometimes when we are rushed, we go through the drive up window of a fast food place. Saving time and money on groceries will happen with just a little planning. Our friends at $5 meal plan offer healthy meals plans. Take the guesswork out of wondering what you are going to fix for dinner and check out the $5 meal plan.
6. Plant a garden. Not only can you grow a lot of your own food for practically free, but there always seems to be more than you can eat. You can share the extra with your neighbors or sell your excess food at a local farmers market for a profit. Then put that money towards the food purchases your garden can’t satisfy.
7. Refinance your home or automobile. Compare the interest rate of your loans to the current interest rate. You might be able cut your monthly payment considerably. Be sure to factor in the cost of refinancing.
8. Shop around for new insurance quotes. It’s a good idea to check your insurance rates each year. Do some research and ensure that you’re paying the lowest rate for the coverage you require.
This goes for Health Insurance as well. If you don’t have serious medical issues, consider buying a plan that has a very low monthly premium, with a somewhat higher copay and deductible.
9. Ask for a reduction in your credit card interest rate. Many credit card companies will lower your interest rate if you just ask. They’d rather receive less interest than risk having you transfer your balance and cancel your current credit card account.
10. Buy clothing from a thrift or second-hand store. I have found perfectly good, brand-name clothing for as little as $2 per item. There’s a lot of used clothing that’s practically brand new and in some cases, you can still find clothes with their original price tags. I bought a super amazing Coach purse at a thrift store the other day. There was no visual wear and tear. It was a happy day!
Consider how many pieces of clothing you own that you hardly ever wear. Consider selling your clothes online or in brick and mortar stores like Plato’s Closet or kids clothes at Kid to Kid.
It may seem like you are already spending as little as possible on your household expenses. However, there are many ways to trim your expenses without dramatically altering your lifestyle. Spend your money on something more enjoyable or grow your savings for the future.
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