Everyone is looking for a way to shrinking your bottom line. One way to quickly save money is by cutting your monthly expenses by assessing your household’s budget for essential and nonessential bills, purchases and other financial commitments.
Here are some ways you can reduce expenses and gain control of your monthly budget by saving money:
Saving money on utilities is relatively simple. You can install CFL or LED bulbs to make your lights more energy efficient. Unplug electrical devices when you aren’t using them, use power strips, lower your hot water tank temperature, take shorter showers, run your appliances (washer,dryer, dishwasher, etc.) at non-peak hours and invest in a smart home security service. Many smart home services not only allow you to have a state of the art security system. But they allow you to control parts of your home from your phone. For example, your thermostat. You can turn it on and off from your phone. Or your lights, even turn the washing machine or dryer on from your phone and get started on your chores a little early!
Do you live in an energy deregulated state? States like Texas have deregulated energy, giving you a wide variety of companies to get electricity thru. And here is the funny (not so funny ) thing. All these companies get your electricity or gas from the same company! Your rate is dependent on the brokers fees! Having living in Texas almost 3 years I didn’t understand that until a friend introduced me to a company she was working thru. They showed me what was my REAL rate and the extra fees I had been paying. Long story short, she saved me $40 a month on my bill! If you live in a deregulated state, let me know. We can put you in touch with a company with the lowest rates around!
If your city has public transportation, consider taking the bus, subway or another method of transportation. This can save money on gas and the maintenance costs of your vehicle. You could also carpool with a coworker or friend. Also consider downsizing a vehicle; for example, if you have an SUV, consider getting a small sedan — if that fits within your individual and/or family’s needs. If you do drive your car to work and to other appointments, make sure your car’s tires are properly inflated to the proper PSI levels.
Debt – Credit and Other
Consolidate your debts, if possible. That will save money on accumulated interest with credit cards and other outstanding debts. You may also choose to refinance your home or vehicle. Request a credit card rate reduction. Or look into a credit card balance transfer. Don’t forget about your student loan! You may be able to save some money by consolidating them into one loan.
Supermarkets are are a great place to save a lot of money. Prepare your meals at home and avoid eating take out. Not only will this save you money, but when you cook your own food you have control over how it’s made.
Refrain from impulse buying by using a grocery list. If you pay with cash, or a debit card, it is easier to stay on budget. Use coupons and buy generic items when you can. Also, growing your own fruits, vegetables and herbs is a budget-friendly practice.
If you don’t use your land line, consider eliminating it. Assess how often you use your cell phone and its calling, texting and data packages. You could reduce cell phone perks or change carriers to save money. Look at your monthly invoices to see if there are extra charges and work to eliminate those. Using a free service, such as Skype, could be an alternative option to phone lines. Did you know there is a little known secret to saving money if you have T-Mobile, Sprint or Verizon Wireless cell phone service? Click here to learn more
How often do you watch your cable or satellite television? If the answer is “rarely,” consider getting rid of that service to save money. If you are like me, you mostly watch Netflix or Hulu. You only need to have good internet service to stream content. Go ahead and cancel cable! Watch the news online!
Cancel club memberships you barely use. You could save money by finding more inexpensive entertainment options — such as attending community events, picking up books at the library, volunteering your time at a local nonprofit and more. There are plenty of free ways to pass the time. Here in Houston they have a service called Goldstar. They often have free or reduced priced tickets to local plays.
Remove unnecessary clothing, consumable habits (smoking, alcohol, etc.) and other nonessential spending practices. If you have unused items lying about your apartment or house, consider selling them on Amazon or eBay. You may also choose to downgrade health, life or car insurance plans. But be careful! When you reduce the cost of any of your insurances, you are increasing your deductible. Meaning if you get in an accident, or get sick, you will have to pay more money out of pocket.