Top 5 Ways to Save Money on Household Expenses

Owning a home is a lot of work. For most people, their single biggest asset is their house. In many cases the problem isn’t so much buying the home as much as it is maintaining the home. Along with the initial down payment and the monthly mortgage, there are lots of other expenses that need to be accounted for when owning a home. People often scratch their heads wondering how to save money.

 

With various monthly bills and the always unexpected problems that need fixing, the mounting costs associated with owning a home can seem overwhelming. Luckily, there are always little tips and tricks you can use to reign in your monthly home expenses. Here are a few things you can start doing right away to save money:

 

Identify Where your Money is Going

 

 

The quickest way to figure out how to go about cutting costs is to know what you’re spending on. This is a bit of a chore but will pay off immensely. Start collecting all your receipts and look over all your credit card statements and bank statements. Identity exactly what you’re spending and where. From there, identify what is non-discretionary and what is discretionary. Once you have a list of the essentials you can start to go through and cut down on or cut out completely non-essential purchases. 

 

Save Money with Online payments

 

 

Lots of companies offer discounts if you set up online payments and switch to paperless statements. You may not save a ton, but every little expense adds up. Plus, you save on money for postage and you save time by not having to sit down and writing checks, and as they say, “time is money.” Setting up auto-payments is a great way to free up time and save a little bit here and there. To make sure your auto payments don’t overdraft your bank account consider using a service like The Dave App. Other online apps such as Mint and Acorn are very useful for managing your budget.

 

Considering cutting the cord

 

 

One of the most common ways to save on monthly home expenses today is cutting the cord and ditching your cable plan. Cable bills today often get up into the hundreds every month, all for channels most people don’t watch. Streaming services such as Sling, Roku, and Youtube TV have quickly emerged as costs-saving alternatives to cable. If you’re still a cable person, another way to save money is to bundle your phone, internet, and cable together to get the best deal possible.

 

Rent out a room

 

 

Not everybody has this option, but for those who do, it’s a great way to reduce your expenses. Having an extra person to split costs with can save you lots of money each year. Lots of young people nowadays have begun renting out rooms in their homes or renting apartments or town homes with roommates to reduce their monthly cost of living. If your mortgage is a bit steep, look around at average rent rates in your area and consider renting out a room. In some cases, you may be able to cover half or nearly all of your mortgage just through that person’s rent. Finding a roommate is a lot easier these days with services such as Roomiematch and Roomster.

 

Utilize energy efficiently

 

 

For many households, their largest bill is electricity. Saving on electricity is a matter of being smart of about it. Simply switching to CFL or LED light bulbs can help reduce costs immediately. While the price tag of an LED light bulb is more expensive than a regular incandescent bulb, the overall operation cost of LED or CFL light bulbs is significantly less. Over 23 years a regular bulb costs approximately $201 over 23 years while an LED bulb costs just $38.

 

Other tips to save on electricity are simple things such as unplugging electrical devices when not in use. Power strips and times have also proven to be much more efficient in energy usage. Air sealing your home, keeping your thermostat slightly higher during the summer and slightly lower during the winters is another trick to help save money on utilities.

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