Cutting down monthly spending is something we would all like to do. However, it might not be as difficult as you think. There are many areas of household spending where cuts can be made. Although if you find yourself struggling with one too many unexpected bills, then credit options such as a short term loan may be a tempting option for you — but they require careful consideration.
Log and review your expenses
You should consider sitting down one day and looking at the previous month’s expenses. By making a simple income and expenditure spreadsheet, you can spot any outgoings which you feel are too high or not needed. For example, you might not realize how much you’re spending on video streaming services such as Netflix and Amazon.
Reduce spending on takeaways
Takeaways are usually a big expense which people do not realize. Although it might seem like only the odd $10 here or $20 there, this soon adds up. Therefore reducing this could save you up to $600 a year which can make a huge difference to your savings.
Lower spending on your weekly food shop
Households waste so much food each month that savings can usually be found with some smarter grocery shopping. Don’t be tempted by those 3-for-2 or “buy 10 or more” types of special offers if you know you only need one of the items. Additionally, creating a shopping list can also ensure you buy just what you need and don’t deviate too far away from this.
Switch your gas and electricity suppliers regularly
Households who do not switch energy suppliers tend to spend more without even realizing it. Therefore, every time your renewal is coming up, you should take a look at the energy market to see if there’s an alternative provider who can offer you a better deal. Believe it or not, there are companies which automatically switch you to the best deal without you having to do anything so it could be beneficial for you to look into these.
Look out for deals
Always be on the lookout for deals which could save you money in the long run. For example, if there’s something you buy regularly such as detergent, then it could be a good idea to stock up when there’s an offer such as half-price or buy one get one free then you don’t need to worry about purchasing these for a while. Oh, and by the way, don’t forget to shop around for broadband, mobile phone and TV packages too, which all usually offer heavily discounted deals for new customers which you should take advantage of.
So there you have it; by following a few simple tips, you may be able to save yourself a small fortune each month — and that can go a long way toward making your finances more secure. In fact, you should always be looking at where you can make both big and small savings because they’ll both contribute to a healthier bank balance over time.
Photo Credit: stock photo
Hi, I’ve only just discovered this blog and enjoying reading all the articles (I’ve got as far back as 2018 articles). I live in Western Australia and we are hobby farmers, or I think you call it homesteading in America. Hubby is only 5 1/2 years from retiring from mining so very interested in the retirement articles.
Some of the ways I save on house hold costs are –
‘Fake away’ instead of take away. Living 15 minutes drive from town it just isn’t feasible to buy takeaway, but I make the same food at home for a fraction of the price and we don’t feel we are missing out. This includes burgers, fish and chips, made from scratch and we love pizzas. I also make chinese, thai and Italian.
Eating out is a rare treat saved for special occasions, but again I cook our favourite fancy meals at home….we have perfected our favourite pub meal…surf and turf.
Grocery shopping is the easiest way to find extra savings. Apart from growing our own lamb, I raise chickens and sell the excess eggs. Being a temperate climate I have a summer and winter vegetable garden, which saves heaps of money and also having our fruit trees, means I can limit the trip to the supermarket to just once a month with once a week top up of milk. I meal plan for the month, usually repeating the same meal twice throughout the month, to take advantage of buying bulk. Steak is bought as a whole rump which we slice ourselves (you tube taught us how to cut meat correctly).
When I do shop I take advantage of ‘click and collect’ where you place your grocery order online and then they do the shopping for you and even pack your car. Free service! No impulse buys and you can see the total you have spent before checking out. So we spend AUS $60 a week on groceries, including toiletries and supplies to make my own cleaning products, which is $41 in USA $ a week.
Also it pays to shop at home before writing the meal plan and shopping list, by checking what ingredients you have available and basing the meals on those. I often incorporate new recipes each month, but only choose ones I have some of the ingredients already.
Learning to preserve excess food saves a lot of money, whether you grow it, are given it, or find a great bargin.
Slow cookers or crock pots are not only time saving devices, they allow cooking of cheaper cuts of meat, making it tender.
When meal planning, keep in mind future commitments, such as after school activities or appointments, and plan easy meals for those days or let the slow cooker cook it for you. Saves on the temptation of takeaway!
A bit of planning and effort is required, but food really is the easiest expense to cut down on!!