Many parents will tell you that finances are amongst their top household concerns. Trimming your household budget, from day to day household expenses to achieving the goals of saving for their retirement or their children’s college education, keeping the family budget intact each month can easily be termed as a juggling act for most. If asked about the best place to save some cash each month, any one of these parents will tell you to look towards your household spending.
In a time where 80 percent of American workers are living paycheck to paycheck, keeping your budget under control is more important than ever. Whether you are looking to fund your family’s summer vacation plans or simply ready to seize control of your budget, it can be as easy as taking a second look at your family’s monthly budget and making some minor changes.
Trimming Your Household Budget: Simple Hacks To Help Your Cut Costs In Your Home Today
Revisit And Compare Your Options – Utilities And Overheads Included
Households make one common mistake when it comes to their utilities: they get comfortable. Your utility costs should not be more than 8-10 percent of your monthly income. Often, once their initial subscription period has passed, consumers never consider comparing deals elsewhere.
Similarly, many of them do not take the time to compare the packages available and do their research when it comes to their water supply, electricity, or even satellite provider. Companies such as Provision Power & Gas allow you to search for your energy rates using your zip code. A simple 60-second search online can show you how much less you could be paying. In addition, your current provider may be more inclined to negotiate a better deal if faced with competition. Alternatively, you could opt to go cableless and save that bill altogether.
Invest In A Refrigerator Notepad – And Make Use Of It Before You Head To The Store
Food is no doubt one of a household’s most significant spends each month; $7,203 to be exact if we are to go by the estimates in the 2018 BLS data. This includes a sizeable $3,154 on food outside of the home. Not all of these foods purchased are consumed. Households waste almost a pound of food each day, and $1500 each year for a family of four. What has been recognized is that a lot of this waste is not intended; households are making simple mistakes when it comes to meal planning, storage, and shopping, including not checking their cupboards and refrigerator before heading to the supermarkets. As a result, they end up buying duplicate items. They also head out without a plan or a list and end up making impulse purchases. Simple hacks, such as attaching a notepad dedicated to recording the weekly shopping list, can help you buy just what you need, and also make it easier to visualize meals for the week.
DIY Home Maintenance – Family Help Included
Each year households are spending an average of $16,000 on home maintenance, and in some states, this figure edges closer to $18,000. While it includes necessary home repairs and preparations for changing seasons, it also comprises of handyman fees and costs of installation. However, many of the simpler tasks can be done you and your family within the space of an afternoon. By being proactive, you can save yourself hundreds of dollars typically spent on hiring services to do things such as lawn maintenance, fitting light fixtures, or even repainting. Take it a bit further and seize these opportunities to save even more in your home by making cost-friendly choices – i.e., reusable and energy-efficient choices. This can be as simple as swapping out your light bulbs and choosing a low flow showerhead, all things you can purchase and install yourself. In the long run, you will also see your utility bills decrease, so it’s a win-win.
Install A Light And Water Heater Timer
When we think of a timer, we think of our ovens or cooking equipment, but have you ever thought of applying the same concept to other areas of the home? Heating and electricity are two of the highest users of energy in our homes, including our lighting (particularly in those winter months). With a water heater, you are able to program the times your household’s usage is high, and also set it to switch off when it is not, therefore saving you money on utility bills. In the spirit of technology, there are also smart home devices that control your heating or lighting from your phone when you’re out of the home, reducing any waste charges.
Cutting expenses from your household budget is not difficult. You just have to be willing to be creative, resourceful, and organized. Simple everyday habits in the home could be costing us hundreds of dollars that could otherwise be sitting in our checking accounts. All it needs is a closer examination of you and your family’s lifestyle, and an effort to move it to a more efficient one. Do this, and both you and your wallet will be happy.