Ever wonder where your paycheck keeps going? You made overtime last week, yet you still find yourself struggling to make ends meet. If you were to take a much closer look at where some of your hard-earned money is going, you might be shocked by how much you’re spending around the house.
If you’re looking for a way some extra cash to make ends meet, consider economizing a little around the house. Here are some ways you can save:
- Invest in Better Quality Items That Last
When you’re looking to pinch pennies, it’s tempting to invest in the most affordable option on the market, even if it’s not the best quality. However, with this mindset, you’ll often end up spending much more in the long run when purchasing replacement items.
This goes for small and large items. For example, when purchasing a flat iron, it’s tempting to buy a $20 version from Walmart, but you’ll get a much better value with something like the TYME iron that comes with a warranty and guaranteed satisfaction.
The same goes for larger purchases like a washing machine. It may be worthwhile to purchase a higher-priced Speed Queen machine rather than the more affordable Fisher & Paykel that tends to break down more easily. Consider it an investment that will save you in the long run.
- Eliminate Unnecessary Subscriptions
It doesn’t seem like much to spend $10 per month for a magazine subscription, but when you add up your magazine, audio book, video streaming, cable, blog, and other subscriptions, you could be paying more than $200 per month for everything. Carefully consider each of your subscriptions and determine the necessities. Cut the fat wherever possible and save money.
- Install Water and Energy Conserving Features
Water and energy can be very costly, depending on where you live. Along with helping the environment, installing water and energy conserving features can save you money throughout the year.
To conserve water, look into water-conserving toilets, showerheads, and faucets that reduce the amount of water being used. The conservation features can also be used in washing machines and dishwashers.
To conserve energy, look into smart thermostats that will reduce energy used for heating and cooling, which makes up the largest portion of a home’s energy bill.
- Adjust the Thermostat
According to research from Energy.gov, you can save about 15 percent on your energy bills by adjusting your thermostat by 10 degrees for eight hours a day. You might turn down your heat or air conditioning while you’re at work and turn it up when you get home. Others like to turn down their HVAC system while they sleep at night. Either way, you’ll save hundreds on your utility bills.
If you’re not able to adjust your thermostat by 10 degrees for such a long period of time, try a few degrees instead. Setting the thermostat to 69 degrees in the winter and 76 in the summer may be a little less comfortable, but you’ll spend a lot less on energy.
- Plan Your Meals
Don’t aimlessly wander around the grocery store putting things in your cart without a plan. Instead, diagram your meals ahead of time. Write out a list of items you need to make those meals, and only purchase items on the list. Not only will this reduce your grocery bill each month, but it will reduce the money you spend eating out.
- Track Where the Money Goes
You might be surprised to learn where your money is going each month. Invest in a budgeting system that categorizes your spending. You’ll see the areas in which you’re overspending, giving you a direction in which you can economize.
- Move Bank Accounts
Many banks charge fees for transferring money or depositing checks. Rather than putting up with this, switch to a bank with no or reduced fees. Credit unions, for example, come with considerably fewer fees than banks.
As you search for a new financial institution, look for those with sign-up bonuses. Sometimes banks will offer as much as $300 just for opening an account.
- Clean House
Develop an overall mindset of minimalism by cleaning out your closets. As you get rid of things you don’t need, you’re less likely to spend money on non-necessities. What’s more, you can often sell your excess items for a little extra cash.
- Make Freezer Meals
When you’re short on time, it’s easy to order a pizza or bring home take out rather than cooking. However, you probably know that it’s considerably cheaper to make meals at home.
To combat any shortage on time, make a series of freezer meals on a Saturday or Sunday when you have a little more time. These can easily be thrown into the oven or the crockpot for a home-cooked, significantly cheaper meal.
Categories: Real Estate