If you’re keen to decrease your living costs so that you’ll be able to increase your savings, there are numerous changes which you can make in order to significantly decrease your living costs.
If you want to learn how to decrease your living costs at home, read on to get a few helpful tips on how to do just that.
1. Create a Monthly Expenses List
At the end of each month sit down and create a budget for the next month. Remember that while some expenses may stay the same from month to month such as your mortgage payment or rent payment other bills may vary from month to month such as your power bill.
Also, ensure to add one off costs to your budget. For example, in December it’s a smart idea to set aside money in your December budget to purchase holiday gifts and to attend social events such as Christmas parties.
2. Get a Roommate
The best way to save money is to get a roommate. If you have a spare bedroom in your home it’s a wise idea to get a roommate so that you’ll be able to share some of your monthly living expenses. As an example, if you take on a roommate you won’t have to pay your power bill or your internet bill on your own.
Better yet, you’ll be able to use some of the rent which you collect towards your rent costs or mortgage repayments. If you decide to choose a roommate who is already a good friend, you can also save money by purchasing your groceries together in order to cut costs.
3. Purchase Some Groceries Online
In order to purchase groceries on a budget consider purchasing your groceries online as you’ll find it far easier to avoid purchasing items which you don’t need, if you order your groceries online. As a bonus, you’ll be able to create and save a weekly shopping list which you can alter each week, which will ensure that you stick to purchasing items on your grocery list.
One of the reasons why it’s not always a good idea to shop for groceries in person is that grocery stores are designed to convince you to purchase additional items that you don’t need. As an example, you’ll often find new products placed at the end of each aisle that will tempt you to stray from your shopping list.
4. Buy Generic Rather Than Brand-Name
When you shop for groceries you can slash your grocery bill in half by opting for products from generic brands instead of purchasing products from well known brands. Usually generic brands feature the same quality as better known brands but are priced affordably as their businesses don’t pay for expensive marketing campaigns or packaging.
5. Lower Your Home Energy Usage
If you’re searching for money saving tips it’s well worth working on decreasing your home energy usage. You may be surprised at how making small changes such as having shorter showers in the morning can decrease your power bill. It’s also a great idea to get into the habit of remembering to turn the lights off when you leave each room in order to save cash.
Another way to decrease your home energy usage is to replace some of your outdated kitchen appliances with newer models which boast higher energy efficiency ratings. As an example, it’s worth replacing your fridge with an energy efficient model as your fridge is plugged in and turned 24 hours a day.
6. Get Quotes From Different Power Companies
It’s well worth comparing your current power costs with the rates which are currently being offered from rival power companies. As you may be able to save a considerable amount of money each month by switching your power company.
7. Hang Dry Your Clothes
While you may want to run a load with hot water from time to time to thoroughly clean your washing machine, it’s perfectly safe to wash your clothes in cold water. As the color of clothes doesn’t bleed during cold washes you’ll also save time as you won’t have to separate your clothes by color.
In order to save even more money, make sure to air dry your clothes when it’s not raining. As dryers can be extremely expensive to power.
8. Sign Up for Paperless Statements
Some power companies, phone companies and internet providers offer discounts to customers who set up automatic payments and sign up for paperless statements. If possible, it is always a good idea to take advantage of these incentives, since they cost you nothing yet often give you savings that can add up significantly over time.
9. Get Rid of Cable
One monthly expense that is well worth getting rid of is your cable subscription. As it’s far cheaper to sign up for a streaming subscription such as Netflix, Hulu or Amazon Prime, than to pay for cable.
Streaming television shows and movies is also a preferable option as you’ll be able to watch any show or movie at any time of day. Whereas if you rely on cable for entertainment you’ll have to tune in at specific time slots to watch your chosen programs and movies.
10. Cancel Unnecessary Subscriptions
If you add up the costs of all of your monthly subscriptions you’ll be shocked at how much money you spend on unnecessary monthly subscriptions each month. One smart saving tip is to limit your subscriptions. For example, instead of paying for 3-4 TV streaming services, select one monthly streaming service to keep. Other subscriptions services which you may want to cancel include music streaming services, digital newspapers and overpriced food box subscriptions.
So if you’ve been searching for simple yet effective money saving ideas which will help you decrease your living costs at home, it’s well worth implementing some of the tips which are listed above. Especially if you’ve been overwhelmed by your current living costs and would like to save a greater percentage of your monthly income.