Reduce your Monthly Budget with These Easy Hacks.
Are you feeling stressed about your monthly bills? The expenses keep coming in yet the income is staying the same? I have been there! I have felt the stress of not feeling like we will ever have any extra money. It’s not fun! I learned quickly, and a little begrudgingly that in order to eliminate this finance burden in my life I would need to cut some things from our monthly expenses. And guess what! It worked! I was able to eliminate a few things and clear up some extra room in our budget! Here are 11 Things you can do TODAY (yes, do them now!) to lower your monthly expenses and save more money!
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How to Lower Your Utility Expenses
1. Reduce Your Home Thermostat
Consider lowering your house thermostat by 1 or 2 degrees during the day and 10 degrees at night (just pile on those blankets and flannel pjs!). We keep ours at around 68 in the winter and 78 in the summer. By making this one simple change you can save up to 10% on your electricity bill! Quick, go lower that thermostat asap!
2. Switch to LED Light Bulbs
If you haven’t switched the traditional light bulbs in your home for LED light bulbs now is the time to do so. LED light bulbs are more expensive upfront, but through time the savings is huge and well worth the initial cost! This 6 pack on Amazon is a good deal at $14.
The great thing about LED light bulbs is that they last forever! Ok, I might be exaggerating a bit here…they don’t really last forever. But they do last for a very long time! As a matter of fact LED light bulbs lasts 5 times longer than regular light bulbs. This means buying less light bulbs which will save you money!
The other great thing about LED light bulbs is that they use much less electricity, which brings down the cost of your electric bill. Just one regular light bulb will cost you $15 a year. One LED light bulb will only cost $6 a year. Multiply this number by the amount of light bulbs in your home and you will see huge savings.
3. Lower The Temp on Your Hot Water Heater
Double check the temperature on your hot water heater. Lower the temperature down to 120 degrees. This is low enough to see a savings in your monthly bill, but high enough that your showers will still feel warm and your dishes will get cleaned. Every 10 degrees you lower your hot water temp will save your family about 3%.
How to Lower Your Household Expenses
4. Switch your Cell Phone Carrier
Shop around to multiple cell phone carriers. If you have been with the same cell phone carrier for a while it might be time to switch. Most cell phone carriers will offer you a good deal for being a new customer.
Your original cell phone provider might even match the deal when they find out your considering switching. Don’t be afraid to negotiate a little!
5. Negotiate Your Homeowners Insurance
Ask your insurance provider for special discounts on homeowners insurance. Most will be willing to offer you a deal if you bundle with your auto insurance.
You might also get a deal if you have a security system, retired, been with the same company for a long time or updated your home to make it more disaster proof. My motto is that it never hurts to ask! Remember, everything is negotiable!
Don’t be afraid to shop around to different providers while you are at it. You might be able to find a cheaper rate somewhere else.
6. Pack a Lunch for Work
One of the quickest ways to lower your monthly expenses is to stop going out to eat. Make a meal plan each week and stick to it.
A simple switch is to start packing a daily lunch for work. Give your co workers a polite, “no thank you” to the lunch invites and eat a lunch from home.
My husband loves to take dinner leftovers in his lunch. Whenever we have leftovers, we just proportion them into lunch sized servings and stick them in the fridge. This makes it easy to grab and bring to work.
How to Lower Entertainment Expenses
7. Cancel All Subscriptions/Memberships
Look through all of your monthly subscriptions and memberships. Pick a few (or a lot) of these subscriptions to cancel immediately. You just might be surprised how quickly the extra money adds up from this simple switch.
Don’t forget these common subscriptions/memberships:
- Gym Membership (work out at home using YouTube free videos, or take up running, hiking and biking)
- Amazon Prime
- Disney Plus
- Magazine Subscriptions
- Music Streaming Services
- Beauty Box Subscriptions
If this feels like a huge sacrifice to do all at once, try cancelling just one or two per month. This will help you ease in to the change.
8. Cut Your Cable
Do you still have cable TV? Get rid of it to save an extra $40-60 every month. We did this a few years ago and I thought we would miss it (especially the DVR). Fortunately we actually haven’t missed it at all! There are so many other affordable ways to relax and watch TV. We rent movies from the library and use Netflix.
Other Ways to Save
9. Increase Your Auto Insurance Deductible
Consider increasing your auto insurance deductible. This will result in a lower monthly premium, saving you money each month.
Just be sure you have enough money in your emergency fund to cover the deductible in the case of an accident.
10. Ask for a Lower Credit Card Rate
If you have any credit card debt call these credit card companies and ask for a lower monthly interest rate. Most companies will be willing to honor this request if you have been paying on time each month.
11. Sell Clutter Around Your Home
Take an hour today to sort through your home and use a few online platforms to list a some of your clutter for sell. My favorite quick-to-sell place is Facebook Marketplace. Use this extra cash to help pay for your bills this month.
Make a goal to sell a 2-5 items every month. If you have any debt this is a great way to get this debt paid off a little faster.
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How will you save on your bills this month??