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10 Household Expenses You Should Cut Today

10 Household Expenses You Should Cut Today

Putting a leash on your budget can be as hard as putting a leash on an elephant – sometimes the overall situation seems so overwhelming you get demotivated before you even start. I won’t go so far as to say that cutting household expenses is all about motivation, that would be too presumptuous on my part, but in fact financial difficulties cause problems with motivation and provoke depression. This is why it is recommended as soon as you notice you are under financial strain, to start dealing with those problems immediately.

Most people think cutting their budget will cause a very negative impact on the quality of their lives and they will have to sacrifice a lot of the commodities they really enjoy. This is not necessarily true, since modern living includes a lot of things we can easily do without, or we can find a quality replacement for.

Cable TV subscriptions

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Sitting in front of the TV

    Let’s be honest, nobody has the time to watch TV all through the day and all those premium channels you are paying for are going to waste. Pay-per-view shows and movies might seem pricey, but in the long run, you get the bang for your buck instead of constantly paying for subscriptions you are not using. Also, you can use the internet to watch shows online for free or for a small fee.

    Branded cleaning products

    Most people take buying household products as a necessary expenditure. However, there isn’t much of a difference, in terms of both chemistry and effectiveness, between a mid-priced detergent and the top-of-the-line highly advertised brand-name detergent. Of course, you need to clean your home but you don’t necessarily need to buy the cleaning products in stores. DIY household products are much cheaper to make, better for your health and are eco-friendly – talk about saving and increasing your quality of life.

    Overdue fees

    Bills that stack up to high heavens are the worse kind of household expenses, and can destroy your budget in a matter of months. Don’t forget to make regular payments since sanctions and penalty fees pile up and are the source of sorrow for many people. If you are not able to meet a certain important payment, it might be a better option to bite the bullet and ask somebody who is close to you for a loan. At least they won’t make you pay them back with interest.

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    Landscaping and gardening

    Women gardening

      If you are house owner, you probably know landscaping services can cost quite a bit.They are not one of the most important household expenses – you can do all of these things yourself, without calling for professional help, but it takes effort and a bit of research. As far as tools go, you can buy used tools or borrow them from neighbors – just make sure you return them when you are done using them.

      Subscriptions and memberships

      Some premium memberships can help you save money in the long run. On the other hand, some people get hooked by these and start hoarding every subscription and membership they can get their hands on, but this can be a waste if you are not using the benefits you get from them. Try finding the ones that actually give you discounts on things you need.

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      Credit monitoring services

      Identity theft is on the rise and more and more people are falling prey to all kinds of frauds and phishing scams on a daily basis. Credit monitoring services are a nice option to have if it is free, but in most cases, it does very little apart from notifying you your account has been accessed.

      Extended warranties

      Most common, regular warranties cover a period of 12 months which is enough. If you feel it is a good idea to pay for an extended warranty, go for it, but try to be realistic and avoid panicking yourself into this decision. These days, you can find reviews and comments about products all over the internet and they can range from short, sentence-long general impressions to in-depth reviews. Use them! If you pay extra for a warranty you end up never using, than you’ve wasted your investment.

      Simple household medicines

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      Natural remedies

        Allergies, low fevers, coughing and so on are just a few common medical conditions you don’t really need medicine to overcome. Different types of herbal tea can help with overcoming and dampening the symptoms caused by different conditions. Some health issues – e.g. diarrhea or constipation – can be resolved with a simple diet change. If you can catch a fever in the early stages, you can often prevent it from taking hold with plenty of liquid, rest and herbal medicine. Combine these household medicines with preventive measures like a healthy diet and exercise and you have a very cheap way of keeping your family healthy.

        Buying in bulk

        How much of your food goes to waste because it goes unused past its expiration date? If the answer to this question is “some” then you don’t need to buy it in bulk. Don’t buy things because it is cheap to get a lot of them. Always ask yourself: “Do I need a lot of them and will they spoil easily?” Certain items can be stored away for long periods of time – canned goods, toilet paper, household chemicals like laundry detergent, tooth paste, etc. You can easily stack up on a year’s supply of these, e.g. when you get your tax return, and never have to worry about them again.

        Always buying cheap

        Buying cheaper doesn’t always mean you are getting your money’s worth. Buying poor quality goods means you will be buying them again soon. In some cases, even used and second-hand quality items last longer than new ones which were poorly made. There is a difference between cost-effective and cheap, and this is something you’ll need to learn about through trial and error.

        Saving many is mostly about being informed and self-controlled. You will need to make an effort to change habits and find alternatives for things that cost too much. Also, make sure your efforts are helping your budget. A lot of times, people don’t stop to think saving methods through and realize it is actually costing them more instead of saving them money.

        Featured photo credit: Sad, depressed young couple paying bills. via shutterstock.com

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        Ivan Dimitrijevic

        Ivan is the CEO and founder of a digital marketing company. He has years of experiences in team management, entrepreneurship and productivity.

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        Published on November 11, 2020

        10 Best Ways to Save Money Faster and Smarter

        10 Best Ways to Save Money Faster and Smarter

        People love to talk about budgeting, reducing spending. and investing. But unfortunately, talk is cheap, and poor money management is expensive. It’s easy to talk about the best way to save money, but putting it into practice is a different thing.

        What people need to talk about is the practical and efficient ways you can quickly save money to accomplish your goals. After all, they don’t teach this stuff in school.

        Here are the 10 best ways to save money faster and smarter.

        1. Cancel All Your Subscriptions

        Yes, all of them.

        Okay, you can keep your wifi and trash. But other than that, cancel all your monthly subscriptions for one month. You will survive, I promise. Better yet, you will realize you won’t miss all of them.

        Now that you have had 30 days to examine what you really missed and what you never thought twice about, you can add some of them back in. The others? you never have to think about them again.

        This is something you can and should do with every part of your life. If it’s clutter, cancel it. Being able to step back and see what is cluttering your life and what is excelling your forward helps improve your quality of life and financial standing.

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        2. Automate Savings From Your Paycheck

        Many of us are so excited about getting a new job that we rush through the paperwork during the hiring process. Good news for you, I have had lots of jobs so I have seen it a million times.

        There is an option for a portion of your paycheck to go directly into a secondary savings account. This is by far the most effective way to save money every month. We tend to spend most of what we have. So, if we take it off the top first, then it’s less likely to be spent. Just head over to HR and ask. It will only take two minutes.

        3. Cancel the Happy Hours for the Rest of the Pandemic

        We are in the middle of a global pandemic, which means that there is no better time to buy some drinks from the local store and stop shelling out $5 a drink at the local cocktail bar. When we look back at our bank statements, we are always shocked that fast food and alcohol can add up so quickly. You can easily save a couple of hundred dollars just by taking this step.

        A great exercise is to print out your last bank statement and highlight all the areas of alcohol and fast food. The amount may surprise you and make you think twice about that old fashion.

        4. Online Grocery Shopping

        Some people think online shopping increases the amount they spend. For the most part, I would agree—except for this category.

        Online grocery shopping is now a no-brainer, though. Whenever you walk through a grocery store, two things always happen: you always grab impulse items, and you never know the total of your cart until you checkout. This means that we always spend more than we originally planned.

        With online shopping, you can see your total as you add items to your cart. You are way less inclined to make those impulse purchases and because of that, I would venture to say that you could even pay to have them delivered to your door and still save money each month by choosing online grocery shopping.

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        5. Get a Famzoo Debit Card

        This is something my wife and I swear by, and it’s great for the entire family! Famzoo strictly exists to help families and kids budget their money better. Each month, my wife and I have an allotted amount loaded onto our pre-paid Famzoo debit card. This amount has changed every year depending on promotions, kids, stage of life, etc.

        The important part is that when you give yourself the freedom to spend a certain amount, you are more likely to only spend the allotted amount. Think of it as a diet. If you are counting calories, you are more likely to stick close to the amount you set. You can also look for some tips online to better stick to your family budget.

        6. Purge

        This is actually my favorite to do, and it is actually one of the best ways to save money. Raise your hand if you have ever moved. Okay, so everyone.

        When we move, we are always amazed at how much junk we have acquired. I have found that about every 6 months, I can find a couple of boxes to sell online of things that we never use. This not only gives you so extra quick cash, but it also keeps your house more tidy and organized.

        Now, go clean out that garage!

        7. Amazon Subscribe and Save

        32! That is how many items I have setup on amazon subscribe and save. Let me explain.

        This sounds expensive, I know. But it actually saves us hundreds of dollars per year! We all need toothpaste, shampoo, razors, laundry detergent, toilet paper right? This feature is truly a triple threat. When you have more than 5 items on subscribe and save, you automatically unlock the max savings for every product on your list. This can be up to 20% per item!

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        Now, even better is that it ships straight to your door on the exact day you want the item, maybe monthly or maybe you only need it every 4 months. This way, you never have too much or never run out. Either way, it’s totally customizable.

        Lastly, there is no contract for any items, which means you can switch brands or items at any given time at no cost. My advice: every single staple item should be on your subscribe and save.

        8. Rewards

        This may ruffle some feathers, but if you are using your debit card for purchases, you are missing out on free money! We have this notion that credit cards are evil but in reality, they are the same piece of plastic as your debit card.

        How you use it can be bad, don’t get me wrong. But if you want my opinion though, ditch the debit card and get a rewards credit card. Use it just like you would your debit card and make sure to pay it off as soon as the statement comes in!

        Just to give you an idea of how powerful this can be in terms of money, here are some things that our miles have paid for:

        • 4 nights in Vail with Flight
        • Rental car in Vail (convertible might I add)
        • Flight to Ireland
        • Flight to Hawaii
        • Multiple staycations at very nice Hotels

        That’s roughly about 7 thousand dollars in travel expenses so far! Remember that the credit card is just a tool and can be one that benefits you if you use it wisely. Ironically, this can be an effective way to save money.

        Pro tip: If you don’t trust yourself carrying around a credit card, then set up all your monthly bills with your credit and leave it in a drawer at home. This way, you rack up miles but don’t get tempted to overspend.

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        9. Vacation With Friends

        Now, I know travel is hard right now but what a perfect time to go grab an Airbnb in the woods with a couple of friends and detox from the world right now!

        Vacationing alone can be pricey and get rather boring quickly, but if you split lodging and set out for a road trip, it can become affordable quickly! For a couple of hundred bucks apiece, you can have one of the most relaxing vacations ever. Don’t forget to pick up your food at the local grocery store to avoid eating out every meal!

        10. Make a Budget

        When is the last time you updated your budget or made one for that matter? Making a budget is like writing down your goals. If you don’t make a budget, then you will struggle to save.

        How can you know if you are spending wisely if you are not tracking everything?

        Our advice would be to get a finance app like Mint, Every dollar, or personal capital. All these apps are free and do a tremendous job of tracking spending and budgeting. I still am old-school and have an excel spreadsheet which I do highly recommend.

        Work Smarter, Not Harder

        The entire goal is to boost your bank account while reducing the effort required. Efficiency is the name of the game, and automation is the key player. Luckily, we live in a world that has more perks than we can ever take advantage of. But if I were to choose a few, it would be the ones above.

        Taking on all 10 of these steps may seem a little daunting. You can first try to pick three of your favorite and start there. Saving money doesn’t have to be a chore as long. As we use the tools correctly, it can be quite effortless. And now, you have a great blueprint to get started!

        More Tips on Saving Money

        Featured photo credit: Sharon McCutcheon via unsplash.com

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