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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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        Published on July 4, 2018

        Top 10 Recommendations on Money Management Apps

        Top 10 Recommendations on Money Management Apps

        Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

        The solution is simple, save more and spend less. But, we all know it’s easier said than done.

        One problem is finding quality apps that save you time and money, and aren’t just hype.

        Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

        1. Personal Capital

          When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

          Here are some of its main features:

          • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
          • Discover hidden fees and how much they’re affecting your retirement plan
          • Wealth management for investors requiring a long-term strategy

          With Personal you’re free to track your expenses and net worth.

          Available for: iOS and Android

          2. Mint

            If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

            Here are some of its main features:

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            • Effortlessly track all your bills and balances in one dashboard
            • Categorized expenses to understand where you spend your money
            • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

            Feel at ease with managing your money by a reputable company that isn’t going anywhere.

            Available for: iOS and Android

            3. YNAB

              Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

              Here are some of its main features:

              • Easily sync all bank accounts in one place
              • Visually see your debt paying progress with eye-catching charts and notifications
              • Customized categories setting saving goals

              The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

              Available for: iOS and Android

              4. Wealthfront

                Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

                Here are some of its main features:

                • Variety of investment account options including IRA, Roth IRA, and more
                • Your portfolio composed of 7 different asset classes
                • Automatically rebalanced portfolio
                • Daily tax loss harvesting

                Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

                Available for: iOS and Android

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                5. Clarity Money

                  If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

                  Here are some of its main features:

                  • Easily cancel subscriptions with one click
                  • Synchronize bank accounts fast
                  • Transfer money effortlessly between different accounts

                  Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

                  Available for: iOS and Android

                  6. Acorns

                    What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

                    Here are some of its main features:

                    • Automatic contribution option
                    • Customized portfolio tailored to your needs
                    • Low management fees ranging from $1-$2 per month

                    Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

                    Available for: iOS and Android

                    7. Albert

                      Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                      Here are some of its main features:

                      • Receive notifications for overpayments, hidden fees, and low balances
                      • An Automatic budget that’s built around your spending and income
                      • Easily track debt and set new financial goals

                      While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                      Available for: iOS

                      8. Prism

                        Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                        Here are some of its main features:

                        • View all your account balances in one glance
                        • Bill due dates are automatically pulled and tracked
                        • Receive early reminders for upcoming bills

                        If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                        Available for: iOS, Android, Windows, Amazon

                        9. Mvelopes

                          Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                          Here are some of its main features:

                          • Connect unlimited bank accounts
                          • Real-time budgeting with auto transaction syncing
                          • Low monthly $4 fee or $40 annual

                          Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                          Available for: iOS and Android

                          10. Wallaby

                            Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                            Here are some of its main features:

                            • Automatic recommendations for the best credit card to use for each transaction
                            • A friendly user interface, displaying credit cards with their corresponding images
                            • Free to use

                            If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                            Available for: iOS and Android

                            Take control of your finances and experience financial freedom

                            Picture yourself staying on budget and saving more money than you’d ever imagined.

                            It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                            You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                            Featured photo credit: Pexels via pexels.com

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