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How to Cut Down Your Monthly Home Expenses

It can be easy to lose track of your expenses when life is full of errands, activities and entertainment! But it’s always important to know where your money is going and how to keep your monthly spending reasonable and under control! Better yet, reevaluating your monthly spending and figuring out ways to cut your expenses to save more and pay your debts will put you in better financial standing for your future. Check out our list of ways to cut your monthly home expenses starting now to get you headed down a faster and more secure path to financial freedom!

 

Reduce Eating Out & Grocery Expenses: Commit yourself to eating out less and saving dining out for special occasions or as a once-a-week treat. For instance, a weekly date night is a great example of enjoying something in moderation. If you’re really trying to tighten your budget, you can also share a larger appetizer or meal while still enjoying the experience of being out with friends. In terms of groceries, switch shopping to bulk stores or discount grocers and try to meal prep. Skim your local grocery flyers for good deals and coupons you can claim! Eat at home and plan your meals ahead of time, this will help you stick to your grocery list and avoid purchasing more than what you need. Also keep in mind that while shopping for deals is a great method for saving money, buying something just cause it’s on sale can end up costing more.

 

Cell Phone Bills: If you’re living in a multiple-person household, consider bundling your phone bills for a better deal, switching carriers or negotiating the best package with your `current carrier.

 

Snip the Cable: With so many streaming services readily available, cable has become a thing of the past and definitely an unnecessary expense in most households. Instead choose a streaming service(s) that match your tastes and budget better. By getting rid of cable, you are not only saving, you also have more choice in what your watching and can avoid those pesky advertisements too!

 

Cancel Unused Memberships: Some club memberships can add up fast, so evaluate all your current memberships and cancel any that you’re not using.

Look for Lower Internet Rates: Research all the Internet providers in your area and shop around for the best possible rates. Remember that Internet providers want to keep your business, so you can all try contacting your current provider to negotiate a better rate for being a continued patron.

Save on Hydro: There are lots of small changes you can make to save on hydro. For instance, running the dishwasher and washing machine with full loads and hang drying your laundry. Utilize natural light by opening curtains and blinds and turn off any lights in rooms you’re not using. You can also use desk lamps and task lights to keep the number of main lights being used to a minimum. To save on hot water, wash your laundry in cold water and take shorter showers. And when shaving and brushing your teeth, don’t leave the water running. You can also check when off-peak hours are for hydro use and try to reserve doing most hydro heavy errands within this time.

 

Unplug Unused Electronics: Certain electronics can still continue to draw small amounts of hydro, which can accumulate a slight percentage on your annual electricity bill. To prevent this, just simply unplug what you’re not using.

 

Reduce Car Expenses: Owning a car can add up, so find ways to cut costs where you can, especially now, considering the inflated prices of gas! If you live in a city with a reliable public transit system, opt to take the bus some days or join a car share, instead of driving. It may be cheaper for you in the long run! With the weather warming up, you could also consider walking or cycling to the places you need to be. This is a great way to kill two birds with one stone — exercising and saving! Also, if you have to wash your car, do it yourself instead of paying to have it commercially cleaned.

 

Now that you’re aware of some easy ways to save on expenses, you can start implementing these changes into your daily lifestyle! You’ll be surprised how quickly these little changes can start making you big savings!

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