4 Tips for Saving Money on Household Expenses

Saturday, July 6, 2019, 6:00 AM | Leave Comment

Is your bank account always empty by the end of the month? If so, the culprit may not be that flat screen television or your car payment.

Groceries, bills and other household expenses can add up quickly and are often the easiest places to cut back.

However, learning how to cut the fat in your household budget can be difficult.

Whether you’re saving up for a family vacation or just trying to keep your head above water, these four tips can help reduce your household expenses.

4 Tips for Saving Money on Household Expenses

  1. Clip Coupons

    Coupons are an easy and popular way to save money on groceries and other household items. There are many places to find coupons, such as Sunday newspapers, free circulars in stores, coupon websites and manufacturer’s websites.

    Writing to the companies that make your favorite products is another way to score valuable coupons. Savings apps like iBotta and Checkout 51 provide a new take on coupons by giving you cash rebates when you purchase certain items.

  2. Buy Generic Brands

    If clipping coupons isn’t your thing, store brands offer coupon prices every day. Although generics had a bad reputation in the past, today’s store brand products are nearly identical or even superior to their name brand counterparts.

    Many stores place generic products right next to the name brands, and some stores model their business around selling only their own brands.

  3. Update Your Appliances

    It might seem counterintuitive to purchase something new in order to save money, but replacing your old appliances can shave a lot of dollars off your monthly utility bills. Over time, they can even pay for themselves.

    You may also be eligible for a special tax deduction or a rebate from your natural gas, electricity, or heating oil company when you purchase a new, more efficient appliance.

  4. Cancel Unnecessary Services

    Cord cutting has long been an easy and popular way to save money, but what about other services like Netflix, Hulu, subscription boxes, games and magazines? Although these expenses might seem small, they can add up to hundreds of dollars.

    Keep your wallet from leaking money by periodically evaluating all your subscription services and cancelling the ones you no longer use. Some financial planning apps can even cancel unwanted subscriptions for you.

Just like wasting money, saving small amounts here and there can quickly snowball into a significant amount. When your new savings start piling up, remember to make that extra money work for you by putting it in an interest-bearing bank account.

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