Do you have any tips and tricks on how to lower your household bills?
Is there someone who doesn’t want to have more money and still enjoy everything they can? We don’t know about you, but we’re constantly looking for different ways to save some extra cash and live the life we want at the same time. And let’s be honest, since the pandemic, the way we spend our money has completely changed, and inflation has continued to rise.
Whether you spent some of your savings and now you’re looking for different ways to put them back, or you simply need a bit of financial inspiration to help you go through harder times, we are here for you. With that being said, let’s take a look at the 8 tips we’ve written down below. Trust us, they’re really good and you’ll be surprised to discover how much you can save without even trying.
So keep reading along with us until the end of this article, because here are 8 ways to lower your household bills!
1. Don’t spend too much on payday
This is one of the most common mistakes people of all ages make! We still remember one of our colleagues’ first jobs and how happy they were when they received their first paycheck. It didn’t matter that they had to pay the rent, or their household bills, or save some money and forget about them. All they wanted to do was go shopping and treat themselves.
At the end of the day, they were the ones that were working tons of hours for that money, right? Of course, there’s nothing wrong with making yourself feel good, and going on a shopping spree from time to time will definitely help you with that, but you shouldn’t make a habit out of it.
Speaking of that, several studies have discovered that 1 in 5 people spend more than half of their monthly earnings within 48 hours of getting their paycheck! That’s crazy, especially if you have rent or mortgage to pay, and let’s not forget about your household bills! All of these can easily add up, and you’ll notice that you’re completely broke before the month ends.
Don’t let your feelings burn a hole in your wallet. You’d better ask yourself if you really need an item before actually buying it. Before you start spending, prioritize your most important outgoings and set aside money for savings. This way, you’ll be able to determine how much spare income you actually have and how much you need to get through the rest of the month.
2. Don’t waste food
…Have you ever wondered how much money you actually waste by throwing away food?
Well, a lot! This usually happens due to the fact that when you go grocery shopping, you actually purchase more than you consume. And as you can imagine, some food items go bad before you have the chance to consume them, and you end up throwing a bunch of them away.
And if you don’t believe it, experts say that approximately three-quarters of the food we usually get rid of is actually edible. To avoid having huge household bills, you can make an effort to consume everything you buy. Trust us, you’ll save a lot of money!
And if you’re concerned about food safety, you can always check the expiration date before you actually make a purchase. If you know that you won’t be able to eat everything that you buy, you can freeze some and enjoy them later.
3. Shop for own brand items
A quick way to lower your household bill and still be able to enjoy all the things you want is by switching from brand-name products to own-brand alternatives. You can buy a lot of delicious things, whether we talk about cornflakes, pasta, tomato sauce, nuts and seeds, or pizza, all sorts of chips, and even cleaning products.
If you’re concerned that the flavor will be affected, blindfold your family members and allow them to try all the products without giving them any information. You’ve got a winner if they don’t detect the difference, and you’ll also have an efficient way to lower your household bills!
4. Save now and spend later
Before you do anything with your money, you’d better pay yourself first. This is an excellent path to financial freedom. Apply the 50/30/20 flexible budgeting method and you’ll be amazed by the results. Let us break it down for you: this simple approach indicates that 50% of your take-home money is spent on necessities, such as bills, food, and minimum debt payments.
30% is spent on enjoyment, including dining out, for example, and 20% is set aside for future needs, such as debt payments above the minimum, saving for emergencies, and investing. When money is tight, you can change the ratios if this split doesn’t work for you.
5. Use incognito
Have you ever felt like the ads just keep following you? Well, that’s because companies know what you’re looking at, and if they notice that you spent a lot of time on their website, for instance, but you didn’t make a purchase, they will immediately think that you’re indecisive. Furthermore, they will keep showing you the ad for a certain product, but the price will be higher.
You can escape this by simply going incognito when you want to shop for things online. By erasing your browser history each time you close a tab, shopping online while using incognito can help you save a lot of money and therefore have lower household bills.
…This is a great tip for planning your vacation, especially when you want to book flight tickets or a hotel room!
6. Be prepared for a crisis
The necessity of having a rainy day fund is something that the current crisis has taught us all. You’d better start saving if yours has recently suffered (or if you’ve never truly had one). As you already know, anything is better than nothing. The general recommendation is to have three months’ worth of expenses set aside, and ideally six if you have a mortgage.
…Are you prepared for a potential crisis? If you have any tips, feel free to share them with us in the comments!
7. No-spend day
…This one might seem hard at first, but you’ll get used to it in no time!
It’s safe to say that you’ll become more frugal with money over time if you learn how to practice self-control and strive to have at least one no-spend day every week. This can be as easy as bringing your own coffee or tea to work and saying goodbye to that coffee shop you love. Of course, you can treat yourself from time to time, and you’ll notice that you’ll cherish those moments even more.
Another thing you can do when you have nothing to cook is eat the leftovers from the night before rather than go somewhere to eat for lunch. It might not be easy at first, but you’ll get the hang of it, and you’ll be more than happy to notice that you’re able to save a lot without even trying.
8. Manage your house appliances and gadgets
It’s not a myth, it’s actually true: when a device is plugged in to charge (although it doesn’t actually charge anything), there’s still some electricity that’s being used. In order to reduce your electricity costs, charge for a few hours during the day and then unplug instead of letting it charge overnight. Several experts estimate that you could save up to $40 a year by doing this simple thing.
It might not seem like a lot, but you know the costs can easily add up and all things count when your main goal is to lower your household bills.
…and here’s something that will blow your mind!
Did you know that leaving your freezer frozen will also cost you more energy? The more ice your freezer has to deal with, the more money you’ll pay when the next electricity bill comes. You can avoid spending a lot of extra cash and minimize your household bills by simply defrosting it if the ice around the interior is thicker than about 3 cm. Count us in: every little thing counts!
…If you find at least one of these simple tips useful, we will be more than happy to provide you with something effective! And if you still need more tips and tricks regarding budgeting, we recommend checking this article out: Energy Bills Are Too Expensive? This Might Be Why…!