Many people consider buying a house to be their greatest expenditure. However, the cost of maintaining and running a household can be just as challenging to manage. Here are six tips that will help you and your family save on everyday expenses.
1. Bundle Where Possible
Too many families get services from different companies, instead of looking for savings through bundling. For example, is there any need to get your phone connection through AT&T, your cable coverage through DirecTV and your internet coverage through Verizon? Bundle with one company, and you will save close to $30 or $40 a month. These savings may seem meager for a month, but they add up to around $400 or $450 for the year.
2. Only Get What You Need
Too many people will get extra services simply because it seems as though they do not cost a lot. For example, call waiting, additional movie packages, a 20% boost on your internet connection speed, and the full sports package are just examples of extra services you may not need. While the cost of each service may be under $10, the combined cost will save you a lot of money on a yearly basis.
3. Buy in Bulk Through Sales
While perishable items can only be bought once every week or two weeks, other items can be bought in bulk when there are savings. For example, your local grocery store may be having a huge sale on pasta for a month. Instead of only buying enough pasta for that month, you can buy enough pasta for six months when it is at half the regular price. Again, the “per pasta” savings may seem little, but the overall impact to your finances is a lot greater.
4. Buy Online for Additional Savings
Many electronic items, home appliances, and other household necessities can be bought online for huge savings. Stores such as “The Art of Shaving” sell high quality products for discounted prices. Instead of buying an overpriced yet average shaving set from a local store, buy a high quality set for great prices online.
5. Avoid Late Bills
The biggest impact of paying your bills late is not on your credit score, but on your finances. The late fees for each missed payment can be $10 to $20, which adds up to a lot of money if you are paying all your bills late.
6. Cheap Entertainment
Look for cheaper alternatives to the entertainment you may normally enjoy. For example, drinking at home is a lot cheaper than going to a bar, and renting a movie costs far less than taking your family to the local movie theater.
While living on a tight budget is not easy, there are many ways in which you can save a lot of money, and still live a comfortable lifestyle on a shoestring budget.