These days, it seems like everyone’s looking for ways to cut costs and stretch their income further. Fortunately, there are some simple steps you can take to reduce your household expenses without making radical changes to your standard of living. When combined, these small adjustments can add up to significant savings each month.
Here are 14 things you can start doing today to lower your bills, secure better deals, and begin working toward your financial goals.
1 | Refinance Your Mortgage
For prime borrowers, mortgage rates are at or near historic lows. Depending on your current mortgage rate and the terms you choose, refinancing could save you a sizable amount on your monthly payments. There are fees and closing costs associated with refinancing, so you’ll need to talk to your lender to find out if refinancing is a good option for you.
I refinanced the mortgage on my primary mortgage managed shaved nearly $100 off my monthly mortgage. Read how I did it HERE!
2 | Evaluate Your Insurance Policies
I went through this exercise at the beginning of the year and was shocked at how much I was able to save! I even picked up a new umbrella policy and STILL pocketed nearly $800/year in savings. On top of that, I love my new insurance agent and it feels awesome to be able to support another small, black-owned business!
If it’s been a while since you priced home or auto insurance, it may be worthwhile to do some comparison shopping. Here’s how:
- Get quotes from at least three insurers or independent agents.
- Try bundling your policies to see if there’s a discount.
- And inquire about raising your deductible, which should lower your premium.
3 | Cut the Cord on Cable
I had a love/hate relationship with traditional cable service for years. Although I live in a metropolitan city, I was stuck with only one (supposedly reliable) provider.
But these days, we’re practically tripping over streaming service providers— all fighting for your business. In most cases, access to local stations comes standard and many of your favorite shows are probably available on-demand through a less expensive monthly subscription.
I ditched DirecTV for YouTube TV and I don’t regret it for one second! Although the price has increased since I signed up over a year ago, I’m still saving $35/month over my old service.
4 | Revisit Your Wireless Plan
You can often save by switching from a big brand to an independent, low-cost carrier. If that’s not feasible, ask your current provider for a better deal or consider downgrading to a cheaper plan.
If you run a business, you should also consider switching from an individual to a business account. Verizon Wireless helped me cut my mobile expenses IN HALF for unlimited everything! And all I had to do was show up with my EIN.
5 | Adjust Your Thermostat
Turning your thermostat up or down a few degrees can have a noticeable impact on your monthly heating and cooling costs. To maximize efficiency, change your filters regularly, and make sure your windows and doors are well insulated.
6 | Use Less Water
After heating and cooling, hot water accounts for the second largest energy expense in most homes. To cut back, repair any leaks or dripping faucets, install low-flow fixtures, only run your dishwasher when full, and wash clothes in cold water when possible.
Also, I recommend checking with your local water company. Some will offer rebates for each low-flow toilet fixture you install. (Yep, I got 3— hundred dollars, that is!)
7 | Consider a Home Warranty
While there is an upfront cost, a home warranty can provide some protection and peace of mind when it comes to unexpected home repair costs. Most plans provide coverage for major systems (like electrical, plumbing, and HVAC) and appliances (such as your dishwasher, stove, or refrigerator).
8 | Outsource Less
From lawn care to grocery shopping to minor home repairs, we pay people to do a lot of things our parents and grandparents did themselves. To save money, try cutting back on the frequency of these services or taking some of them on yourself.
9 | Prepare Your Own Meals
It costs nearly five times more to have a meal delivered than it does to cook it at home. And home cooking doesn’t just save money; it’s healthier, cuts down on calorie consumption, and can offer a fun activity for families to do together.
10 | Plan Your Menu in Advance
Meal planning is deciding what you and your family will eat for breakfast, lunch, and dinner before you shop.
It can help you lower your overall food bill, eliminate waste, and minimize impulse purchases. When possible, buy produce that is in season, and utilize nutrient-rich but inexpensive protein sources like eggs, beans, ground turkey, and canned tuna.
11 | Plant a Garden
You can save even more on produce by growing it yourself. If you have space in your yard, start-up costs are relatively minimal. Gardening can be a rewarding and enjoyable (not to mention delicious) hobby for the whole family. And it’ll definitely save you real dollars at the grocery store!
Check out some of my favorite “farmers” on social media: Powerhouse business coach Nicole Walters and the IG Stories of “Chef Curry with the pot” Ayesha Curry.
12 | Review Memberships and Subscriptions
Are you paying for services and subscriptions you no longer need, want, or can utilize? Determine if there are any that you should suspend or cancel.
Also, if you fall victim to signing up for trial services and forgetting to cancel before you incur charges, set a reminder on your phone. I like to set multiple reminders for different days, just in case I snooze the first one!
13 | Minimize Your Debt Payments
The best way to reduce a debt payment is to pay down the balance. But if that’s not an option right now, try to negotiate a better interest rate. If you have a good credit score, you may be able to qualify for a balance transfer to a 0% or low-interest rate credit card. Keep in mind, the rate may expire after a certain period—so be sure to read the fine print.
14 | Track Your Household Budget
One of the most effective ways to reduce household expenses is to set a budget—and stick to it. A budget can help you see where your money is going and identify areas where you can cut back. By setting reasonable limits, you’ll be able to reach your financial goals faster.
I’m interested in hearing about all the options you decide to try! Post your savings successes on Instagram using the hashtag #14WaysToSave. Don’t forget to tag me— @theanalyticalcreative
