Household Expenses Don’t Need to Dominate Your Budget
Getting control of your finances is a huge relief, no matter what your income level or personal situation is. However, sometimes it seems like it’s impossible to get ahead. Things just continue to add up and even little things like regular household expenses can mess up your household budget.
But there is good news! With a few simple money saving hacks, you can get better control of your household expenses and start to build savings. Think about how great it would be to have some savings for a vacation, college expenses, or a down payment on your first home.
Hack #1: Create a Budget for Managing Household Expenses
The first thing you must do is look at the big picture of your monthly expenses. Creating a budget for household expenses is needed no matter what your financial situation is. Whether you create a spreadsheet or use a notebook, make a list of all your monthly bills.
Your list might look like this:
- Car payment
While some of your household expenses remain mostly the same from month to month like your mortgage, phone, and insurance, you will notice there are other expenses you can control and change each month. What you spend on entertainment and groceries are two of the biggest areas where you can cut back to start to add to your savings.
Hack #2: Save on Food Expenses
We all know you MUST buy groceries. And going out to restaurants is a fun way to visit with friends and family. While you can’t avoid eating out or splurging on extra groceries occasionally, you can still save on food with these easy tips.
- Look for coupons. It can be easy to forget most grocery stores advertise deals every week, and some even have loyalty programs.
- Look for marked-down items. If you know you’re going to grill steak tonight, why not buy the marked down ribeye that expires soon?
- Developing a meal plan can help control how much you spend each week on groceries.
- When eating out, search online for daily specials.
- If you are meeting friends for drinks, look for happy hour deals. Plus, many bars and restaurants discount food during this time as well.
- Eat out less. It’s hard to do, so we saved it for last. But it’s so easy to get carried away with eating out on a regular basis and forget about the unnecessary cost. View going out to eat as a treat.
Hack #3: Home Repair Tips to Save Money
While you may not view yourself as “handy” around the house, you don’t have to be a master carpenter to perform a wide variety of money saving tasks around the house.
Here are four simple ways you can perform your own basic repairs and make energy efficient decisions at home:
- Change your furnace filter. This often-overlooked task will reduce your energy costs and help extend the life of your HVAC system.
- Buy Energy Star rated appliances. When you need to replace any of your large or small household appliances, newer, efficient systems will be a blessing to your utility bills!
- Wash your clothes in warm and cold water. Washing your clothes in hot water is unnecessary and requires your water heater to work overtime. You should also try to do fewer, larger loads throughout the month, instead of several small loads throughout the week.
- Turn off electronics when not in use. According to the Department of Energy, 75% of the energy used by our home electronics occurs when they aren’t in use. This is a huge opportunity for savings in our digitally connected world!
Once you get a handle on these basic money saving hacks, there are all sorts of ways you can save on bills every month. From purchasing prescription drugs at a discount to cutting back on laundry detergent – there are countless hacks for saving on everyday living expenses.
Get Funding Quickly for Household Expenses
Sometimes you need money quickly and regardless of how well you have planned, you just don’t have enough. A payday loan from LendNation can help you get over the hurdle of a difficult month or emergency. Whether you need a new appliance, cash for an unexpected car repair, or cash to help pay other household expenses, LendNation can help you figure out your options quickly.