With energy bill, commodities and unemployment on the rise a household can always find a way to shave off a few dollars here and there. The great thing about family households is that there is so much going on and so many things that could be changed or modified to make a saving. Saving small across the board can amount up to a significant amount of doe, leaving your family/household with cash to put away for a rainy day, splash out on a holiday or just enjoy the finer things in life.
So if you are looking at reducing monthly outgoings what changes can be implemented easily:
Utility bills
Energy bills will most likely be one of your highest outgoings in anyone household. Taken from your account on a monthly or quarterly basis you might hardly ever notice your monthly energy consumption. You will find other articles online telling you to swap and change providers based on your consumption. Yes this is ideal but it can take a lot of time and effort to get the ball rolling. Ask your neighbours and friends about their consumption, you may find a provider that is best suited to your needs. If you haven’t got a water-meter installed consider asking your provider to see it could save you money!
So how can you reduce your energy consumption? First I would badger your provider for a free energy reader. These provide you with accurate readings of your consumption then tells you how much you are spending on gas and electric. From this you should be able to see where, when and how most energy is being consumed in your home. So for example I noticed that we were using a lot of unnecessary energy up stairs. I went from room to room looking at what need to be turned on and what needed to be turned off, I turned the radiator off completely in the spare room as we only use it for storage. I removed and replaced the plug-in air fresheners with standalone ones and turned everything off that was on stand-by.
Being proactive and retaining heat in your home in the colder months can seriously reduce your fuel consumption; you want to stay warmer for longer but have your heating system on less. I found that investing in quirky draft excluders and placing them around the house helped retainheat really well and it was an excuse for the other half to go shopping!
Food
I personally ignore the hype about moving to the cheapest supermarkets to save a few dollars. I firmly believe that if you want to reduce the amount you spend on food then you need to buy and consume the right foods. It is not easy to eat ‘right’ cheaply, food prices have sky rocketed in the past 10 years and our wallets and purses are feeling it.
I recommend only buying the essentials, online shopping is a great for this as you are pulled away from impulse purchases. Arrange your meals in advance and create meals that will keep you satisfied for longer; pastas, stir fry’s and lasagnes are good options for bigger families. Don’t overdo it bit serve hearty meal portions , this should stop you from snacking. If you love snacking make sure you invest in nature, most fruits are high in natural sugars fuelling your system and reducing your lust for chocolaty treats and sticky sweeties.
If you buy food take into consideration the sell-by-date, it’s shocking to hear that one third of the food produced for human consumption every years gets lost or goes to waste. This is fact and considering people in the world are dying through starvation it’s something everyone needs to take into account. world food waste directly affects your pocket and the environment so look at the perishable goods in your trolley and just think before you buy.
When you get chance buy goods and food in bulk do it. Toilet roll, kitchen roll, foil, cleaning materials, soups, pasta, pet foods, coffee and tea can be stored and use over a long period of time. Bulk buying will save you a few dollars and reduce your monthly shopping budget significantly.
Insurance
Car, home, mobile, contents, life, pet, boiler and all other insurances you have protecting you and your home can take up a good chunk of your income. If you want to reduce your outgoings the best thing you can do is switch and swap providers annually, look for cheapest deals.
The great thing about the internet is that you can easily find and compare insurance deals within minutes. Don’t be afraid to switch providers and most of the time if you call your current provider and you threaten to leave then can offer to match any quote. They want your custom so remember to ask for discounts and extra services, without you they don’t get paid.
Many bank accounts now offer free insurance services, for example I get free basic break down cover, home, phone and boiler insurance. This means I do not have to waste my money investing in several insurances as I am covered. Have a look at what benefits you can get from you bank, you could find soon savings in the most unlikely places.
Clothes, shoes and uniform
Most people enjoy buying new clothes, buying clothes can be expensive depending on your personal style and taste. One of the cheapest ways to buy the clothes you love/want is to not go onto the high street. Shopping online can save you a packet as you can compare prices and similar products within a few clicks of a mouse. Taking away impulse purchases from your routine will help significantly reduce your spending.
Look at your wardrobe and see what is really needed. Charity shops have increase the quality of stock which means any man, women and children can pick up fairly quality clothes at low prices. Buying school uniform can be expensive and my advice is to look out for promotions in the paper. To increase a uniforms longevity make sure your children remove their uniforms as soon as they get home.
When you need to buy shoes don’t fall into the trap of buying cheap and or poor quality material. Invest in a quality shoe from a reputable and established supplier. Cheap shoes will wear quickly and result in another trip to the shoe store. In the long run a quality will out last 3 pairs of cheap shoes, so invest in longevity for better savings.
Debt management
Most modern day mortgages give you the chance to freeze your payments for up to six months. If you have outstanding debts that you are being charged on every month then why not freeze your mortgage to pay off those debts that are hanging over your head. Yes your mortgage will be running for 6 months longer but in the long run you will reduce your month outgoings and free up some extra disposable income.
Reducing how much you spend on everything from your bills to clothes is easy when you sit down and do the maths. Little changes can make a huge difference to a family’s budget. Thinking about what is essential, don’t be afraid to buy food in bulk and talk to friends and family on great saving in your local area.
This article was created by Karl Young on Behalf of boohoo, sourced from www.easywaystosavemoney.com.au