Home expenses are all those bills and other items you need to spend money on to run the house.
From your utilities to TV subscriptions, groceries, and maintenance—all these things can add up. Thus, owning or renting a home can become expensive.
Reviewing your expenses, even just once a year or around the time of renewal for something like insurance policies or annual subscriptions can save you money; sometimes a lot, sometimes just a little.
However, even the little savings add up in the end. By understanding your expenses, you will be in a better position to try and reduce them.
Most people will pay a fee once a year and forget about it. While that’s great for peace of mind, for things like never missing a payment, you could be missing out on ways to reduce that payment and save anything from $10 to $1,000 a year.
This article will examine four simple but essential ways to lessen your home expenses.
While most people hate setting a budget, it does help with the day-to-day costs and allows you to see where your money is going. This can be easily done in a spreadsheet.
It’s important to remember to set time aside before you start. Make a list of everything you spend money on. Medications, food, subscriptions, gas, cell phones, water, and power—where can you save?
Medications could be as easy as calling other pharmacies to see the price difference. Even if your insurance covers the bulk of the cost, if you can reduce the deductible you need to pay, then why not do so?
There are also grocery stores now with gas stations on-site, and many of them have reward systems. It can pay to fill up and shop at the same time.
Look at your subscriptions. What level are you paying for? Do you really need to access one service on all TVs and cellphones in the house at once? Or, could you downgrade the subscription to one TV? Depending on how often you use this service, maybe cancelling it altogether is a better option.
Try to use cash or debit and not credit cards. It’s so easy to overspend on a credit card and have a large bill at the end of the month that it can seem daunting to pay off. By using cash or debit, it’s easier to see where your money goes and how quickly.
If you use a credit card, make sure it’s one with a beneficial reward or cashback program.
Record all this spending on your budget sheet, and you can then see where you can save even more the next month.
It really is cheaper to make meals at home than to eat out. Of course, dining out is always a fun occasion (especially as someone else then does the washing up afterward).
However, between the cost of gas, service fees and tips, it’s much cheaper to eat at home.
Before shopping, plan out what meals you want and then make a list. The list will help you to make sure you get what you need. Also, don’t go shopping when hungry, as it will lead to extra purchases you don’t need.
Try to collect reward points. There are so many point systems out there now, and they can all add up really quickly to $10 or even $20 off your next food bill.
When grocery shopping, try to go for cheaper brands or items that are on sale. They are still good to eat or use, and most will freeze really well and save you money at the same time.
Who remembers their dad getting mad because you left the light on in a room you had vacated? Well, turning off the lights when you leave a room really does save you money.
You can also get energy-saving light bulbs, which also help to reduce your bill. They are just as bright and can last longer than regular bulbs.
Try to ensure that appliances like the dishwasher or washing machine are full before you turn them on.
Half or small loads use just as much power as a full load, so it makes sense to run them just once a day and not three or four times.
Additionally, check to see if they have an energy-saver feature, as most modern appliances do. For your washing machine, run cold cycles. This cleans just as well and saves on power by not having to heat up the water.
Treat yourself to a clothesline, especially in the summertime. Take advantage of the hot days and dry the laundry outside. This keeps the home cooler and saves you money at the same time.
Shopping around when it gets closer to your renewal can pay off. Insurance companies are always advertising sales, discounts, and special offers. Some sales will be for new customers, and some are available for existing customers that they don’t want to lose.
Bundling up your home and vehicle insurance can also save you money, but so can increasing your deductibles, too.
When it comes to your home security, most companies now will consider any safety features you have installed. Smart home security systems are becoming more popular as they not only detect fire, water, and carbon monoxide but they also increase the property’s value.
This shows your care for protecting your home, family, and business. Thus, you can get discounts for installing anything from a basic alarm system to more complex types.
When you are ready to start looking at your expenses and trying to see where you can cut costs, make sure you set some time aside and examine closely the four tips discussed above.
If you are looking to install a security system to help lower your insurance premiums, reach out to Canadian Security Professionals.
We can review your needs and get you started with the right smart home security system. Call us at 1 (877) 494-9911, or click here to speak to a specialist today!