Whether you are looking to reduce your household bills to save for something special, pay your bills with more ease, or just be more financially responsible, there are multiple ways to go about it. Here we will uncover some of the most effective (and quick!) methods of lowering your household bills- let’s get started!
First thing’s first: You must review your expenses and put them into a budget. Yes, it can seem boring, but actually reviewing ALL your expenditures is bound to turn up items that you didn't realize you were spending on, or at least so much on. After reviewing your spending, you need to write it down into a written budget. This is the only way you will be able to detect trends and see if you are actually saving on your household bills. This will also give you clues as to where to start when looking to make changes.
2. Shop around for recurring expenses and services
Consider all your recurring expenses and make sure you are getting the best deal. Compare insurance rates with other companies on sites like Esurance, or get referrals from trusted friends and family. Could your cell phone plan use adjustment? Or Your cable service? You could even try eliminating cable altogether and opt for Netflix or Hulu only. Look through all your line items to see what can be adjusted or even eliminated altogether.
3. Conserve on Consumables
Watch your usage on necessary items (like food or household items). The longer and further you can stretch what you have, the lower your monthly expenses will be. Try using reusable and washable items in place of throw away items. For example: reach first for dish towels to dry hands and clean up spills- wash and reuse. Only use paper towels when necessary. Ever think of using cloth diapers for your baby or small (non-potty-trained) children? It’s really not that bad. They make some great ones these days that seriously help cut down on costs and waste without being too inconvenient. Many times saving money by reusing doubles in also helping the environment. Win-win. Group errands to a similar geographical area together and save on gas, time and wear and tear on your vehicle. Wear the same pajamas a few nights in a row, or wear your lightly worn jeans a few times before washing. By cutting down on laundry you can save water, electricity, soap, and wear and tear on machines (obviously we are not advocating wearing soiled clothes, just being more mindful of when washing is not necessary).
4. Negotiate down interest rates with Creditors and Pay off Debt
It is amazing how much of your budget can be going toward paying off debts and interest. Consider what life would be like if you had more flexibility in your budget by getting rid of debts. Try negotiating down your interest rates for immediate savings and work hard at paying off debts to save yourself a ton in the long run. When your debts are paid off, your household bills can drop drastically.
Have more ideas? Start a list and work your way down line by line. It all adds up and works to shift your mindset to saving- which is the first step to financial freedom!