More than 75 percent of families are now living paycheck to paycheck according to recent reports from the financial sector. With the cost of utilities, housing, and other basic necessities surging and wages basically stalling out, it’s really no surprise. Though you can’t do much to change the economy, certain small steps can certainly help cut expenses at home.
Simple Ways to Reduce Monthly Household Spending
You’ve probably stumbled upon plenty of advice about saving money and making ends meet. No doubt, some of it makes sense whereas other tidbits are more impractical than they are helpful. Obviously, selling off the family vehicle or moving to a less expensive home isn’t always an option. Still, a few simple measures can go a long way.
· Dial Back the Electricity: According to a survey conducted by the Australian Bureau of Statistics, average families with children spend more than $130 per week on total household energy, and that alone takes a considerable chunk of the monthly budget. Empty rooms don’t necessarily need to be illuminated. Incandescent bulbs last about an eighth as long as compact fluorescent ones while using more than three times more energy. Adjusting the thermostat 10 degrees from its normal setting could lead to a savings of more than 10 percent each year.
· Reevaluate Your Mobile Phone Plan: Unlimited talk, text and data don’t come cheap, but less expensive plans than the one you’re using may be available. Don’t be shy about checking around to see what other offers may be out there. If nothing else, simply switch to a less costly plan from your current provider. Granted, if you have teenagers on your family plan, overage costs could eat you alive; still, this is a significant cost for a number of families that could feasibly be reduced.
· Bring Your Lunch to Work: A single takeout lunch for one may not be an extreme expense, but being a habitual offender could definitely add up. Two or three lunches out per week could ultimately amount to $75 or more each month even on the low end of the spectrum. That’s more than half the average family’s energy expenditures.
· Reign in the Grocery Spending: Recently, a writeup in the Sydney Morning Herald pointed out Australians spend upwards of $150 on groceries every week. Extreme couponing may not be the answer for most families, but clipping a few out of the paper here and there could help a great deal at checkout. Keep in mind, it’s only practical to use coupons for items you’d normally purchase and actually use. Don’t be afraid to fall back on less expensive off brands when possible. Plan your shopping around family meals and, as the old adage goes, never go grocery shopping when you’re hungry.
· Don’t Shy Away from Secondhand: New furniture, appliances, electronics and clothing may be exciting concepts, but they’re also expensive ones. Let the little ones take advantage of older siblings’ hand-me-downs if only to wear around the house. Visit secondhand shops when it comes time to buy new furniture and search online for used appliances if the need arises. Though you’re bound to find plenty of overused pieces in the process, some really nice ones tend to enter the mix as well.
· Spend Some Time at Home: Families across the globe overextend their budgets on fuel and entertainment without even realizing it. There’s no harm in spending a quiet evening at home and enjoying a board game or family cookie decorating extravaganza.
Despite all your best efforts to save money, unexpected expenses are sure to crop up from time to time. For those occasions, CignoLoans.com.au/bad-credit-loans/ may be able to help. While taking out a loan may seem counterproductive under some circumstances, only borrowing as much as you need and only relying on this alternative when absolutely necessary can help keep any extra costs at a minimum.
All Things Considered
These are only a few general ways to save money. No two families are the same, so not all suggestions will work for everyone. That being said, if you look hard enough, you’re sure to find a number of unique and effective ways to cut corners in your own household.
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