Does it seem like no matter how much you try to save money around your house, there simply doesn’t seem to be enough left at the end of the month to get by?
But this does not necessarily have to be the scenario for you too. By making a few adjustments to your lifestyle and making some wise financial choices, you can start saving up enough money, even upto thousands of dollars every month.
Making small cuts and changes can add up to big savings over time. More often than not, we ignore the impact that small decisions can have on our lives. Check out these five hacks that can help your house potentially save a lot of money every year. Also here are some reasons why you should make a savings plan for your finances.
Cut down on maintenance expenditure
It costs quite a bit to maintain a home. Every year, home maintenance comes up to anywhere between 1% to 4%, and this is what you are expected to set aside too. That means, if you have a home that’s worth $100,000, you will likely have to keep aside between $1,000 to $4,000 per year for maintenance.
Here are a few ways you can try to save this amount:
- Be proactive with your maintenance: Most people address maintenance issues only when they become major problems. Bigger problems are usually more expensive to repair. For example, repairing a tap or pipe can be much cheaper than having to replace it entirely. Addressing small issues before they become worse can save you money.
- Fix things yourself: DIY or doing it yourself is one of the best ways to save money. You can learn how to carry out basic repairs by watching tutorials online. There are plenty of DIY hack videos posted online by experts or people who have done it before.
- Get help when you need it: Sometimes, DIY may not work. Or hiring an expert may turn out to be cheaper than carrying out maintenance on your own. This way, you will actually save money while spending it.
- Try sharing equipment: Having a clean and landscaped home frontage or yard is great. But it costs a lot to buy the equipment and tools needed for maintaining your home. See if you can share these costs with someone, preferably a neighbor or a relative or close friend who stays nearby.
Review your home insurance
Your insurance expenditure can be quite a bit, especially when you have to pay insurance on both your vehicle and your home. While both are required and help cover repair and damage costs, the premiums you pay can put a dent in your finances. Most people end up paying heavy home insurance premiums since they don’t bother to shop around enough before selecting a policy.
Now, you don’t have to spend hours on the phone finding out the best and most affordable insurance plan for your home. There are plenty of websites that allow you to search using various parameters. Many of them allow you to buy the policy you want online as well.
Check entertainment subscription rates
Surveys show that most Americans spend more than they need to on their entertainment subscriptions. Check if you’re doing this too. First, check if you’re using more apps than you need. Next, check how much you’re paying for the ones you use. Did you know you can negotiate and try to get lower rates for your subscriptions?
Perhaps you don’t want to spend a lot of time haggling with service providers about their prices. So why not get someone to do this for you? There are companies that negotiate with service providers on your behalf and get you the best possible rates. They can help save you a bit of money every month.
Reduce electricity bills
The average American family spends more than $2,050 every year on their utility bills. The biggest portion of this is usually attributed to electricity bills. Have you ever felt that your electricity bills are much higher than you expect them to be? Then try turning off the lights the next time you exit from a room.
Installing smart bulbs is another option. They may be a little more expensive than regular lights, but they can help save money in the long run. The same goes for energy-saving bulbs too since they use only 20% of the electricity that regular bulbs use.
Another way you can try and reduce your electricity bills is to see if other utility service providers are offering you lower usage rates.
Look for discounts and reduce wastage
While shopping for home maintenance products, see if there are discounts coupons and sales discounts being offered by stores. Planning your purchases can help you save money too. Since you have an idea of what products you need to buy and when you can plan to buy them around seasons when discounts are at their highest. Stocking up can help make purchases cheaper.
Also, check for subscriptions on these products are well. Some companies such as Amazon offer discounts when you subscribe to their product delivery services. If you sign up for a regular supply, you can get an additional discount on top of any discounts you’re already getting. Hope these hacks help you save money around the house.