Save Money during times of economic uncertainty
Utility bills are quadrupling by the month, inflation has its jaws wide open, gas prices are on steroids and money no longer has value like it used to. For families in the UK and beyond, it is the time to save more and spend less!
However, saving money is easier said than done, especially when you have mounting bills to offload and mouths to feed. But you are in luck because we’ve culled the best and tested recommendations for saving money regardless of your never-ending expenses. So, let’s dive in and get saved!
Saving Money Starts with Lifestyle Adjustments
With recession lurking at the corner and ready to strike at the slightest opportunity, it makes sense to watch your spending and saving habits. It is a given that living and household expenses take the bulk of your earnings. From food to laundry to education, the list is endless.
Fortunately, you can make your income count and shorten your monthly costs by making some changes to the house. When you save well, you can have money for rainy days and afford necessities like house service providers. Here are true and tried ways you can cut costs around the house for financial fulfilment:
Minimise Electricity Use
Electricity is a basic necessity for most homes. You need electricity to heat or cool your home, brighten your space and run appliances. However, you don’t have to spend pounds upon pounds on electricity bills. Electricity costs take up about 12% of utility bills, which is a lot by any standard. To minimise energy usage, you can do the following;
- Hang out laundry to dry instead of using the dryer
- Turn off the thermostat
- Run the dishwasher at full load
- Turn off computers when not in use
- opt for energy-efficient bulbs such as LED bulbs
- Wash clothes with cold water unless hot water is needed
- Load your washing machine to capacity
- Buy energy-rated appliances
- Upgrade your heating and cooling systems to energy and eco-conscious models
- Go for cheaper cell and cable service plans to downsize utility costs
Relish Home-made Meals
Cooking and eating meals at home is a surefire way to save money. You can plan your meal on a week-by-week basis to make it easier to cook and eat healthy meals. There are a ton of recipes and tutorials on the internet; so even if you are the worst cook alive, you will learn to cook simple and delicious meals by tapping into these resources.
If you are short on time for meal prep during the work week, make casseroles, chicken dishes, salad platters and the like on weekends. You can make plenty of other dishes out of these meals. Place into meal prep containers and your grab-and-go dishes are ready (just like the takeout outlets you adore). By investing in portion containers, you wouldn’t have to go through the drive-through every night and day!
Work with a Shopping List
If you ever wondered where the bulk of your money is going, check your grocery shopping! You need to cut down on your grocery expense by making a detailed list. A budgeted list keeps impulse buying at bay and supports meal planning. So, the next time you are going grocery shopping, go with a list in hand.
Alternatively, make a list for your house service maid, caregiver or whoever is going in your stead. In addition, capitalize on reward programs such as coupons and discounted store-brand items. Thanks to technology, most grocery stores have affiliated apps that run reward programs. Make good use of your smartphone by utilising the reward programs on the app. When you use coupons to grab your regular buys, your wallet will breathe better.
Re-think your Subscriptions
Most families have several subscriptions including internet, cable Tv, streaming service, fitness and cell phone subscriptions. It is very easy to subscribe to these channels and have your account debited like clockwork every month. What you don’t realise is the gaping hole that these monthly debits leave on your financial statement. But the truth is, some of these subscriptions are essential while others are frivolities that you can do without.
So, you need to stop and think; is this subscription adding much value to my life? How many times or how much do I use this subscription? Can I and my family survive without this? Your answers will lead you to the right decision. And when you filter out the inane subscriptions, unsubscribe without looking back. Don’t be too lazy to cancel unnecessary subscriptions because you believe it is worth just a few pennies. Understand that cutting down expenses isn’t just about the big things but the small ones as well!
Save Money Kitchen-wise
Rather than buying herbs and vegetables, grow a garden. A bundle of herbs costs only three or four pennies. A little bundle typically yields a large collection of herbs for months on end. Thus, it is a long-term investment that reduces grocery costs so you can save more money. If you don’t know jack about gardening, you can enlist a home service gardener to teach you the ropes. Use a House Service App to find gardeners at affordable rates. Remember, this is a one-time investment that will pay off in the long run. Secondly, make your own coffee and cut back on cafes. Get a coffee maker or French press and save daily bucks that would otherwise go to your favourite cafes. Thirdly, avoid buying bottled water unless necessary. While cheap, it can affect your finances over time if you buy it regularly.
Instead, get a water filter pitcher and drink water directly from the source. Finally, preserve soon-to-spoil fruits and vegetables in the freezer and make healthy smoothies out of them. It will help minimise your weekly waste and preserve perishable produce. And oh, make sure your freezer is always full to the brim. A full freezer is more functional and consumes minimal energy to stay cool. As a bonus tip, always eat your leftovers! Do not throw out leftovers no matter the temptation of fresh meals. You may not realise it, but eating leftovers saves grocery and kitchen costs.
The Bottom Line
Saving money begins with cutting down on domestic expenses. The changes you make to your lifestyle yield more money for other fulfilling things. It is amazing how cancelling a few subscriptions can free up some money for your vacation savings account! On the whole, don’t pass up the opportunity to save money because you can’t make a few bearable changes here and there.
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