Five Simple Ways to Reduce Your Household Spending

When money gets tight just about everybody starts looking for ways to save some of it. If there’s no increase in household income, finding ways to cut back is in order. This likely will mean changing several different spending habits.

Cutting back

There are a lot of extravagances that can be eliminated during hard times. All family members should take a careful look at some of the expenses they incur. Here are five examples of ways for a family to cut expenses.

1. Energy efficiency – Turn the thermostat back 10-15 degrees for up to eight hours a day, usually when no one is home. This can save up to 10 percent on the annual heating bill. In addition, install CFL light bulbs throughout the house which also use less electricity while providing the same amount of light. CFLs also last longer, meaning replacements are bought less often.

2. Avoid paying full price – Look for clearance deals before or after certain holidays. Plan ahead for what will be needed and avoid spur-of-the-moment shopping decisions which almost always result in paying full price. Look for off-season deals when considering travel. Hotels and airlines frequently offer discounted rates during off-season or even just before or after peak tourist season. During slow times, resorts often offer special deals that may include additional amenities.

3. At the grocery – Clip coupons from the local newspaper for items that are frequently used by the family. If the coupons can be matched up with sale items, the savings are even bigger. Have meal plans in mind when shopping for groceries and stick to the items that are needed for these meals. Purchase items that can be used to make lunches for work rather than buying out every day.

4. Maintain equipment – Don’t skip regular maintenance updates on vehicles. Replacing an engine because the oil wasn’t changed when it should have been is a lot more expensive than the oil change. Keeping the engine tuned and the tires properly inflated can increase gas mileage.

5. Make cuts – Go to the local library to borrow books, movies or CDs instead of buying them or renting them from a store. Stop paying a monthly gym fee and find ways to exercise at home. That local library may have workout videos to borrow or at the very least fitness magazines. Some cable providers offer free exercise videos on demand. Instead of buying premium coffee on the way to work, buy regular. The savings will quickly add up over time

There are opportunities nearly every day for a family to save money but most of them won’t really negatively impact how the family operates. Saving money will open up other opportunities. It might require a change of some habits but will be well worth it to gain financial freedom.

This is a guest article from Christina Lloyd, who has managed to decrease her household spending using these simple tips. She writes for a website about education grants that offers helpful advice on grants for disabled students and sources of financial aid for all students.