We all want to be able to save a little money around the house so that we can save more or spend it on things we actually want. Sometimes running a home can feel like pouring money into a bottomless pit, but it doesn’t need to. Here are a few steps to help you start saving money around the house.
- Know where your money is going – The first step in saving money is knowing what you’re spending at the moment, and more importantly where you are spending your money. Sitting down to do a full financial breakdown can be incredibly helpful. Look through your last few months of bank statements and categorize your spending. How much are you spending on eating out? How much are your monthly bills? How much are you spending on shopping? Then start to consider if any of these amounts surprise you, you might be spending far more than you imagined in one of these areas. Start to consider how you can curb that spending to help you save money month after month.
- Check your tariffs – Check your tariffs for things like your phone plan, energy provider, internet or other monthly payments. Spend some time doing a little research to see if you can get the same service for less from another provider. If you find a better deal you can save money month after month.
- Save on bills – You can save money on your heating and electric bills every month with a few tips and tricks. Start by making sure sockets and lights are switched off when they’re not being used. Try turning down your thermostat a few degrees, over the year you’ll find you save a lot of money on your heating and you might not notice any difference in the temperature of your home. Instead of cranking up the heat when you get cold, make your first choice another layer of clothing. Run your washing machine on a cooler setting, chances are you’ll see no difference in your laundry. All these little changes will help save you money on your bills and help to decrease your carbon footprint, making your home more eco friendly.
- DIY – Put down the phone! If you are about to hire someone to fix or mend something why not try doing it yourself. The internet is filled with helpful tutorials and ways to learn basic DIY. It is important and actually very fulfilling to be able to do a little DIY around the house and you’ll save money every time you choose to tackle the problem yourself. You should always be careful about the kinds of projects you tackle, don’t put yourself in any kind of danger, but putting up a shelf, unclogging a drain, painting a room, these are all things you are capable of.
- Try using cash – If you’ve ever set a spending budget you’ll know that it can be hard to stick to. Things can start getting away from you and before you know it you’ve gone way over. Try taking out your budget in cash, and only spending what you have. Holding cash in your hand can make it much more clear how much you have you have to spend and can actually be more difficult to part with. We all know the feeling of tapping a card again and again only to realise later how much we actually spent. Using cash avoids this and helps you keep a handle on what you spend.
- Secondhand and pre-loved – There can be a stigma attached to pre-loved or pre-owned items, but there is no better way to save money. If you know where to look you can find like-new items for half of their in store cost. Start hitting up thrift stores and heading to online marketplaces, you’ll find everything from designer clothes to furniture for a fraction of what you would have spent.