5 sneaky ways to cut your household bills in half
Life in America is expensive, even prohibitive for some. With inflation at record highs and rising prices at the pump, many families are looking Ways to reduce your expenses.
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While it’s not easy, there are ways to save big on your bills. The first step is to write down everything you spend money on each month. Check your credit card and bank statements to see exactly where your money is going, giving you a good idea of where to save. Living on a budget isn’t always easy, but it will pay off.
Lower your energy bill with intelligent measures
Do you want to do good and save money at the same time? Taking the time to caulk and insulate doors and windows is a quick fix to a big problem. The cost is extremely reasonable considering how much you will save on your energy bill in the long run.
Families looking to save on utility bills should “consider sealing air leaks around doors and windows. Damaged gaskets and weatherstrips can allow cold or warm air to escape,” said Carter Seuthe, CEO of Credit peak consolidation. These issues, left untreated, could result in higher energy bills.
Caulking or sealing gaskets is inexpensive and can save you 5% to 10% on your energy bill, according to the US Department of Energy. A simple solution could result in significant savings. Added bonus: not only will you save on your monthly bills, but you’ll also be one step closer to saving the planet. Other ways to save energy include investing in smart devices and unplugging devices that aren’t being used.
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Consider debt consolidation
For people “who have debt from multiple sources, such as credit cards, student loans, medical debt, and auto loans, debt consolidation can be an excellent way to slash their monthly payments,” said Melanie Hanson, editor-in-chief of EDI refinancing.
She warns that consumers who choose this approach “need to look not only at interest rates, but also at terms.” She said, “Differently structured consolidation loans can have very different outcomes.”
Save in store with several tricks
Food prices have skyrocketed. According to the United States Department of Agriculture (USDA), all food prices are projected to increase by 9% to 10% in 2022. The food price hikes have hit Americans across the board. Not only the purchases in the restaurant have become more expensive, but also the food in the supermarket.
Families should “buy in bulk when items are on sale,” said Deacon Hayes, founder of Purse in good condition. He also suggests that people consider “buying generic drugs when it comes to items like bleach or condiments.” Finally, he said that a big money saver is “planning your meals ahead of time and sticking to your grocery list to avoid impulse buying.”
reduce transport costs
For many people, transportation costs are a large part of their monthly expenses. Whether high gas prices are eating away at your savings or you can’t help but call Uber, there are a few ways to cut those costs.
Families should review their modes of transportation to see if they can limit themselves to one vehicle, said Damian Serwin, co-founder of Why budgeting. He said it could “result in potential savings on monthly car payments, fuel, insurance and taxes or related repairs.”
Well Kept Wallet’s Hayes also suggested looking around for a cheaper price on auto insurance. He said, “If you have a good driving record, it’s worth contacting an auto insurance broker to see if they can get you the same coverage but at a lower monthly premium.” You could save as much as “$50 to $150 a month.”
Cancel these subscriptions
Although you may have heard this before, one of the easiest ways to save big is by getting rid of things you no longer use. Amar Vig, Managing Director at London FS, suggests people check their spend to see if there are “publications, streaming services, or subscriptions that (they) don’t use often or at all.” If so, it’s time to cancel.
People are often surprised to see their recurring spending on things that really don’t matter that much in the end. Vig states that “[w]If money isn’t that tight, you can always sign up again if you find you’ve missed it.” To make this tip a little more nifty and to help you avoid temptation, he also recommends staying away from “Unsubscribe from any email newsletters or product catalogs that encourage impulse purchases, even if they don’t directly cost you money.”
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