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4 Ways to Cut Costs at Home

Posted by Rebecca Hellmann on Jul 8, 2020 6:15:00 AM

Have you ever looked at your (lack of) money and wondered where it all went so fast? You’ve taken steps to minimize impulse buys. You’ve created a budget to fit your household needs. What more can you do to help carve out some extra wiggle room?

Here are four ways you can help cut costs at home:

  1. savings-at-homeCancel your cable or satellite television package. You’ve heard this one before. And, if you haven’t already done it, you probably have a whole host of reasons for keeping your service. Most of the arguments I hear are related to local news, getting the “latest” episode of a series as it airs, or the shows someone watches are not all hosted on the same streaming service. But have you crunched the numbers to find out if a group of streaming services (plus your internet) will cost you less than your cable bill? You might be surprised to find it will.
  2. Make coffee at home. Paying even $2 per beverage per day is usually far more expensive than purchasing the required ingredients and brewing your coffee in-house. There are even recipes online for making cappuccinos and other fancier concoctions. They may take a bit of time and effort, but it is unlikely to be much more than the time spent waiting in lines to order or have your name called when your order is up. As a bonus, you have a fun new way to impress your friends and family when they visit.
  3. Adjust your thermostat. I have family members that keep their house at 80 degrees Fahrenheit in the hot summer months. If you like it that hot, have at it, but rest assured you do not have to swelter to save a bit of green. A thermostat adjustment even one degree warmer in the summer and one degree colder in the winter for eight hours of the day or more, can make a noticeable difference both in your energy footprint and your bills.
  4. Insulate your hot water. There is this easy-to-install foam tubing that wraps around your water pipes that can help reduce heat loss as the water travels through to your faucets. It can raise water temperature 2-3 degrees compared to uninsulated piping. Water heater insulation jackets can also reduce the loss of heat as water sits in your tank. Working together, these low-cost options can save up to 20% of water heating expenses. As a bonus, many utility companies offer insulation and installation for water heaters at little to no cost.

Money sometimes seems to spend itself. However, when we look into our daily habits and everyday things around the house, we can often find little changes that can slowly add up to significant savings.

What small tweaks can you find around your home or apartment that may make a difference? Feel free to share in the comments below.

download-this-free-budget-worksheet

Topics: consumer budgets, money management, household budgets

 

Written by Rebecca Hellmann

Rebecca Hellmann has been researching and writing in the payments technology industry for over six years. Prior to the payments industry, Rebecca developed marketing, branding, and content for businesses such as Bil-Jac, Benjamin Franklin Plumbing, and Homestead Furniture. She currently works as Director of Marketing for FCTI, Inc.
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