Even though the economy is slowly coming out of the most recent financial downturn, many families are still looking for ways they can cut back on their monthly bills. Whether you would like to start a college fund or want to pay off your current debt, here are some ways you can save on your biggest expenses.
Heating and Cooling
Improving your home’s energy efficiency could potentially save you thousands of dollars a year. In addition to having your HVAC system tuned at least twice a year, you should also check your insulation and have it replaced if it looks worn or damaged. For a quick fix, all-purpose caulking can be used to seal up any cracks or holes around doors, windows, and vents.
The average family spends around $200 a week on food, and much of that goes to snacks and eating out. One of the easiest ways to cut back on this expense is to carry out some meal prep at the start of the week. Families can buy bulk produce and protein sources over the weekend, prepare a handful of meals, and then refrigerate those meals and snacks for the rest of the week. You could also benefit from making a goal of how much money is put towards eating out every month and making sure not to go over that amount. Another common way to save money on your grocery shopping would be to use coupons or shop at stores, such as Aldi’s, that are well-known for their cheap, but high-quality goods.
Instead of spending money on expensive restaurants and movie tickets, you should start looking for some of the free entertainment that your city might offer. That includes outdoor festivals, concerts, museums, and seasonal shows. Most cities have a guide on their website for you to look at that can keep you informed about what is going on throughout the year. As for in-home entertainment, you can also terminate your cable contract and sign up for a streaming service that has many of the same shows and movies. If you’re more of a book reader, you can utilize your local library instead of buying every new book that comes out that you’re interested in.
Just because your family is relatively healthy does not mean that your healthcare bills will stay low. When it comes to cutting back on healthcare expenses, spending a little extra on preventative services can save you quite a bit over the years. You should also take some time to find local doctors and dentists, like those at Crest Hill Family Dental, who offer affordable payment plans to further lower your costs. Many practices also extend larger savings to those who can pay for their services beforehand.
Insurance is an extremely important financial product, but the monthly premiums can be overwhelming. The first step in lowering one’s premiums is to speak with an insurance provider about bundling all of one’s policies including health, home, and vehicle insurance. Once they are bundled, you can have the deductible raised slightly to reduce your premiums even further.
Saving money does take some extra planning, but you do not need to sacrifice your family’s health or happiness in order to keep your monthly expenses manageable.