According to a 2023 study, the average household in the US is spending $709 more per month than in 2021.
As such, if you are struggling to stay on top of household finances during this time, you arne’t alone. In fact, a growing number of people are taking on second jobs or side hustles in order to be able to get a better handle on their money.
However, it’s important to note that this is not the only option available to you. After all, if you already have a full-time job or childcare responsibilities, you simply don’t have the time (or energy) to seek out an additional income stream.
With that in mind, here are some simple ways in which you can cut down on household expenses without sacrificing your sleep!
Take preventive action against costly home maintenance.
Sometimes, you need to spend a little money in order to save money! For example, home maintenance tasks, such as unclogging blocked gutters and drains, can quickly get expensive while also causing considerable damage to your home. However, installing gutter guards now can prevent this scenario from occurring, protecting both your peace of mind and your bank balance. Find a LeafFilter near you to find out more about gutter guards, their benefits, and how they can help you save money!
Tackle those climbing energy bills.
Energy bills have been on the rise for some time, but unlike other expenses, it’s not something that you can simply go without or massively limit your usage on. However, this does not mean that you are out of luck when it comes to reducing spending on energy bills. For example, you could:
- Use a price comparison site to ensure you are getting the best possible deal for your provider
- Switch to energy-efficent appliances
- Switching to renewable energy providers
- Consider installing solar panels
Actually stick to your budget.
Budgeting is a great way to keep spending to a minimum, especially when it comes to household expenses such as groceries. However, did you know that 84% of Americans regularly exceed the budgets they set themselves? As such, if you’re looking to genuinely save money through budgeting, you need to be ready to hold yourself accountable. While it’s okay to make a few mistakes here and there, overspending should not become a regular experience, especially if you’re looking to grow your savings account.
If you’re new to budgeting, try to stick to a simple budgeting method. This will make it easier to stay on track instead of forcing yourself to set aside ALL of your money. For example, you may want to try the 50:30:20 method, explained in this video below!
Beyond this, you can also use budgeting apps that track your spending and provide you with a quick insight into your spending habits. This way, you can identify where you may be going wrong in regard to budgeting. These apps can also send you an alert when you are about to hit your daily/weekly/monthly spending limit, helping you to hold yourself accountable.
