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. Whether it’s by denying yourself that $4 mocha latte once a week or putting off an exotic family vacation, everyone has their own way to save.
Here are our top 10 tips to help you start saving money around the house!
- Prepare home-cooked food rather than eating out. Lunch from home costs around $2, while commercially prepared meals are priced at $13, on average.
- Cancel subscriptions such as unused gym memberships, which cost an average of $37.71 per month. Instead, exercise outdoors!
- Make use of loyalty schemes, cashback programs and price matches.
- Sell unused goods, especially clothes and technology.
- Keep on top of your physical and dental health. With checkups costing between $100-$300, making sure you deal with any problems straight away can prevent further, more invasive, and more pricey treatment and consultations.
Top 10 Ways to Save Money Around The House
1. Keep A Shopping List And Pack Your Lunch!
One of the biggest money wasters is at the grocery store. How often do you buy things you think you may need, and not things you actually do need? Keep a magnetic shopping list on the refrigerator and when you run out of something, write it down.
Also, rather than shopping for a little bit each day, make the most efficient use of your time (and gas!) by going to the grocery store once a week.
Another great way to save is by making your lunch in advance and bringing it to work. If buying lunch at work costs $7, but bringing lunch from home costs only $2, then over the course of a year, you can create a $1250 emergency fund or make a significant contribution to a college plan or retirement fund.
2. Drink Water (And Avoid Drinking Habits!)
Break your addiction to sodas, teas, alcoholic beverages and others by sticking to water. Get yourself a BPA free plastic water bottle so you can eliminate the on-going cost of purchasing bottled water.
If you keep beer in the fridge and liquor in the cabinet, you may want to consider making some changes in your lifestyle. These bad habits are not only costing you cash now, they could eventually hit you in the wallet when it comes to your health.
3. Keep Spare Change In Unused Jars!
A great way to save is by setting up spare change collection jars in different locations around the house where change is likely to land including the bathroom, laundry room, bedrooms, and kitchen. Keep saving up all the change you find with a goal in mind such as vacation, rainy day fund, or other savings plan.
You’ll be surprised how quickly this spare change starts to add-up!
4. Exercise Around The Block
The average monthly gym membership lightens the weight of your wallet by costing $37.71. Regular exercise is important to avoid healthcare costs but you don’t have to spend cash on a gym to stay active.
If you exercise by walking around the block, through the neighbourhood, or at the local high school track field, you can do your regular exercise just as effectively and not have to spend a penny!
5. Create An Interest-Bearing Account
For most of us, keeping your savings separate from your checking account helps reduce the tendency to borrow from savings from time to time.
If your goals are more long-term, consider products with higher yield rates for better savings! The average interest rate on savings account in the US is 0.06%. There are options with higher interest which you could and should seek out.
6. Keep On Top Of Your Physical Health!
Health checkups can help prevent serious illnesses so get to the doctor at least once a year for a physical and necessary tests insurance covers.
Medical bills can be a big unexpected expense, with the average Emergency Room visit costing $2,168. By making sure you stay on-top of your physical and mental wellbeing can help to ensure that unexpected medical bills don’t give you any financial hardship. See also, how to save money on household bills.
7. Avoid The Latest Technology – For Now
While the hype over the latest computer or phone can be intoxicating, keep more money in your wallet by practicing patience.
Wait several months for the prices to drop to an affordable level before investing in the latest technology that is likely to be outdated in a few months’ time anyway.
8. Coordinate Cash Back Rewards
If you have a credit card that offers cash back rewards, capitalize on this to get back as much cash as you can.
For every purchase made on the card, set the same amount of cash aside in an envelope so you’ll be assured you can deposit the full amount of the credit card balance into the bank at the end of the billing cycle.
9. Have Good Oral Hygiene
Even with dental insurance, the cost of pulling a tooth or having restorative dental work done can be very expensive. Prevent emergency root canals and other costly procedures by visiting the dentist every six months.
Dentist schools need practice patients too (just like hair schools need people to work on) so while will likely time up more of your time to have work done by a dental student you’ll save a chunk of money.
10. Learn To Say No!
People often spend money they don’t have because they feel uncomfortable telling people no.
If you are not in a place where you can or want to spend money, learn to say so with confidence for the good of your family.
It is not financially smart to chase other people’s financial goals and try to keep up with their spending habits.