If you’re tired of seeing dollar after dollar that you make flying out the door instead of being sunk into savings, you’re not alone. Many families are experiencing the same issue. However, not all of them are willing to do something about it. You don’t have to just accept it though; you can follow some of these tips to save money every month and keep it where it belongs.
Watch Your Food
Food is one of the biggest expenses that a family can have. If you don’t watch what you are buying, or if you are not thrifty with what you already have, it can be incredibly easy to waste money by throwing food away. However, if you have a food plan, or at the very least a creative mind, you can easily reduce the amount of food waste that goes on inside your home. For instance, if you have vegetables that are starting to wilt, don’t throw them out, use them in soup instead. When it comes to protein-based foods, choose cheaper cuts of meats that can be slow-cooked so they still remain tender or purchase beans that can go a long way towards stretching your grocery dollar.
Banish the Phantom Loads
Phantom loads can be just as scary as their namesakes. The term refers to the electricity that certain devices or appliances continue to use even after they have been shut off but are still plugged into the outlet. The cost of these phantom loads can definitely add up over the course of the year. It is best to use power strips to plug your appliances or electronics into and simply turn the strip off at night or when you leave the house. You’ll be surprised at the savings you’ll see on your electric bill.
Look at Your Monthly Bills
Beyond utilities, look at your other monthly bills such as credit cards or loan payments. In fact, when it comes to student loan payments, you can actually look for a private lender who is willing to consolidate your multiple payments into one single payment. This has the dual effect of not only reducing your interest payment but eliminating the potential to miss multiple bills and incurring late fees. Why not preview your potential savings and set up a plan that works best for you?
Don’t Give in To Impulse Purchases
Don’t purchase something that you just found out about. One trick that many thrifty families use is to write down potential purchases on a list. Wait for a month and then look at the list again. Many of the purchases no longer look attractive after the time period is up. Those that still are appealing can be saved by putting money aside.
Beware of Streaming Services
While signing up for a streaming service is certainly a cheaper option than retaining cable or satellite television, too many streaming services simply put you in the same spot of overspending on televised entertainment. Since there is only so much television you can watch at once, why not sign up for one at a time via free trial offers?
