It’s only natural to want to save a dollar here and there, especially in today’s challenging economic climate. If you’ve been trying to keep your monthly costs to a minimum but haven’t had any luck, then read on for some creative ways you can rein in your monthly spending.
Look for Clubs, Schemes, and Loyalty Programs
One thing you should never cut costs on is your health, but if there’s an opportunity to save on dental fees and medical expenses, it’s worth grabbing with both hands.
Many businesses and industries offer loyalty programs that allow you to save a percentage of your costs every time you use a particular service. So, why not take a look around and see what’s available? By signing up for a scheme and paying a small fee, you could save hundreds of dollars on your family’s health care costs.
Look for Competitive Rates
If it’s been eons since you’ve compared insurance, electricity, internet, and other service providers, now is as good a time as any to begin looking around. Plenty of websites allow you to compare, and you can end up saving a surprising amount of money by making a switch.
However, it’s also worth being aware of any contracts you are bound by, as well as any breaking fees. It won’t always be financially viable to change providers. What’s more, you have to ensure you’re comparing like with like.
Rein in Your Electricity Use
The average American household will use around 914 kWh of electricity every month, at about 12.87 cents per kWh. If you’re not actively focusing on your electricity usage, then you could save money every month by making a few changes.
Start by turning unused appliances off at the wall when you’re not using them, including your TV that may sit on ‘standby’ mode. Take shorter showers if you have electric hot water, and invest in energy saver light bulbs that last longer and cost less to run.
Create a Meal Plan
One of the worst things you can do to waste money is to visit a grocery store when you’re hungry. You’ll likely pick up a variety of snacks that wouldn’t enter your cart if you weren’t famished! Create a meal plan at the end of each week, then shop with far more purpose the following week.
Most American families spend over $7,700 on groceries and food annually, which can be a lot when you’re trying to keep your spending to a minimum. By creating a meal plan with low cost, versatile ingredients, you may be able to save hundreds of dollars every year.
Identify Your Unnecessary Spending
Since digital payments have taken over from cash, it’s become easy to spend more money than you expected to without realizing it. Go through your bank statements carefully and establish what your necessary costs are and what you could do without.
While no one begrudges you a treat now and again, those luxuries can all add up. You may be amazed at how many of your monthly “costs” are things you could do without, such as manicures, magazine subscriptions, streaming services, and excessive clothing purchases.
Whether you’re saving for something special or experiencing a drop in income, there’s never a wrong time to reassess your spending. It can be quite shocking to find out just how much money you waste and how much you could be saving. Now could be the right time to look at membership schemes, electricity usage, and even your grocery bill.
