The struggle to maintain a sensible household budget is real, with the cost of living becoming more expensive for many families.
How can you reduce your household bills and save when food, electricity, transportation, credit and loan repayments take up most portion of your family’s income? Read the few tips below.
1. Distinguish between ‘need’ and ‘want’
You need to have a good understanding of how much money you are actually spending before you can cut costs. Also, you need to distinguish between money you have to spend — groceries, electricity bills, home loan repayments — and money you choose to spend — eating out, gym membership, entertainment.
Think about it. If you reduce the amount of times you go out to eat, you can cut down on a significant amount of expenses.
2. Weekly menu
Eat better and save money by planning your meals ahead of time. Australians can minimise throwing out millions of dollars worth of food annually by taking a few extra steps during preparation.
Avoid a draw full of wilted vegetables at the end of the week by choosing recipes with similar ingredients, like vegetables. You can also try to shop seasonally. When they are not in season, the price of fruit and vegetables go up significantly.
3. Prepare meals at home
Preparing meals at home will cost money, although it’ll be a fraction of the price of a bought lunch and it’s a lot healthier.
Without you realising it, bought lunches can eat into your household budget. Spending $10 a day, 5 days a week on bought lunches equates to $200 a month.
4. Shop once a week/fortnight
Are you guilty of impulse buying while grocery shopping? Most people are! The more you visit the grocery store, the more likely you’ll buy unnecessary items.
Do a large grocery shop once a week/fortnight. This way, you can keep track of your money compared to several little purchases.
7 Tips On How To Reduce Household Spending Click To Tweet5. Conserve power & water
Electricity bills doesn’t have to take up a significant portion of your household income. Turning off lights when you leave a room and running the washing machine/dishwasher/dryer during non-peak hours can help you conserve power.
Conserving water is beneficial for the environment and your wallet, in any given season. Here are some best practices that could make a difference:
- use laundry water on the garden.
- instead of a hose , wash your car with a bucket.
- put a cover on your swimming pool so that it doesn’t need to be topped up as often.
6. Free entertainment
There is a large number of free community events available all year long — what you have to do is look for them, such as:
- school holidays — a great time to find activities free of charge.
- potluck parties — everyone brings a plate of food to share and it’s also a great way to get together without spending a huge amount of money.
7. Save on transport
Fill your car until it is full as it will run more economically on a full tank.
During the working week, carpooling with friends can also help keep petrol costs down.
Each week, parking costs can take a chunk out of your income. Public transport can also be a better option for those working in the central business district area.
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