Can you believe that the average American spends 73% of their income on monthly bills?
We’ve all heard that the happiest people work to live instead of living to work, but this can seem like an impossible dream when your bills are so high. You’ll be elated to know that there are big and small ways that you can make your lifestyle much more affordable so you can start saving or spending more fun money on yourself.
Would you like to know some of the effective methods you can use to cut down your monthly expenses? Keep on reading our guide that will introduce you to some brilliant ideas.
Try to Cook at Home More Often
Lots of people think that food always tastes better when someone else makes it for them, but eating out all of the time adds up fast. It’s true that you’ll need to invest more energy into cooking for yourself, but you don’t need to make cooking your new part-time job. If you cook in large batches and take advantage of tools like slow cookers, you can prepare hearty meals at a fraction of the price.
Shop for Cheaper Utilities
With so many utility companies out there, why do you feel tied down to one company that is probably overcharging you? Don’t be afraid to advocate for yourself by asking your current providers for a better deal or take your business elsewhere. For example, if you’re paying a fortune for your phone plan, you could make the switch to a new provider for as little as $15 per month.
Buy a Smart Thermostat
If you feel like your energy bill is out of control, then you need to re-evaluate the way you use common appliances like your thermostat. Buying a smart thermostat will stop you from throwing your money out the window whenever you’re heating or cooling your home when you’re not there. This simple purchase could save you hundreds of dollars throughout the year.
Shop Generic Whenever Possible
Lots of people are surprised to learn that their favorite brands let stores package their products and sell them as a generic version that costs less. This means that you can still enjoy high-quality goods without paying the high price for a certain label. This can apply to your groceries in addition to clothes and all kinds of goods.
Consider Investing in Solar Energy
If you want to conquer your monstrous power bill, then you need to have an open mind about making a big change. You might be worried about the cost of solar panels, but there are reasonable payment plans that you can use to make this smart investment. Gaining energy independence will help you pocket thousands of dollars after you pay off your solar panels because this investment will last at least 20 years.
Be More Mindful of Your Water Consumption
Take some time to reflect on how much water you use each day to bathe yourself, wash dishes, do laundry, brush your teeth, and accomplish other basic tasks. Being more mindful can help you reduce your water bill for good. Take shorter showers, run full loads in the dishwasher, and turn the faucet off when you brush your teeth.
Find Cheaper Ways to Entertain Yourself
We all deserve to have fun during our leisure time, but some activities cost more than others. If you’re serious about saving money, then it’s worth getting creative when it comes to your entertainment. Instead of going out to the movie theater or bar with your friends, you can hang out at one of your houses and mix your own cocktails or pop your own popcorn.
Take Advantage of Coupons
Watching extreme couponers work is one of the most satisfying things because many of these people can end up with a negative bill that causes the store to pay them for all of the products they’re taking for free. You don’t need to hone your skills that much to still save a nice amount of money by doing some basic couponing. For example, if your grocery store has BOGO deals, try to stock up when your favorite products go on sale.
Try to Eliminate Temptations
Even if you work hard to adopt new habits, sometimes the temptation to make impulse purchases can be too high. If you’re a regular impulse buyer, then you can do yourself a big favor by removing some of your triggers. Making the switch from your credit card to cash only or deleting shopping apps from your phone could help you save a lot of money each month.
Be More Aggressive Toward Your Debt
This tip might make you scratch your head at first since the idea of spending more money on your debt when you’re trying to save money sounds counterintuitive. The reason why this is a genius plan that will help you get richer in the long run is that you won’t be a victim of high interest rates. Getting rid of your debt as soon as possible will help you avoid spending thousands of dollars on interest.
Now You Know How to Lower Your Monthly Expenses
You’re not alone if you’ve been feeling like all of your money goes toward bills instead of your goals. The good news is that you don’t need to keep saying goodbye to the money you work so hard to earn. After reading our guide on how to lower your monthly expenses, you can start adopting small and big habits that will have an incredible impact.
Now that you’re on the path to saving more money, you might be wondering what else you can do to build a better life. Want to get inspired? Spend some more time surfing our blog.