7 Ways to Reduce Expenses
Let’s face it. Most of us could afford to cut back on our expenses. Whether you’re trying to get out of debt or just trying to save some extra money every month, making a few small changes can add up to some big savings in your account!
Get Rid of Your Landline
Do you still have both a home and mobile phone? Consider getting rid of your home phone, especially if you could do without it.
Reduce Your Electricity Usage
Most electronic appliances that have a standby mode, such as toasters, DVD players, stereos, and microwaves, still use electricity even when not in use. My suggestion? Plug your electronics into a power strip and then switch the power strip off when your devices aren’t in use.
Make Your Water Heater More Efficient
According to The Simple Dollar, hot water heaters add a lot of money to your energy bill for two reasons:
- The heater keeps the water hotter than necessary.
- Heat is continuously lost to the environment.
You can solve both of these problems by buying a blanket to install on your water heater, which will keep the heat in, and lowering the temperature on the water heater to about 130 degrees.
Eat at Home
Buying raw ingredients and cooking meals yourself is often cheaper than eating out, even if you’re just buying McDonald’s for lunch every day. If cooking every night takes more time than you have, trying to set aside an hour or two every week to cook large meals that you can freeze and then heat up as needed.
Buy in Bulk
While larger amounts of products may cost more initially, their unit prices are often significantly cheaper, which will save you money in the long run. Consider buying non-perishable items, like paper towels and pasta, in bulk.
Stop Buying Name-Brand Products
Most stores offer a large selection of products in store-brand and generic form. The generic products usually come at a much cheaper price. If you’re really attached to your product, compare the ingredients in generic and name-brand products. Oftentimes, they contain the same ingredients. According to The Simple Dollar, usually the only difference is the advertising.
Reevaluate Your Regular Services
Are you really using your magazine subscription and gym membership? What about Netflix? Take a look at your monthly services and decide whether or not you’re getting your money’s worth. If not, shop around for a more affordable service, take better advantage of the one you already have, or cancel the service.
By taking a look at this list, you should have a pretty good idea of how you can save a few extra dollars. It may not look like a lot of saved money at first; but stuff like this can add up, and you won't be wasting those precious greenbacks.