Not only is purchasing a home a huge expense in itself, but monthly household bills can really add up if left unchecked. Do you track your monthly expenses? Do you set a weekly budget? If not, you may want to consider getting into the habit of being more financially organized. Here are a few of our top tips to help you save money on your household expenses, so you can spend money on the more important things in life!
● Start off by tracking your monthly expenses so you know where the majority of your money is being spent. Use a money management app, such as Mint, if you need a little help getting organized!
● Make a scheduled date with your partner each month to go over your finances for the past month and the month ahead. Factor in any additional expenses, such as family vacations, birthday presents, or meals out and budget accordingly.
● Bundle together your Internet, phone and cable service with the same provider, if possible, to save money.
● Cut back on unnecessary extras (e.g. Caller ID, Call Waiting etc. on your phone plan). By knowing everything you’re paying for and whether or not you need it, you can choose to eliminate unnecessary expenses.
● Plan your meals for the week ahead and shop for groceries all in one go to save on fuel costs. This helps you to avoid buying things you don’t need and reduces food wastage. Look out for special deals and clip coupons where possible.
● Reduce your energy consumption and your energy bills by installing a smart thermostat, turning off lights when not in use, and washing your clothes at a lower temperature.
● Use a power strip for your home appliances, which can be turned off at night or when the items (such as your television and DVD player) are not in use. A power strip stops the draw of ‘phantom energy’ which happens even when appliances are not being used and costs you unnecessary money.
● Pay bills on time. Any bills paid late will incur additional costs or interest.
For more useful home tips and tricks, make sure to follow Royal LePage Performance Realty on Facebook, Twitter and LinkedIn! If you are looking to buy or sell a home this year, our team of expert RealtorsⓇ would be delighted to help you. Contact us today!