10 Easy Ways to Save Money on Household Expenses

Sharing is caring!

Are you running out of money before you run out of month? Here are some practical ways you can save money on household expenses. Running a household can be expensive. With so many different expenses, it’s easy for the costs to get out of control unless you’re careful. You can certainly find more exciting ways to spend your money than paying too much to your auto insurance company! You can even add to your savings account each month.

It’s easy to believe that you’re already spending as little as possible on your household expenses. However, there are many ways to trim your expenses without dramatically altering your lifestyle. Spend your money on something more enjoyable or grow your savings for the future.

Medication

Always ask if a generic version is available for your prescriptions. Generics can cost as much as 85% less. There are also online services that will inform you of the best prices for your medications. GoodRX is a well-known example.

Entertainment

Find ways to spend less money entertaining your family. Matinee movies are typically half the price of later showings. The park is free. During much of the year, the weekends offer various festivals and fairs that can be both fun and inexpensive. Here are my favorite ways to have fun as a family for free.

Cable TV & Limit Streaming Services

How many of your 172 stations do you actually watch? With much less expensive options like Netflix, Hulu, and YouTube, you might find satisfactory options for less money. However, don’t fall into the streaming service trap. If you get all the ones out there, you will be paying almost as much as cable. If you rotate them, you can watch everything on one. Then, cancel or put your account on hold and hop to another. How many do you really watch? Likely a show or movie here or there on each.

Cellphone

Even though cellphones feel like a necessity, they’re still a luxury. You can choose what type of plan and phone you have. It’s never been easier to get an unlocked phone used online and use month-to-month cell phone plans. No more expensive contracts and unnecessary phone upgrades. Do you really need the latest iPhone? Certainly not, especially if you can’t afford it. We also jump around. Who has the best deal? Who has a deal on phones? Don’t be afraid to change it up. I have had the same number for 15+ years and been through probably 8 different carriers with no issues.

Food

Food is a significant and ongoing expense for all families. Eating out is especially expensive. Whether it’s morning gourmet coffee, going out for lunch every day, or taking the family out for dinner. The grocery store can also be an expensive place if you fail to keep the cost in mind. A family of four can easily spend $800 a month on food. This is an excellent category to minimize your expenses and probably the most impactful. Check out this post for my best tips for saving money on groceries.

Plant a garden

Not only can you grow a lot of your own food for practically free, but also there always seems to be more than you can eat. Maybe use the excess to create homemade gifts, like salsa or pasta sauce.

Refinance your home or automobile

Compare the interest rate of your loans to the current interest rate. You might be able cut your monthly payment considerably. Be sure to factor in the cost of refinancing.

Shop around for new insurance quotes

It’s a good idea to check your insurance rates each year. Do some research and ensure that you’re paying the lowest rate for the coverage you require. I find that most people stay with the company their parents used when they first venture out on their own. I have found this to always be way too expensive due to age, assets, etc. That’s why it’s so important to shop around.

Ask for a reduction in your credit card interest rate

Many credit card companies will lower your interest rate if you just ask. They’d rather receive less interest than risk having you transfer your balance and cancel your current credit card account.

Buy second-hand clothing

It’s easy to find perfectly good, brand-name clothing for as little as $2 per item. Consider how many pieces of clothing you own that you barely wear. There’s a lot of used clothing out there that’s practically brand new. This could be thrift stores, garage sales, Facebook market place, or ebay. You can also consider participating or coordinating a clothing swap with your community. Here are my favorite tips on saving money on children’s clothes.

What will you try to cut your household expenses this month? Let me know down in the comments!