Saving money around the house is one of those things that anyone can do. It’s about creating a ‘tighter ship’ and looking for quick wins to reduce your cost of living. The reason I love saving money around the house is because a couple of hours work can save you thousands over the course of one year.
So whether you are a stay at home mum or dad, someone who works full time or someone looking to move out – here are the best ways to save money around the house and create a financially sound home setup.
One week on, one week off
This is a little strategy I have put into place for myself. One week I will spend money on things I need, be it food, drink & going out – the following week I become a scrooge. I try and use only food items I already have (like canned goods) and find ways to not spend any money. If I do this for one year, it means 26 weeks of the year I am reducing my spending and looking to economise my cash flow. Great little tip to keep you motivated but still well rounded when it comes to spending.
Learn to manage your home inventory better. Understand how much you eat and where the leaks occur in terms of food wastage. If you go out every Saturday for dinner, why are you buying 7 meals a week in the grocery shop? Look to understand your lifestyle and think about whether or not you are wasting food. For years I bought too many bananas, I knew I liked them but never got a chance to eat them all – what’s the point of that? It’s money down the drain.
Pay off your credit card faster: LIMITED TIME ONLYMove your existing credit card balance to a new card and pay no interest for up to 18 months.
Paying other people to do stuff
All too often we get a little generous with our money. We start to pay people to clean our house or mow our lawns when times are good. Look to find ways to always do it yourself (except when it comes to tiling the roof, tried that, hurt myself). Aim to go one year without paying someone to do something for your household – e.g. fix the fence yourself, become a bit of a handy man/woman.
Leaving lights on
As a kid my dad would always go up me for leaving the lights on. I now know why, it’s a complete waste of money. Every second you have a light on you are paying for it – so why leave it on for a 9 hour work day when you aren’t even at home? Make it a game and look to always turn a light off after you leave a room. Better yet, do you always need a light on when you enter a room? Open the curtains etc.
Over committing to contracts
In the ups and downs of life we fail to realise just how many contracts we sign up to. Home phones, broadband, mobiles, Foxtel and more. Look to stop over committing to these outgoing expenses. Could you cancel pay TV for a year and save the money instead? Perhaps you could reduce your broadband plan that you never fully use.
I am very guilty of this and end up buying the best of the best when it comes to home phone and internet, yet the reality is that each month I barely come close to using it.
Use a clothes line, avoid the dryer
Dryers use a heap of energy and in turn can sky rocket your electricity bill. Look to dry everything on racks or clothes lines for a complete year and watch the savings roll in. We use our guest bedroom as a Chinese laundry – things are hanging everywhere and don’t look pretty but it means that rain, hail or shine we have a place to dry our clothes.
Stop buying brand name cleaning agents
I swapped the big brand names like ‘Mr Muscle’ and ‘Domestos’ for ALDI versions. The savings are beyond exciting. They do the exact same thing and cost me nearly an eighth of the original products.
Shower for a maximum of two minutes
If everyone in your household decided to take quick showers, the savings would accumulate quickly. I can’t remember the number of litres that come out of a shower head per minute, but the figure is staggering. Also look to install water saving shower heads and tap fitting – these devices can restrict water flow to ensure you meet certain money saving criteria.
What are some better ways to save money around the house?
Tell us your tips below in the comments section. This list is just the tip of the iceberg, we want to hear from you!