These days, it seems like everyoneās looking for ways to cut costs and stretch their income further. Fortunately, there are some simple steps you can take to reduce your household expenses without making radical changes to your standard of living. When combined, these small adjustments can add up to significant savings each month.
Without further ado, here are ā¦
20 things you can start doing today to lower your bills, secure better deals, and begin working toward your financial goals.
Fixed House & Tech Expenses
Evaluate a Mortgage Refinance ā With the Bank of Canada holding its policy rate steady at 2.25%, prime lending rates have leveled out significantly compared to recent years. If you locked into a fixed rate during the peak market or are looking to consolidate higher-interest debt, refinancing could trim your monthly payments. Speak with a broker to weigh the potential penalty fees against your long-term savings.
Evaluate Your Insurance Policies - If itās been a while since you priced home or auto insurance, it may be worthwhile to do some comparison shopping. Get quotes from at least three insurers or independent agents. Try bundling your policies to see if thereās a discount. And inquire about raising your deductible, which should lower your premium.1
Bundle Cable, Phone, and Internet - You can also save money by bundling your cable, phone, and internet services together. Shop around to see who is willing to give you the best deal. If switching is too much of a hassle, ask your current provider to match or beat their competitorās offer.
Better Yet, Cut the Cord on Cable - In many cases, you can save even more if you cancel your cable subscription altogether. An antenna should give you access to the major stations, and many of your favorite shows are probably available on-demand through a less expensive streaming service subscription.
Revisit Your Wireless Plan - You can often save by switching from a big brand to an independent, low-cost carrier. If thatās not feasible, ask your current provider for a better deal or consider downgrading to a cheaper plan.
Utilities & Home Protection
Adjust Your Thermostat - Turning your thermostat up or down a few degrees can have a noticeable impact on your monthly heating and cooling costs. To maximize efficiency, change your filters regularly, and make sure your windows and doors are well insulated.
Use Less Hot Water - After heating and cooling, hot water accounts for the second largest energy expense in most homes.2 To cut back, repair any leaks or dripping faucets, install low-flow fixtures, only run your dishwasher when full, and wash clothes in cold water when possible.
Lower Overall Water Consumption - To decrease your water usage, take shorter showers, and turn off the sink while you brush your teeth and wash your hands. If you donāt have a low-flow toilet, retrofit your current one with a toilet tank bank or fill cycle diverter.And irrigate your lawn in the morning or evening to minimize evaporation.3
Conserve Electricity - Save electricity by shutting off your computer at night and installing energy-efficient LED light bulbs. You can minimize standby or āvampireā power drain by utilizing power strips and unplugging idle appliances.4
Purchase a Home Warranty - While there is an upfront cost, a home warranty can provide some protection and peace of mind when it comes to unexpected home repair costs. Most plans provide coverage for major systems (like electrical, plumbing, and HVAC) and appliances (such as your dishwasher, stove, or refrigerator).
Lifestyle & Daily Habits
Outsource Less - From lawn care to grocery shopping to minor home repairs, we pay people to do a lot of things our parents and grandparents did themselves. To save money, try cutting back on the frequency of these services or taking some of them on yourself.
Prepare Your Own Meals - It costs nearly five times more to have a meal delivered than it does to cook it at home.5 And home cooking doesnāt just save money; itās healthier, cuts down on calorie consumption, and can offer a fun activity for families to do together.
Plan Your Menu in Advance - Meal planning is deciding before you shop what you and your family will eat for breakfast, lunch, and dinner. It can help you lower your overall food bill, eliminate waste, and minimize impulse purchases. When possible, buy produce that is in season, and utilize nutrient-rich but inexpensive protein sources like eggs, beans, ground turkey, and canned tuna.
Plant a Garden - You can save even more on produce by growing it yourself. If you have space in your yard, start-up costs are relatively minimal. Gardening can be a rewarding and enjoyable (not to mention delicious) hobby for the whole family. And it could save you around $600 per year at the grocery store!6
Review Memberships and Subscriptions - Are you paying for services and subscriptions you no longer need, want, or can utilize? Determine if there are any that you should suspend or cancel.
Give Homemade Gifts - Who wouldnāt appreciate a scratch birthday cake or tin of cookies? And if you enjoy crafting, Pinterest and Instagram are full of inspiring ideas. Show your recipient how much you care with a homemade gift from the heart.
Debt Management & Strategy
Minimize Your Debt Payments - The best way to reduce a debt payment is to pay down the balance. But if thatās not an option right now, try to negotiate a better interest rate. If you have a good credit score, you may be able to qualify for a balance transfer to a 0% or low-interest rate credit card. Keep in mind, the rate may expire after a certain periodāso be sure to read the fine print.
Get a Cash-back Credit Card - If you regularly pay your credit card balance in full, a cash-back credit card can be a good way to earn a little money back each month. However, they often come with high-interest rates and fees if you carry a balance. Commit to only using it for purchases you can afford.
Ask for Deals and Discounts - It may feel awkward at first, but becoming a master haggler can save you a lot of money. Many companies are willing to negotiate under the right circumstances. Always inquire about special promotions or incentives. See if they are able to price match (or beat) their competitors. And if an item is slightly defective or nearing its expiration date, ask for a discount.
Track Your Household Budget - One of the most effective ways to reduce household expenses is to set a budgetāand stick to it. A budget can help you see where your money is going and identify areas where you can cut back. By setting reasonable limits, youāll be able to reach your financial goals faster.
Track Your Progress
Want a hand getting a clear snapshot of your monthly cash flow? Use the breakdown below to track your income and expenses.
Need a clean, printable copy?Click here to drop me a quick line and Iāll email you a downloadable, interactive version of this worksheet straight to your inbox!
āØ Let's Build a Custom Strategy
Financial health isn't just about cutting back on groceriesāitās the foundation for your next big lifestyle milestone.
Whether your goal is to optimize your current equity through a strategic refinance, trim utility overhead with trusted vendor updates, or map out an aggressive savings plan for a down payment on a new property, navigating the path forward is much easier with a local professional in your corner ā Iām happy to connect you with my network!
And if the math shows that selling or upgrading your South Edmonton property is your best financial move this year, let's grab a coffee and look at the numbers together! ā
Book a 30-minute home strategy session or get in touch the old-fashioned wayāI don't bite or pressure, promise!
Trevor Stuart | RE/MAX River City (South Edmonton)
780-884-6481 (Call or Text)
trevor@trevorstuart.com
The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.
Sources:
1. Insurance Information Institute -
https://www.iii.org/article/twelve-ways-to-lower-your-homeowners-insurance-costs
2. Department of Energy -
https://www.energy.gov/energysaver/water-heating/reduce-hot-water-use-energy-savings
3. Money Crashers -
https://www.moneycrashers.com/ways-conserve-water/
4. Harvard University -
https://green.harvard.edu/tools-resources/poster/top-5-steps-reduce-your-energy-consumption
5. Forbes -
https://www.forbes.com/sites/priceonomics/2018/07/10/heres-how-much-money-do-you-save-by-cooking-at-home/#2c53b2f35e54
6. Money -
https://money.com/gardening-grocery-savings/
