One of the biggest concerns regarding personal finance is how to cut down on unnecessary spending which starts to take huge chunks out of your monthly budget. Household expenses are a fundamental aspect of your spending habits which usually cannot be avoided. However, there are clever ways you can reduce some of the costs and save money. The useful tips below are ideal for families on the lookout to reduce their weekly, monthly or even yearly expenses and use extra cash to spend on activities with the family or even on a luxury item you’ve never been able to afford.
1. Fix issues as soon as they arise
All households are faced with the unfortunate circumstance of broken necessities; whether it be the fridge, toaster or even bathroom fixtures. In many cases, people leave the issue and only aim to resolve it once it worsens or breaks completely, rather than sorting it with immediate effect. While you may think that you’re saving money temporarily by doing this, you’ll probably have to fork out a larger sum of cash to fix the deteriorating item, or worse still, having to purchase a replacement.
When your sink or toilet starts to leak, for example, you need the assistance of a plumber in just a few hours or so before your bathroom starts to flood and cause severe damage. Although it can be difficult to seek the assistance of a plumber in such a short space of time, you can easily find an emergency plumber for hire who can fix your problem in no more than 24 hours at an appropriate fixed price with no call-out charge.
2. Pay bills on time
Paying your bills late can have a dramatic impact on your credit score and will also eat away at your savings that you’ve worked so hard to build up. Take charge of your bills and ensure they’re paid on time by setting up a direct debit option, so the money is transferred automatically. Also, keep a record of when payments are due and talk to those closest to you if you happen to be struggling financially to see if you can get help.
3. Plan your meals
It’s a quicker option to get a takeaway if you haven’t got anything planned for dinner, but again, this is another costly choice that could be avoided. Did you know that planning your meals in advance could save you a fortune? Take a shopping list on your next food shop and only pick up items that you’re going to need, rather than what you think you’ll use. All of those excessive items in your trolley can really bump up your grocery bill.
4. Buy second-hand goods
Buying second-hand items may take some getting used to if you’ve never done it before, but on most occasions, a great deal of stuff can be purchased without much difference as to how and when you can use it. For example, books, DVD’s and even clothes can be bought for a fraction of the price – especially for the kids, who are fickle with trends and grow out of their clothes.