4 Tips for Saving Money on Your House Bills
The World Economic Forum reports that inflation is why many American families struggle to keep up with the rising cost of living. The situation is worse among low-income communities, immigrant communities, and DACA recipients.
According to the American Immigration Council, by 2020, Texas had over 106,000 DACA recipients. With most of these unable to receive federal benefits, finding creative ways to save money on house bills is the way to go. Here are four practical tips to help you save on your monthly house bills.
1. Download a Budgeting App on Your Phone
Mobile App stores have over 50 reliable and customizable personal finance and budgeting applications. Some are free to download and use, while others contain different paid subscription plans you can take up. There’s no reason you shouldn’t take advantage of this technology to manage your finances.
These apps help track your utility bills and regularly monitor your spending. At a glance, you can see where most of your money is going, making it easier to know where you need to cut back. It would be best if you had the discipline to update the App by keying in all the money moves you are making, such as all the money that’s coming in, debts you’re servicing, your savings, and the money going out, including where to.
Understanding your consumption patterns allows you to practice healthy budgeting habits, identify areas where you can eliminate wastage, and prevent you from suddenly getting into a financial ditch.
2. Take On Meal Planning and Cook at Home
Food is one of the largest expenditures in a household. This is more so in a household with many people. Even though food is a basic need, carefully plan your food budget so you don’t overspend.
Having a meal plan is a great idea as it allows you to anticipate costs, improvise when you have to, keep your food shopping to only what you need, and prompt you to look out for items in your plan that are on offer so you can do bulk shopping. Meal planning also reduces your chances of randomly ordering takeout or eating out.
A weekly meal plan makes budgeting for food and other expenses predictable. You’ll know exactly how much money is needed to buy food, where to get it at that price, and how long you will stay before replenishing it.
3. Leverage the Wonder of Shopping Lists
Shopping is a favorite activity for many people. Going into a store full of colorful items and variety is therapeutic for some people. Still, being bombarded by so many options can make you shop impulsively, wasting money on things you neither needed nor planned to purchase.
You need a shopping list to stay focused while in the store and know exactly your spending margins. That way, you’ll unlikely spend an inordinate length of time roaming the isles while fighting the temptation to accommodate extras in your cart. Besides, according to the New York Times, shopping lists reduce time spent in a store by up to 50%.
4. Reduce Waste in Your Energy Usage
Energy consumption is among the most significant culprits of high utility bills. To save money, take all the necessary steps to conserve energy by turning off lights and appliances when not in use, investing in energy-efficient appliances and LED bulbs, which use less electricity and have longer lifespans, sealing gaps around doors and windows to prevent drafts and keep your home insulated.
Don’t overlook your furnace filters, either. Doing so can lead to reduced heating efficiency and higher energy bills. According to HomeServe, you must check and replace your furnace filters every 30–90 days to ensure optimal performance. While this may seem inconsequential to your budgeting plan, if they occur frequently, you’ll be surprised what difference they’ll make.
Did you know the United States has over 1,382,569 million miles of pipeline that deliver natural gas in trillions of cubic feet and tons of liquid petroleum products, amounting to several hundred billion yearly? This allows many players to offer related services at different prices. So, don’t settle for high utility bills. Compare rates from different companies, then switch to a provider with better plans.
According to Investopedia, you should use 50% of your total earnings on daily living expenditures and 20% on reducing debt and increasing savings. Use the remaining 30% to care for emergencies, donations, luxuries, and other discretionary spending. This budgeting formula works well when applied to the letter.