Don’t you balance your accounts and you wonder what is the best way to save money? … Don’t worry because on many occasions getting the money to make ends meet is not easy. Fixed expenses, unforeseen expenses, the shopping basket or energy supplies, each time at a higher price, make income ‘fly’ and that you have to do wonders to achieve your own financial balance.
If you are interested in knowing how to save money at home, to improve the family economy, keep reading this Money Investors article in which we give you 10 tips that work when it comes to making your income grow more.
Table of Contents
Make a budget
If you are worried about your financial situation and wondering how to save money in a very short time, the first step you should take is to stop to analyze the situation and establish a budget in which you determine a distribution of money that includes at least three sections:
- Basic needs.
- Extras and contingencies.
- Saving.
Doing this simple division will help you to visualize, with objectivity, the items in which the most money is going and to establish the first plan of action analyzing those expenses that perhaps it would not cost too much to reduce.
Savings account
Although it may be difficult at first, making the decision to allocate an amount, even a minimal amount, to the ‘savings’ item is an important first step. If you want, open some type of account, passbook or deposit in a bank in which you deposit the amount you can monthly. It does not matter that it is quite scarce (be realistic) the important thing is to start your own savings plan and see how slowly your money increases. If you prefer, having a piggy bank at home (that you cannot open easily) is also a measure that will encourage savings.
Check your fixed expenses
When you make your budget, also take a few minutes to review those expenses that you already have assumed but that could be reduced by helping you save. For example, do you have bank cards that you don’t use much? Dispensing with them could save you some good commissions. In the same way, the insurances subscribed (car, home, life) or the telephone rate that you have contracted, perhaps would admit some reduction if you ask for it or if you switch to other companies.
Improve your shopping list
There is no doubt that spending on food is one of the main ones in any domestic economy. Avoiding compulsive purchases is one of the basic rules to achieve savings. For this, nothing better than keeping a list of what you need when going to the supermarket and adjusting to it. It is a practical idea to avoid ‘temptations’ and end up acquiring what you did not anticipate.
Of course, before going shopping, check your pantry and your fridge so you don’t waste any food (or buy too much). Remember to freeze what you are not going to consume immediately and sign up for the use kitchen, with which to prepare excellent recipes with what you may have leftover from other prepared dishes.
Lower the electricity bill
It is another of the expenses that have risen the most in recent months and there are many actions that you can carry out at home so that the bills for the different supplies do not skyrocket, for example:
- Use energy saving light bulbs and do not turn on the light when it is not necessary (remember to turn them off).
- It optimizes the use of the different electrical appliances (short washing programs if the dishwasher is half empty, washing clothes with the washing machine always full, taking advantage of residual heat when turning off the glass ceramic…).
- Don’t waste water (tap open only when water is essential), but much less hot it because you waste water and electricity.
- Control the heating by keeping the temperature constant but not too high.
- Keep an eye on your enclosures (doors and windows) so that the heat does not escape through them.
- Do not leave electrical devices on stand by. If you are not using them, turn them off.
- Check that the fees you pay for your supplies are adequate. Perhaps there is another one that suits you better because it is cheaper.
Reuse everything you can
Before you throw anything away and have to buy it again, think about whether it really doesn’t work for you anymore. Your children’s clothes, furniture, toys… maybe they just need a little repair to look like new or you can give them a second life by turning them into other things.
If they are not worth it, remember that you have applications and websites where it is easy to sell what you no longer want and thus obtain an extra income, in addition to giving these products more time to live. In them, you can also find endless objects that you may need at a very good price.
Compare offers and promotions
When we think about saving money at home one of the first things that comes to mind is “how can I save money on my purchases?” Do not leave anything to chance and become an expert in offers and promotions for common products in your home. Compare the different channels you can buy from. Internet, department stores, markets, supermarkets, outlets or neighborhood stores… prices, depending on where you buy, vary significantly and it is important that you compare what it costs what you are looking for in each type of establishment.
Of course, also take advantage of the periods when shops make big discounts and offer interesting promotions (sales, Black Friday…).
Use loyalty cards in stores
When you think about how to save more money, surely you also think about the usual loyalty cards of the stores. The cards of the different supermarkets, with which to obtain points and discounts, are also a good saving tool at home. They are usually free and with them, you can get a few euros discount on each purchase.
Do it at home
Cleaning products, face creams, air fresheners, soap … Do you know that there are endless products that you could make yourself at home and save money?
From a magnificent grease remover for the kitchen based on bicarbonate and lemon or homemade hand soap and with a variety of aromas, to a facial mask with cornstarch or natural treatment to improve damaged hair. Everything is about getting down to business.
Find free activities
Finally, if your spending on leisure is very high, remember that there are many activities that cost nothing or almost nothing. Check the offer in your city or town because there are many options to have a good time without having to spend a lot of money.
- Go to the movies on the cheapest days.
- Visit museums when they schedule free tours and activities.
- Go to outdoor music concerts.
- Go to municipal workshops for the little ones.
- Go hiking.
- Join the popular festivals.
- Discover the cultural activities in the area.