4 Ways To Save Money On Monthly Expenses While You Are Stuck At Home
Given the current global situation, many people have chosen to stay home. While, as a whole, this can be extremely beneficial for society, it can be devastating to your wallet. The effects of isolation, cabin fever and eventually boredom will take their toll over time.
Be proactive by creating responsible spending habits and taking control of your financial health with these four ways to save money on monthly expenses while you are stuck at home!
Luckily, many alternatives will prevent you from exceeding your budget. For instance, you can look for electricity providers that offer a high-quality service to their customers at very affordable rates. Some of them even offer interactive tools to help customers control and reduce their energy usage.
Take A Closer Look At Your Mortgage
During a financial crisis, it’s logical to take a look at each of your monthly expenses individually to see where you can save a little green. One area that is often overlooked is your mortgage. It’s often believed that once you sign a contract for something as significant as a mortgage, you’re committed to those specific terms and conditions for the life of the loan.
Go against traditional thought and reach out to your mortgage lender to see what can be done, especially if your regular income has been put on hold. Refinancing is a great option for many homeowners, especially now since interest rates are so low. If you’re looking to ease the stress on your mortgage payments, try changing the length of your home loan so you’re not responsible for such a hefty payment each month.
Many lenders are also offering financial relief programs, where payments are put on hold for a certain amount of time. Whatever your decision may be, taking a closer look at your mortgage is a viable option for serious savings.
Buy Groceries In Bulk
One thing is sure about home ownership — food is expensive! The amount of money spent each month on groceries can add up quickly, especially when you have multiple people living in your home.
However, there are strategies that can help mitigate your spending when it comes to food shopping. Buying in bulk is one of them but there are often certain times when it makes more sense to do so. While the price per unit when buying many items at once is low, the upfront cost is usually more expensive. It might be cheaper to purchase something that costs $10 at the store once, but if you have to go back and purchase it in another month anyways, saving money on the price per unit could be the way to go.
Additionally, buying in bulk will ensure you are less likely to run out of something. During these trying times when people are encouraged to stay home, this can make or break your decision. If you’re concerned about leaving home base, try shopping in bulk or even placing an order online to limit human interaction and keep you safe.
Turn Ads Off On Social Media
Avoid impulse spending while scrolling through your social media feed by disabling your ads. Many of these ads are designed to specifically target consumers through the buying process. Their bread and butter is nurturing your purchase by constantly exposing you to brands or items that you have shown interest in previously.
This was probably perfectly sustainable on a fixed income, but if you’ve been affected by a financial crisis, it may be best to prevent all the unnecessary spending you possibly can. Given the amount of uncertainty in today’s economy, stay ahead of the curve by putting the money you usually spend on everyday luxuries into a saving account. While it could be tempting to give into your wants, your needs will thank you in the long run.
Unplug Unused Electronics
You wouldn’t throw cash out a window, would you? Well, that’s essentially what you’re doing when you keep unused electronics plugged into your electricity outlets.
The amount of unused energy can pack a punch when it comes to your utility bills. In fact, most US households pay up to 25% more a year for what is known as “vampire power”, “standby power” or “phantom load”. Vampire power is the amount of electricity that is wasted when unused appliances or electronics continue to be plugged in when not in use. Instead of continuing to let your wallet take a hit, staying more conscious of your energy consumption is a quick and easy fix for saving money on monthly home expenses.
Thank you,
Glenda, Charlie and David Cates
