Keep Your Household Budget in Check: Tips on How to Save Money

Juggling household expenses is no small feat. There are utility bills to consider, groceries to plan, not to mention all the other things your particular household might need. If you’re looking to embrace better home budgeting habits, we’ve compiled a list of tips on how to save money at home:

Get everyone on board with budgeting for your household

Talk to your family (or roommates) about budgeting and make sure everyone is on board. Planning your monthly expenses is a lot easier when you have a clear picture of everyone’s wants and needs.

Plan meals and stick to your grocery list

Saving on food doesn’t have to mean giving up meals that you enjoy. One great tip to managing your grocery bill is by adding more structure to how you purchase. Consider planning weekly meals. This allows you to get a clear idea of which items you absolutely need to purchase and what items you can forego and leave for next time.

Save on utility costs

When it comes to keeping your bills under control, every little bit goes a long way. Fix leaky pipes, install energy-saving LED light bulbs, and consider using dimmer switches. You can also start taking shorter showers and washing your clothes in cold water. You can also schedule your thermostat to an energy-saving setting when you go to bed or when you leave the house.

Don’t skip out on home maintenance

While it seems counterintuitive to spend money while trying to save up, preventive maintenance for your home is something you always have to keep top of mind. It’s better to spend a little bit on home maintenance projects now than to deal with large repair bills later.

How much to budget for home maintenance

The general rule of thumb when budgeting for maintenance costs is to set aside funds amounting to 1% of your home’s value. However, it’s important to note that this 1% rule is not a one-size-fits-all solution. There are other factors that may affect your budget including the age and square footage of your home.

Be proactive with your home maintenance

As we mentioned in a previous blog post, there are simple things that you can do for preventive maintenance—it just involves a little bit of learning. Here are some examples of what you can do on a monthly basis:

• Check and replace thermostat batteries. Keep spares to avoid sudden and unexpected trips to the store.
• Check your gutters for signs of leaves or other obstructions. This becomes especially important whenever fall rolls around.
• Pay attention to humid areas. Scrub down bathroom tile and grout with your preferred cleaning product at least once per month. On that note, make sure to follow product instructions and that you have enough ventilation when you clean.
• Monitor your water bill. Water bills tend to be consistent month-on-month, so if you find that your bill is unusually high—it’s possible that you might have a leak.
  
  You can also check your meter to see if you have a potential leak. To do this, turn off all the faucets in your home and make sure both the washing machine and your dishwasher aren’t in use. Check your meter and note the numbers; if after an hour the numbers have changed, there’s probably a leak somewhere.
  
  In this scenario, it’s best to call a professional for assistance. If you’re one of our residents, don’t hesitate to submit a maintenance ticket so our team can see to the issue straight away.

Assess memberships and subscriptions and keep only what you need

Paying for multiple streaming services, gym memberships, and subscription boxes can really add up and affect your budget significantly. Consider your current memberships and subscriptions to identify what you actually use. You can always pick them back up at a later date.

Hunt for good deals at yard sales and thrift shops

There’s a unique kind of joy in finding preloved items in great condition. If you’re looking for items for your home, consider shopping at local consignment stores, checking out yard sales, and visiting thrift shops. Here are some tips we want to share:

• Shop with cash and steer clear of impulse buys. It can be tempting to pick up things the moment you see them—especially since you don’t know if you’ll come across them again. But even when thrifting, set a budget and be conscientious with purchases.
• Put together a list of items you want to look out for on your phone. That way, if you find yourself in any of these stores, you already know what you’re looking for.

Give free events and activities a chance

The best things in life are free—especially when shared with people you love spending time with. While the occasional vacation isn’t out of the question, look into giving local destinations a shot—you might be surprised by all the hidden gems you’ll find.

On the flipside, you can also gather your loved ones for a fun staycation. Put on some movies on the TV, grab some snacks, and relax. Or try pitching a tent in your backyard and trade a scary story or two.

Don’t give into the holiday rush

There’s always some kind of sale going on, but planning ahead for holidays and spending in general helps you avoid falling into the shopping frenzy trap. Set a spending budget for gifts and make sure to stick to it.

Embrace saying no

These days, a lot of the things we want can be delivered pretty quickly. You can order your favorite dishes and have them delivered at your door in about an hour or less, hail a ride with a touch of a finger, and even watch your favorite shows on demand. However, there are some things that can wait if you’re set on managing your budget. It’s okay to say no—or not yet—if you need to prioritize other expenses.

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