12 Money Hacks to Lower Your Monthly Bills and Save
Saving money is a crucial aspect of financial well-being and stability. Whether for short-term goals like emergencies or long-term aspirations such as retirement or purchasing a home, saving provides a safety net and opportunities for growth. It helps you weather unexpected expenses, pursue your dreams, and build a foundation for a secure future. By cultivating a habit of saving, you gain greater control over your finances, reduce stress, and empower yourself to achieve your financial goals with confidence.
In my experience, the harder expenses to track are the month credit card bills. Credit cards are so convenient, but can be hard to track all the individual charges. Here are some mindful choices and money-saving hacks that can keep those monthly expenses down, and have a larger savings bucket at the end of each month.
Create a Budget: This is key. As you start to dig into ways to save, you need to know where to start. Budgets start by tracking your expenses and income. Use budgeting apps or spreadsheets to understand where your money is going and set limits for different categories. I keep my personal budget on a spreadsheet with my average after tax household income, and then list all the categories of expenses to make sure my household stays in the positive each month. Any remaining income becomes our liquid savings for larger project expenses or emergency funds.
Meal Planning: Plan your meals for the week and create a shopping list accordingly. This reduces impulse buys and prevents food waste. With recent inflation hikes, families have been saying their largest expense after their mortgage is on groceries. With planning meals and looking for generic versions, you can find expense savings.
Use Cashback and Rewards: Utilize credit cards that offer cashback or rewards for your regular purchases, but make sure to pay off the balance each month to avoid interest charges. I can’t say this enough. There are some many cash back credit cards with zero annual fees. Also, before you make big purchases check out additional savings through the credit card or websites like Swagbucks. Sign up for Swagbucks and earn points to redeem for cash back of discounts on gift cards.
Shop Sales and Use Coupons: Keep an eye on sales, discounts, and coupons before making purchases, whether online or in-store. Similar to the previous point, look into free incentive programs and retailers that offer cash back from credit cards or Swagbucks.
Comparison Shopping: Before buying anything, compare prices from different retailers or websites to ensure you're getting the best deal. In the age of E-commerce, this is easier than ever. You can research, read reviews and see what retailer is offering the best value all from Google.
Limit Eating Out: Cook at home more often to save money on dining expenses. Eating out occasionally is fine, but frequent restaurant meals can quickly add up. Often one meal out with your family or friends and equal a full week’s grocery bill. Monitor these expenses on your credit card bill to see how much you’re in being spend in this category.
Automate Savings: Set up automatic transfers from your checking account to your savings account each month. Even small amounts can accumulate over time. You’ll be surprised how small amounts you won’t even miss from your budget when setting up automatic savings deposit. Saving a little extra for collage, retirement, or rainy day accounts will compound over time and make a lot more of an impact than another impulse purchase.
DIY Projects: Instead of paying for services like home repairs, car maintenance, or landscaping, consider doing some tasks yourself if you have the skills and resources. It’s amazing when you look at a service bid how little goes to the actual project materials. You can do so much yourself by watching a YouTube tutorial and making a trip to your local hardware store.
Cancel Unused Subscriptions: Review your subscriptions and memberships regularly. Cancel any that you no longer use or need. Especially your TV, look at your cable bill and other subscriptions. I still remember the day I “cut the cord” and saved so much money on my monthly cable bill and switched to only necessary streaming accounts.
Buy Secondhand: Consider purchasing gently used items instead of brand new ones. You can find great deals on clothing, furniture, electronics, and more through thrift stores, online marketplaces, or garage sales. There are many neighborhood online marketplaces that you don’t have to travel far. There is an amazing environmental benefit to this savings hack as well.
Negotiate Bills: Contact your service providers (like cable, internet, or insurance companies) and negotiate for better rates or discounts. Loyalty doesn't always pay off, so be prepared to switch providers if necessary.
Limit Impulse Buys: Give yourself a cooling-off period before making non-essential purchases to avoid impulse buying. Ask yourself if you really need the item and if it aligns with your budget and financial goals.
Implementing even a few of these hacks can help you spend less and save more over time. There is something truly thrilling about saving money. You feel more in control of your expenses and more secure financially. I hope you find some of these ideas helpful in your personal finance journey.
