In many areas of life, too much money is often spent. Especially with household bills, there are many costs and fees that come with the proper regulation of our home. But even small measures, we can be effective each month when it comes to saving on costs. Here are some useful tips to decrease your household spending.
Reduce Electricity Costs
Regularly compare your electricity provider with other providers. With a change, you can save on your electricity consumption up to $500 per year. Turn off all the devices you do not need entirely – because in standby mode TV, PC & Co. still consume power. Especially before a vacation, you should check if all household items are switched off. Also, use energy-saving bulbs for your lights and use economical household appliances; pay attention to the label with the best energy efficiency class.
Lower Borrowing Costs
Avoid loans if possible and use them only if you cannot finance various purchases differently. In particular, avoid overdrafts – the interest in these is significantly higher than for regular installment loans. Take advantage of rescheduling and regularly compare different loans and replace your old loans if a new and better offer comes up.
Check Insurance
Think about what insurances you really need and what can you confidently cancel. Compare also your contributions and the contributions of other providers. Switch as soon as you find a reputable provider with better terms. Especially with property insurance, such as home contents insurance, legal expenses insurance and private liability insurance, you can save some hundreds of dollars annually.
Structure Purchase
When shopping for food, always write shopping lists so you can avoid impulsive purchases. Even second trips to buy forgotten items can be prevented. Go shopping at discount stores, as well branded products are often cheaper here. When shopping for clothes, always consider whether you really need the garment. You may also be able to find beautiful second-hand clothes. Furniture, toys and the like can often be bought well used (on markets or online). You can also borrow books, DVDs, and CDs.
Reduce Car Costs
If you have the opportunity, you can travel more often by bike and train or use car sharing offers. When buying a car, it is much cheaper to buy a used car due to the rapid loss of value. Compare annually the cost of your car insurance (when changing up to 850$ savings are possible) and pay attention to discounts (e.g., as novice drivers ). Also, compare the prices of several gas stations before you fill up the vehicle by using apps.
Install Solar Panels
By installing solar panels, you can gain up to 60 percent of the energy needed to provide hot water even in winter, when the solar system is tuned to your needs. Due to the rise in electricity prices, many households are thinking about alternatives to generating electricity. Solar energy is one of several ways to save money. With the installation of solar panels, for example, hot water can be heated. The advantage here is that many states and many municipalities support the investment for the production of solar energy. So a California solar power user or a Florida solar panel use will benefit tremendously as these states are very supportive of with the use solar panel.
Also, around 60% of the energy demand can be gained from hot water through solar. More than half of the total energy for hot water treatment can thus be sourced from the sun. And since the sun provides energy year-round, this is an advantageous way to save and use what nature provides.
The remaining 40% of the energy required for the hot water comes as usual from the boiler. This is necessary for our climate because the sun does not give off continuous amounts of energy all year round. A family of four would need about eight square meters of collector area to use all the energy for hot water production from the sun in the warm months of May-September.
Reduce Mobile Phone Costs
Compare the different providers on a regular basis and switch to cheaper rates in good time. Sometimes it pays to ask your provider for the newer rates. This way you can easily save several hundred dollars per year. Also, consider whether you really need flat rates or whether a volume tariff for the phone or for the internet is sufficient. Also, consider whether you may be eligible for a prepaid phone if you rarely use it.
Compare Health Insurance
Check at regular intervals whether other health insurance companies offer a better price-performance ratio. If this is the case, change in time. Also, make use of bonus programs: for example, you can join a sports club to earn bonus points. You can redeem these later for cash or prizes.
Reduce Water And Heating Costs
If possible, use the shower rather than the bathtub. In addition, do not let the water run unnecessarily; when showering you can, for example, run the water when soaping. Also check regularly if the toilet flush and all faucets are tight. In addition, use a timer and thermostatic valves for the heating in order to optimally regulate the heating heat. It saves a lot of money if the heating temperature at night is lowered or is completely switched off.
Abolish Account Fees
There are many ways to avoid checking account fees. First, check if you’re paying for your checking account or using your credit card. There are now numerous banks and savings banks that offer free use. Beware of payments when traveling abroad: check in advance the fees. Payments by credit card are sometimes between 1.5 and 2.0 percent of sales. Many financial institutions offer credit cards that allow you to withdraw or pay money abroad for free.
Cancel Memberships
Periodically create a list of all subscriptions and memberships you have completed. Make a list of all subscriptions and cancel everything that you have not used within a specified period of time. Always pay attention to the notice periods – some offers, such as the registration in the gym or the magazine subscription are automatically renewed. Many magazines can also be read in the lending library or use cheaper online subscriptions. And many sports activities are also possible outside a gym. It also helps to have a good budget on what to spend for such leisurely subscriptions.
