What can I do to cut household costs?

Question

My husband and I are working towards eliminating some of our household costs. We already avoid debt, save money, and try to live within our means. We both work and make a fairly good income, but we never seem to get ahead. Please give me some pointers on what else we can do to pay off our debt and have more money in the bank.

Answer 1

A lot of the suggestions offered already were good ones, but hopefully these will also help.

First of all, savings (or debt reduction) has to become a true priority. Sending the 'extra' money to debt payments or savings will never happen, it has to come out of your pay FIRST.

Secondly, you probably need to cut down on both major and minor expenses. The minor ones you can track by doing a 2-4 week period where you write down (yes, physically write down) every cent you spend during this time period. It will help you determine if there is a phantom drain on your finances (convenience store soft drinks or starbucks coffees). This way you know where and how much and can choose to eliminate those or not (depending upon how important they are to you).

Look at the monthly, quarterly and semi-annual payments for places to reduce or eliminate. Rent/mortgage, utilities, insurances, etc. Often you can save money on insurance by increasing deductibles (just be sure you can afford the deductible) or shopping around (a little leg work can save hundreds!). Any per month expenditure should be closely examined.

Personally, I decided a long time ago that a car payment wasn't for me and I don't have a payment (even though I own two cars). We don't have cell phones. We choose some of those items so that we can have others (I would detest dial up internet service). After getting through all of our debt (except mortgage), I now save 25% of my income per year.

Good luck! It is incredibly hard work and every financial decision needs to be analyzed and undertaken very carefully, but it's worth it!

Answer 2

Buy store brand or generic whenever you can handle it.
Try and make any driving you do all in one trip rather than
many small trips. Check out your needs for cable and internet, maybe you can reduce the service. Turn off the lights and any electronics when you aren't using them. Do everything yourself as far as home repairs go. Work a little overtime and/or get a part time holiday job to get a jump on your debt. Make a budget include all income and all bills make a list of total debts (that you can pay off, not utilities)
list them from the smallest amount to largest pay the minimum towards all except the smallest amount and put any extra money you have towards that. Once that is paid off apply all that money towards the next item on your list. And keep doing that.

Answer 3

Without knowing how you currently spend your money that is very hard to say.

In general the following practices are usually good ones to follow.

Plan big expenditures so that you can save the money in advance rather than put the item on credit when the purchase is required.

Before buying ask yourself is this a need or a want?

Pack your lunch don't eat out.

Get rid of cable and make due with regular tv and reading or playing games.

Get a cheap dial up internet provider rather than paying for cable or satilite. [sorry for the misspelling]

Buy food stuffs in bulk.

Plant a victory garden (food and herb garden)

Plant a few fruit trees of your favorite fruit.

Eat Vegetarian a day a week.

Eat more pork and chicken rather than beef.

Don't buy frozen dinners, make larger helping of your meals and then freeze the leftovers in one serving sizes.

Make a big pot of stew or soup and freeze the leftovers rather than buying canned soups or stews.

Make Chilli with beans only.

Drive carefully and quite smoking, if you do, to decrease the amount you are spending on auto and life insurance premiums.

Using a seperate check make an extra principal payment on home or car loans in an amount equal to 10% of your normal payment. Especially if the loan is new. This can decrease the amount of time you spend paying off a loan.

When you purchase a car try to get a hybrid.

Make sure you take all the tax credits to which you are entitled.

Answer 4

I prevent utilising cleansing merchandise. I use a rag and water and handiest holiday out the enormous weapons while that does not reduce it. I purchase such a lot cleansing merchandise at Big Lots or Dollar General and in which its consistently inexpensive and at the same time there decide on up any groceries they have got. I use plenty of fundamental meals, like dried beans and brown rice in cooking. I have a garage freezer and inventory up on meat and frozen meals while its on sale. I handiest use the recent produce that's low-priced. I will purchase massive amounts of unpolluted produce like strawberries and mangos while they're inexpensive and freeze luggage of them to make smoothies and matters later. I take a look at to not use pre-made or prepackaged meals. I not often use marinades however make my possess. I will purchase cream of mushroom and chook soup and alfredo sauce in bulk at Sam's and upload to it to make my possess sauces alternatively than purchase a couple of small jars of somewhat exclusive matters on the grocery retailer. I make my possess youngster meals. Oh and I believe the opposite poster approximately the mobilephone mobile. I grew to become mine in and bought a monitor mobile for $10 at Dollar General so I nonetheless had anything for emergencies. You purchase your mins on calling playing cards and pay not anything else ever. I can get by way of with a $20 card for three months due to the fact that I not often use the mobile. Even in case you have the most cost effective mobilephone mobile plan you'll purchase, it'll prevent no less than $20/month. Also I have had no disorders with the mobile that's greater than I can say for Verizon or Sprint.

Answer 5

Try eliminating un-needed bills. Case in point, my fiance and I both have cell phones, so we turned off the house phone. Everyone always was calling our cells, so we got rid of the house phone bill. Down grade your cable service or get rid of it. Burn candles whenever possible, it provides heat and light, so that should lower the gas and electric bill. Not to mention, candle light is "mood" lighting. You may find that your love life will get hotter. Hope this helps, all the best to you.
~Hedi~