One of the biggest challenges when it comes to personal finance is figuring out ways to spend less money, and this challenge becomes even greater when you’ve got a family to look after. One of the best ways to accomplish this is to cut down on your monthly expenses, as even though some of the regular bills that you pay may seem small and insignificant on their own, when they’re all added up they can become a huge drain on financial resources. We’ve put together a few different ways in which you can cut your monthly expenses and have more money available for fun with your family.
Cutting energy costs
Energy bills often take up a huge chunk of monthly expenses, especially for families. And this is no surprise, with the need to heat or cool a home, piles of laundry, and keeping lights and electrical gadgets on. However, you can save energy without making too many sacrifices. Along with teaching your family good habits such as closing doors and switching off lights and electricals when not in use, you can also switch energy providers regularly to ensure you’re always getting the best price. You can compare energy plans easily online.
Running a family car does not usually come cheap, and if like many people you have bought your car on a finance plan, you have that to pay each month as well as the cost of gas and insurance. If you have access to public transportation, you can save a considerable amount of money on gas – so consider taking the bus or train to work rather than driving and save the car for family trips out. If your workplace is not too much of a distance, you might want to consider getting a bicycle or even walking to both save money and keep fit.
Saving on debt
If you have a number of credit cards or loan repayments that need to be made each month, this can take up a considerable amount of money from your monthly income. However, you may be able to lower this amount by consolidating your debt. Many people consolidate their debts by taking out a consolidation credit card or loan which is used to pay off all their existing debts, leaving them with one single monthly payment to make. This often works out cheaper, as you pay interest on just one line of credit rather than several.
Sell unused items
One great way to earn some extra money towards your monthly bills is to sell unwanted and unused items. Whether it be baby products from when your children were little, old toys that are no longer played with, or even old clothes that your kids have grown out of, there are always people looking for bargains. Thanks to online selling sites such as eBay, it’s easy to make some cash from the unwanted stuff you have sitting in your attic or garage.
Every dollar counts – so follow these tips to save as many as you can.
Family money image by ShutterStock.