Being able to save money as a household is important because you never really know what might be around the corner. Have you ever heard of Murphy’s Law? Yeah that is real and something we’ve experienced amyn times.
Whether that be your spouse getting sick and needing time off work or something goes bust in your home and is going to cost thousands to replace, it’s also good to have things in place for when the unexpected happens.
The bottom line is, you need to have savings in your household but that starts with being able to actually save money. Did you know that most Americans don’t even have $1,000 saved for an emergency? We need to change that as a society.
So, here are 5 Easy Ways to Save More Money.
5 Easy Ways to Save More Money
- Set Up An Emergency Fund
An emergency fund is a great way to save money and something you can rely on if something goes wrong financially, and you need to fork out some dollars. Your emergency fund should be seen as any other bill payment, and when it comes to depositing money into that account, set it up like a standing order or direct debit where it comes straight out of your wages.
An emergency fund should be easily accessible without penalties for taking it out early but also not too easily accessible where you feel inclined to spend it. A money market savings is a great option. It will help you incur interest on the balance but allows you to borrow money if needed.
2. Change Banks/Credit Unions
All banks are different, and they can provide a variety of offers depending on whether you’re a new or existing customer.
So, every so often, it might be worth looking at what new offers are available with certain banks, like these Green Dot Prepaid Card reviews as an example. There are so many options out there, and the incentives that some of these banks offer in return for becoming a customer can be really beneficial to you and your household.
Credit unions also offer lower interest rates on loans and credit cards which can help you lower monthly payments or pay down debt faster. Keeping an eye out for new customer offers, is always a good thing to do.
3. Compare Utility Providers
Just like banks, utility providers are another part of your household expenditure that can be altered to make better. As a homeowner or renter, you have to pay your bills, and so you should try to make an effort where possible to make sure that these bill payments are as low as can be and that you are not spending a fortune on something that could actually be a lot cheaper with another provider. So do your research and try to get quotes that you can challenge your current provider with.
I also have a good post on keeping your utility costs down by utilizing a smart home device and it’s worth checking out. I also even share how we cut our utility bill in almost half!
4. Cut Out Certain Luxuries
Luxuries are something we all like to treat ourselves with, but when saving money, they can eat into household finances. As much as luxuries are good, you may want to think about reducing them to save a little money here and there. Obviously, don’t get rid of everything that brings joy to your life. Just take a look at what might be excessively spending and try to cut down on it if possible.
5. Pick up a side hustle.
In this day and age, side hustles are almost a necessity to pay off debt or even save money. I have an entire list of Side Hustle Ideas for you to try and check out. Use your side hustle to put away money for your emergency fund.
Saving your household money is easy, and so you can use these tips to save your household those much-needed funds for the future.