Saving Money at Home: 15 Money Saving Tips to Cut Costs

October 15, 2024

Expert Money Saving Advice 

Saving money at home can be simple when you make small changes that add up over time. The goal is to find tips that work for your household. And, you should be able to budget without giving up too much comfort.

The Indiana Secretary of State recommends you identify and cut three non-essential home expenses, like packing lunches instead of eating out, to save hundreds each year and use that money to repay loans or build wealth.[1] The key idea is that the little things can add up to help you build a brighter financial future. 

Below are several saving money at home tips. You may see a big difference in your monthly budget when you make even a few of these household changes.

Tips to Save Money on Home Expenses

When you want to know how to save money at home, the first place to look is home expenses. Focus on energy efficiency. Small changes around your house can lead to big savings on your utility bills. Here are a few easy ways to get started on saving money in your home.

You might also like: How to Make a Monthly Budget Plan | Create Right Budget for your Goals 

1. Seal Up Drafty Doors and Windows

Keeping your home warm in winter and cool in summer can get expensive. Check around your windows and doors for drafts, which let air escape. Sealing these gaps with weather stripping or caulk keeps your home better insulated, saving you money on heating and cooling.

2. Use Money Saving Energy-Efficient Light Bulbs

Switching to LED light bulbs can lower your home electric bill because they use less energy and last longer than regular bulbs. They cost a little more money upfront, but you won’t have to replace them as often, and they use much less power.

3. Install a Programmable Thermostat

Programmable thermostats help you control your home's temperature even when you're not there. You can set it to turn the heat or air conditioning down when you're sleeping or away at work. This can reduce energy usage and save money on your home utility bills.

4. Insulate Your Water Heater

Your home's water heater uses a lot of energy, especially if it's older. Insulating it helps keep the water warm longer, which uses less energy. This simple trick can lower your heating costs saving money.

Tips to Save Money on Household Bills

You can also save money around the house by cutting down on household bills. This can free up extra cash each month. Here are some simple ways to lower your expenses without making major sacrifices.

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5. Bundle Your Internet and Cable or Switch to Streaming

If you pay for home internet, phone, and cable separately, check if your provider offers a bundle deal. Bundling services can often save you money compared to paying for each one on its own. 

Check to see how much you could save money by switching to streaming services instead. This alone might cut your monthly expenses by hundreds of dollars, depending on your situation.

6. Turn Off Appliances and Lights

Even when they’re turned off, many electronics still use electricity if they’re plugged in. Unplug home devices like TVs, computers, and gaming consoles when not in use. You can also use a power strip to make it easier to turn everything off at once, saving money.

7. Review Your Monthly Subscriptions

Many people forget they’re still paying for subscriptions they no longer use. Go through your bank statements and check for streaming services, magazine subscriptions, or apps you don’t need anymore. Canceling even one or two can save you money each month.

8. Compare Insurance Rates

Whether it’s home, auto, or health insurance, make sure you’re getting the best deal. Shopping around for insurance every year or so can help you find cheaper rates. Many companies offer money saving discounts for bundling home and auto policies, so look into those savings as well.

Tips to Save Money in the Kitchen

Saving money in the kitchen starts with smart planning and efficient use of resources. These money-saving tips for home kitchens can help you cut costs while reducing waste. They’re win-wins. 

Recommended: Free Monthly Budget Worksheet

9. Plan Meals to Avoid Food Waste

Meal planning helps you buy only what you need and reduce food waste. By planning your meals for the week and shopping with a list, you’ll avoid impulse purchases and make sure all the food you buy for home gets used. You can also prepare larger meals and use leftovers for the next day.

10. Buy Your Food Staples in Bulk

Purchasing items like rice, beans, pasta, and canned goods in bulk is cheaper in the long run. Bulk items save you from making frequent trips to the store. Just make sure you have the space to store them in your home.

11. Use Reusable Containers

Instead of using disposable plastic bags or wrap, switch to reusable containers for storing food. This not only saves you money on buying plastic bags but also helps reduce waste in your home.

12. Cook with a Slow Cooker or Pressure Cooker

Slow cookers and pressure cookers are energy-efficient ways to make meals. They use less electricity than your stove and allow you to make big meals that can last for several days. This way, you’ll save time and money by not needing to cook every night at home.

Tips to Save Money on Home Entertainment

Home entertainment doesn’t have to break the bank. With a few simple changes, you can enjoy fun activities while you implement these easy ways to save money at home.

You might also like: Money Management: How To Create a Budget That Works For You 

13. Switch to Cheaper Streaming Services

If you still have cable, consider switching to a streaming service. Streaming services may cost much less than cable and 

offer a wide variety of shows and movies. If you want to save even more money, stick to one or two streaming platforms instead of subscribing to multiple services.

14. Borrow Books and Movies from the Library

Your local library offers more than just books. Many libraries have DVDs, audiobooks, and even digital copies of books you can download. Borrowing from the library is a great way to get free entertainment without having to spend money to buy or rent anything.

15. Host Game Nights Instead of Going Out

Instead of spending money going to the movies or out to dinner, invite friends over to your home for a game night. You can play board games, card games, or even set up a trivia night. It’s a fun way to entertain everyone without spending much money.

Save Money at Home With Centier by Your Side

To save money at home, you don’t have to make major sacrifices. Small changes like sealing up drafts, switching to LED light bulbs, and meal planning can make a big impact on your budget. By following these tips, you’ll be able to cut down on expenses and keep more money in your pocket.

Focus on responsible decisions today to build a bright financial future. If you’re looking for more ways to grow your savings, check out our savings products.

To open a new account with Centier, contact us today!

Sources

[1] https://secure.in.gov/sos/indianamoneywise/moneywise-millennials/budgeting-and-loan-repayment