Saving on household bills is one of the ways to make more money at the end of the month. However, since we are talking about essential expenses that cannot be cut entirely, many people don’t know how to make the costs smaller.
Want to start saving on household bills? Check out the three tips below.
1. Make a plan
For starters, do you know exactly how much you spend on household bills each month? Of course, this amount is not always the same each month, but knowing your household’s fixed expenses on average will be vital to start your planning.
To make this task easier, set up a spreadsheet of essential expenses to meet the family’s needs. Especially those need which are usually charged monthly, even if they are not entirely predictable, such as:
- Water;
- light;
- telephone;
- Internet;
- gas;
- insurance; among many others
To further improve your financial planning, include variable expenses such as spending on public or private transport, pharmacy, clothing, leisure activities, tours, travel, etc., in another column.
Once you’ve put together the expense sheet, whether on an app like Moka, computer, or in a notebook, organize the bills in order of maturity to avoid late payment. This means you don’t have to pay interest or late fees.
2. Save on energy
Compare offers from energy suppliers.
To save on your housing costs, there’s nothing like reducing your energy costs. The task may seem laborious, yet consider comparing the offers of energy suppliers to reduce your electricity bill.
Save on heating costs.
To achieve significant savings on heating costs, it is sometimes essential to improve the thermal insulation of your house or apartment (changing windows, insulation of the attic, etc.).
As a new owner, it is not necessarily easy to invest in work. However, the return on investment is significant. Reducing heating costs also requires good management of energy consumption. The rooms in your home must be pleasant to live in without being overheated. You should know that the temperature of the rooms must be lower than that of other living rooms.
Tips for reducing your electricity bill
Once installed in your new home, how can you save energy? It is enough to adopt simple daily actions such as:
- opt for low consumption LED bulbs;
- run your household appliances (washing machine, dryer, dishwasher, etc.) during off-peak hours;
- switch off electrical appliances that you are not using, for example, by using a power strip to switch off every evening;
- lower the temperature of your water heater to avoid overconsumption of electricity.
These tips for saving on your energy consumption and reducing your electricity bill also have an ecological impact that should not be overlooked these days.
3. Reduce the cost of your home insurance
As with your energy supplier, your insurer may not be the one offering you the best rate for your home insurance contract. Do not hesitate to put several insurers in the competition to compare their offers. This allows you to choose the contract perfectly suited to your home at the right price.
You can go even further to save on your housing expenses by taking stock of all your contracts: telephone, internet, parking rental, etc.
In conclusion
To save on household bills, it is vital to develop the habit of having monthly control of your finances. To help you, you need a specialized app like Moka to automate this process. Moka is Canada’s #1 saving and investing app. They are on a mission to help Canadians achieve their financial goals.
Applying these tips diligently will help you save on your household bills monthly.