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4 Fool-Proof Ways to Cut Back on Your Home Expenses in Times of Crisis

April 29, 2020 By Christine Field

This post may contain affiliate links.

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With everything going on, life can feel very uncertain.  Your routine and everything around you is changing, and your lifestyle will in no doubt need to be adjusted. One thing that most definitely needs to change is the way you spend your money, especially when it’s in jeopardy. Even if your finances are not at immediate risk, this is the perfect time to cut back on your household’s spending to prepare for any future economic crises.

 

saving money

 

You’d be shocked to find out just how many ways you can reduce your monthly expenses around the house. Here’s some of the many things you can do right now to slash spending now and for years to come.

 

  1. Restructuring your mortgage

Your mortgage is one of your largest monthly expenses. But did you know that you can reduce your mortgage payment? Through a process called refinancing, you can replace your existing mortgage with different terms that will ultimately lower your interest rates and monthly bills. But, there are restrictions. For example, FHA loans require the applicant to have a credit score of at least 620 to qualify, which could take years to accomplish. If you think you’re eligible for a refinance, talk with a financial expert who can discuss how you can save thousands.

 

  1. Buying in bulk

Another way to lower your monthly bills is to buy your meals– especially groceries– in bulk. When you buy an abundance of frequently used products for your family, they’re often priced at a lower amount per unit and span a longer duration than buying standard amounts from the typical stores. This can be especially helpful as long as stay-at-home orders are in effect. Grocery shopping in bulk will also likely deter you from going out to eat when things are back to a so-called normal, as you’ll feel more obligated to make use of the food you bought instead of wasting it.

 

  1. Bundling subscriptions

A financial crisis is the perfect time to take a look at the running list of all your subscriptions and decide which ones you can actually live without. Deeming any unnecessary can take a chunk out of your bills. On the other hand, the ones you plan to keep could be offered in a package. In other words, services like cable and internet can be bundled into one lower price by a single provider. Believe it or not, bundling can save you up to $50 a month, so check to see where you might be overpaying and put money back in your pocket when it matters most.

 

  1. Shopping generic brands

While many of us tend to lean toward the most common household brand names for our products, generic brands are a secret weapon when it comes to saving money. Oftentimes, generic products are displayed directly next to their more expensive rivals, making their lower price overt and undeniable. Plus, if you compare them side by side, they usually have almost the exact same ingredients. By choosing generic foods, cleaning products, and more, you can save about $1,000 over the course of a year. To start seeing those savings on your monthly bills, incorporate more off-brand purchases into your shopping list.

 

Looking for more ways to cut costs? The people at Quicken Loans created an infographic centered around saving money around the house. Check it out below:

 

Filed Under: Home and finances, Saving money Tagged With: cutting back on expenses, saving money

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Hi, I’m Christine

Have you been a wholehearted mother, but time, toddlers and teenagers have moved on? If you are wondering what comes next for you, you’ll feel right at home here.

Or, are you a mom for whom family life has been non-Pinworthy and parenting has been downright painful? I hear ya. There are many of us around.

Are you looking for a life full of exploration and adventure after the nest empties, but maybe you have no idea how to go about doing that? Stick around! We’ll explore adventures together to help you gain more clarity for your own path.

After a couple decades of writing books and articles about parenting, homeschooling and adoption, speaking to homeschoolers and other parent groups, and reaching out to the mom in the trenches who was trying to make the best of it - my kids grew up. Some grew up and grew away. I was determined to find a way out of the pain, emptiness and lack of direction.

For many of us, the journey starts with something we moms are not accustomed to. After years of caring for and serving others, sometimes we forget the beauty and wonder of US. We need to spend some time getting to know the parts of ourselves that have lain dormant, and take the time to explore interests and passions that we set aside.

I’d like to invite you to get the “What’s Next for Mom” workbook and jump into this growing tribe of Moms who are emptying the nest and filling the life! Let’s reignite your Mojo after Mothering!
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About Christine

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At Real Mom Life, my passion is to provide resources and reassurances for moms facing the surprising challenges of family life. In my writing and speaking, I explore solutions to unexpected issues in adoption, homeschooling, special needs, and more while encouraging moms to extract the maximum joy out of each day. Read More…

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