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.
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.
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.
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.
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.
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: