Twenty years ago, you could go to the shop with a dollar and come back with a bag filled with sweets and some change. Today, you’re lucky if you can get a chocolate bar. Prices on products and services are inflating quicker than wages, so rethinking your household expenditure is the way forward if you not only want to survive, but also to have enough pennies in the bank to enjoy life while you’ve still got it. Here are five ways you can cut down on your household’s expenditure.
Save Money by Switching Providers Regularly
If you’re happy with your bank or TV provider, you’ll likely be a loyal customer and opt for their services for years. However, loyalty doesn’t necessarily pay and you could be missing out on huge discounts. The likes of Dish and DirecTV may well offer a decent discount if you’ve been a long-term loyal customer, but you’re still not going to save as much money in comparison to switching providers. According to some stats, consumers can save $530 by switching their providers regularly.
Do Your Own Policy Research
Many consumers take advantage of cell phone insurance from their providers when they don’t even need it. Often, banks will offer phone insurance, but many consumers forget this and end up doubling down on insurance for everything they own. Ditching mobile phone insurance can save you more than $100 per year if you’re already covered with your bank. The same goes for travel insurance – don’t pay for it separately unless you’ve asked your bank if you’re already covered.
Medical Costs & Prescriptions
Prescriptions and medical costs are going through the roof these days, so trying to cut those costs will help you save a small fortune. Use sites like Blink Health to take advantage of cheap prescription drugs so your money goes further. Prescription drugs have more than tripled in price in the last few years and they aren’t expected to lower anytime soon unless you join the movement.
Direct Debit Payers Save More
Cutting household expenditure is all about taking advantage of business offers and discounts. If businesses have an easier time managing your account, they’re more likely to offer you a discount. For example, you can either pay your bills via debit or credit card over the phone (which takes time), or you can set up a direct debit so the funds go straight to them without any hassle from both parties. Consumers who pay their bills via direct debit can save more than $100 a year, so it’s always worth thinking about if you have a regular income.
Be a Smart Shopper
Wherever you choose to shop just remember – there is money to be saved. If you shop at Walmart take advantage of their coupons. If you’re using your credit card in a restaurant, you can usually get money back offers from your bank or card supplier. It’s the smaller savings that add up and are often the difference in saving hundreds every year.
The amount you save every month will depend on how much effort you’re willing to put in. If you’re happy to change providers and shop smarter, there’s no reason why you can’t save hundreds every year so you can go on that cruise you’ve always wanted to!