Tips on How to Reduce Spending at Home

The challenge to maintain a household budget is real, with the cost of living becoming increasingly expensive for many families. How can you reduce your spending at home when food, electricity, maintenance, and other expenses eat up most of your income? Here are some useful tips to try.

Weekly menu

By planning your meals every week, you can eat better and save money.

Avoid ending up with wasted or unused ingredients at the end of the week by maximising them in your carefully chosen recipes. Minimise throwing out food by taking a few extra steps like making a list before going to the store, cooking for an exact number of people, and putting leftovers in the ref to last longer.

Also, try to shop for fruits and vegetables in season so the prices won’t be as high as when they’re not in season.

A once a week grocery shopping schedule

Most people impulse buy while grocery shopping. And the more you visit the store, the more likely you are to buy unnecessary items. Have a once a week grocery shop schedule to be more in control of spending, compared to multiple little purchases.

Prepare meals at home 

Preparing meals at home costs money, but the price is much less than takeaways. Spending $15 a day, 5 days a week on bought lunches equates to $300 a month. Without realising, it’s eating into your household budget.

Reduce spending on power and water 

The cost of electricity can be reduced by turning the lights off when leaving a room. Also, running the washing machine, dryer, and dishwasher during non-peak hours to conserve power. 

Here are some best practices in saving water that can make a huge difference:

• wash your car with a bucket instead of a hose.
• use laundry water in the garden.
• put a cover on the pool so it doesn’t need to be topped up as often.
  
  

Reduce spending on transportation

The cost of parking can take a chunk out of your budget. Take advantage of public transport, a better option for people working in the central business district area. Carpooling with friends is fun as well as economical by keeping the petrol costs down.

Distinguish what you ‘need’ from what you ‘want’

Have a good understanding of how much money you spend before you cut costs. Distinguish which goes to your needs, such as groceries, electricity bills, and mortgage payments. Afterwards, you can then allot money on your wants, such as gym membership, eating out, and entertainment.

Look for free entertainment

There are lots of free community events available every year. Visit your local websites for listings of events and activities free of charge.

You can also host or attend potluck parties where everyone brings food to share. It’s a great way to get together without paying for all the expenses.

If you liked our “Tips on How to Reduce Spending at Home” and found it useful, check our blog space regularly for more info on getting out of debts and updates on the best budgeting apps in Australia.