Simple ways to save money at home
Budgets are taking a hit due to COVID-19 pandemic
With the economic uncertainty that has accompanied the arrival of COVID-19, anxiety over money is increasing for many families.
Control over the revenue that is coming into households has been diminished, but we can still do many things to minimize our expenses.
Given that many of us are currently spending more time at home, now is the perfect time to audit our bills. There may be opportunities to save money by switching to a different cable or data plan, cancelling services you don’t need or use, or adjusting vehicle insurance policies to reflect the fact that you are no longer travelling back and forth to work.
Now is also a perfect time to cancel memberships and take advantage of the many free online classes that are being offered right now. You can sign up for free hockey training programs, fitness classes, art classes and more. It’s a wonderful opportunity to try new things without incurring the cost and risk of signing up for a long-term membership or subscription.
You can also spend some time examining your banking plans and charges. Perhaps now would be a good time to consolidate credit card debt or switch to a banking plan with fewer service fees and charges. With interest rates low, now may also be a good time to refinance/renegotiate your mortgage (or rent).
Online shopping can be tempting with all this extra time at home, but there are many ways to improve your home without spending a lot of money. Instead of buying new things, why not buy second hand, do some DIY projects or re-purpose the items you already have in your home? You can move furniture from one room to another or create your own DIY artwork using a tutorial you can find online. (Note: If you are going to be online shopping, make sure you shop for sales and use online apps like Rakuten. You can get money back on purchases you were going to make anyway.)
Food is a major expense for most families, so it is an important to look for savings in this category as much as you can. Here are some suggestions:
• Start a small garden
• Use up what’s already in your pantry and freezer
• Buy no-name products
• Shop local
• Eat leftovers
• Cook in big batches
• Opt for homemade meals over store bought options or takeout
• Collect (and make) recipes with inexpensive ingredients
• Menu planning can be a great tool for saving money on food
There are also many ways to capture small savings in your home that will really add up over time. For example, running full loads of dishes in the dishwasher and full loads of clothes in the washer and dryer will help save water, soap and energy costs. You can also wash your clothes in cold water and make your own cleaners using vinegar (rather than using expensive storebought versions), turn off lights when you aren’t using them, and clean/change filters to ensure appliances are running efficiently.
When it comes to saving money at home, there are many options. Do a quick audit of your expenses, see where you might be able to save money, and make it happen.