With interest rates rising almost everywhere, including Australia and the United Kingdom, people have begun tightening their purse strings as best they can.
However, decreasing spending to ensure your expenses match your reduced budget could mean barely any savings or none at all.
Good thing there are several ways by which you can not only scale back on your spending but also save money in the process. All it takes is commitment and focus.
Without further ado, here are some tips on how you can save money around your home amidst the rising interest rates:
1. Keep a running shopping list.
Impulse buys and other unplanned purchases at the supermarket are some of the largest money wasters. To counter these, keep a magnetic shopping list on the fridge, and add items to it as and when you run out. Then, stick to your list during your grocery runs and schedule your shopping trips once a week to save time and fuel.
2. Cook with ingredients already in your pantry.
Actively look for recipes using some or all the items in your pantry. You can visit websites like Recipe Key, SuperCook, MyFridgeFood, Epicurious, Cookpad and AllRecipes. These sites let you enter what you have in your pantry and generate recipes for what you can cook with those ingredients.
3. Eat fresh at home.
People lament the price of consuming organic food. In actuality, you’ll learn to eat healthier overall and save money at the grocery store if you buy fresh produce every week and avoid pricey, processed items. You can also make your own snacks and desserts rather than buying readymade or processed ones.
4. Drink water.
By hydrating with water, you can overcome your addiction to and reduce your consumption of unhealthy sodas, juices, and other beverages. Rather than buying bottled water and adding to plastic waste, purchase a BPA-free or glass bottle you can use repeatedly and carry around filled with water.
5. Say farewell to bad habits.
While it’s fine to indulge once in a while, it’s probably time to ditch your cigarette smoking or regular alcohol consumption now. These bad habits not only end up costing you a lot but can also affect your health in the long run.
6. Go for cold.
When doing the laundry, opt for the cold setting whenever possible. You also don’t need to spend more on so-called detergents made for cold washes.
7. Eliminate the phantom menace.
Avoid preventing phantom electricity consumption and adding to your power bills by unplugging devices that are not in use.
8. Plug the gaps.
Check for air leaks in your window and door frames. This way, you can reduce your heating and cooling expenses by plugging up any drafts you may find.
There are many more ways to save money around the house.
Start with the ones shared here and keep adding more to enjoy bigger savings.
If this article has inspired you to think about your own unique situation and, more importantly, what you and your family are going through right now, please contact your advice professional.