Everyone knows the famous Benjamin Franklin saying, “a penny saved is a penny earned.”
In these unprecedented times it is more important now than ever to make sure your buck goes the extra mile.
Recently due to COVID-19, people across the globe are facing tough times financially and to help we we have outlined various life hacks to help you cut your costs around the house.
You can start saving money around the house today using these simple techniques.
1. Focus on need items rather than want items
You may want a new television, but this could be the worst time to make major purchases.
Try to stay disciplined and focus things you need such as food and cleaning supplies.
2. Buy dual use items
Many foods can also be used as cleaning supplies. For example vinegar mixed with water can be used as an all-purpose cleaner. Check out this list for more ideas.
3. Buy in bulk
Shop at bulk food supply places like COSTCO. This is especially cost effective if you have a large household. Many places are now offering curbside pickup and free delivery!
4. Buy long lasting items to avoid spoilage
Did you know that flash frozen vegetables have more nutrients than fresh produce? They also have the added benefit of not spoiling.
It's just frozen items that have a long shelf life, you can also stock up on canned items such as tuna as well as other long lasting staples like peanut butter and jelly.
You could also buy fruits and freeze them to make healthy delicious smoothies.
Who knew that saving money around the house can be healthy for you too?
Be sure to save and recycle all empty bottles and electronics, recycling banks will pay you for these items.
6. Buy starchy staples
Potatoes, rice and flour are all very low cost and have a long shelf life. You can make
them delicious buy buying spices in bulk, and save even more by cutting back on costly meats.
7. Don't buy bottled water
Rather than purchase bottled water, drink from the tap or buy a water purifier. This is not only cost effective but better for the environment.
8. Cancel newspaper and magazine subscriptions
These little subscriptions can add up. Review anything you have a subscription for, and ask yourself, “Do I really need this?”
9. Bake at home
Thinking of buying cookies from the grocery store?
Instead, bake them yourself, this will be healthier and more cost effective, in fact this can be done with any food, you can make pizza from scratch pretty easily.
Not only is this great for your health and grocery bill, but it's also time consuming, a good healthy activity to do with the family if you are stuck at home.
10. Don't buy name brand products
As Warren Buffet advices, don't buy name brands, generic goods are cheaper and are often of the same or similar quality.
11. Use cold water to wash clothes and skip the dryer
Washing clothes and linens with cold water rather than hot water will cut down on your utility bill.
Another way to cut the cost of that bill is to air dry your clothes instead of using a dryer.
An added benefit of this is studies have proven air drying clothes makes them last longer.
Unplug infrequently used appliances and electronics like your microwave, toaster, blender, Playstation or any extra televisions.
13. Buy second hand
Buying anything second hand is a lot cheaper than buying it new. However, be careful buying larger ticket items such as appliances or electronics.
You will want to be sure they are in good functioning condition as even a small repair can be expensive.
14. Sell unused items
Sell unused items from your garage and around the house. Most people have too much stuff anyways.
A great option to get rid of used items and make a little cash is a garage sale.
If that is not possible because of a lockdown, eBay and Amazon are great alternatives.
15. DIY home and gardening
You can save a bundle just doing simple tasks yourself.
Operating a lawnmower is not difficult. You could also skip the maid and clean your house yourself.
If you're not sure about how to do anything, just YouTube it.
16. Get rid of your storage unit
Get rid of your storage unit. Studies have shown the average person with a storage unit keeps it for 14 months.
Often times, the cost of the unit exceeds the value of the contents.
17. Pass down clothes
Pass down clothes from child to child or see if your neighbors have children who have outgrown their clothes.
You could also visit a Salvation Army or a Value Village. Clothes here are often in great condition and only a fraction of the price.
Another option would be to buy a sewing kit and repair damaged clothing and linens.
18. Credit Cards
Read your credit card bill every month and pay attention to your subscriptions, some of these may not be necessary.
You can also use automatic billing these days for most services and utilities to avoid late fees.
19. Use the Gas Buddy App
Avoid getting hosed at the pump and use the Gas Buddy App to find the cheapest gasoline around town.
20. Prepay auto insurance
Prepay your auto insurance for the year and you will generally receive hundreds of dollars in savings.
21. Search the web for coupon sites
Sites like GROUPON can save you money on deals around town.Save on activities, spas, restaurants, and events near you at Groupon
22. Shop around for big purchases
Compare pricing for major purchases like insurance or your phone bill.
Some phone companies will charge almost double of others and the service quality and package is often quite comparable.
23. Refinance your home
Take advantage of historically low interest rates and potentially save thousands and thousands of dollars annually.
24. Get rid of your TV subscription
The online world is teeming with entertainment.
Switch from costly monthly TV to Netflix for a cheaper price. You could even just watch YouTube and not pay a dime.
25. Cancel that gym membership
Use the streets and free outdoor gyms if weather permits.
Our Best Tip – Ask your Grandparents
The Greatest Generation went through the Great Depression and fought World War 2, and then ushered in one of the greatest eras of human productivity that has ever been known.
Your grandparents would love to share wisdom and they learned through hardship that one can never be too frugal.
About Hard Money Russ
Hard Money Russ is a real estate investment expert and writes The Hard Money Blog for Crescent Lenders. When he is not busy writing about money he enjoys surfing, drinking the occasional beer and watching sports.