Are Your Monthly Expenses Too High? Here Are Some Useful Tips

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On an individual level, it may be that you’re trying to save money because your monthly expenses are too high. If that’s the case there’s no need to despair, because this article provides some useful tips to help you get on top of things.

Use Price Comparison Websites

They allow consumers to compare prices from different retailers in order to find the best deals on the goods and services they’re seeking. These websites can help you with things like car insurance, home insurance, mobile phone plans, groceries, or gasoline. Considering the work has already been done for you, it would be crazy not to use these websites.

Texas has a current population of 30.4 million people, and that means a lot of energy usage. As regards Texas electricity prices, you can shop online based on your usage, and access free electricity bill calculators. You can enter your postcode, compare rates and select a plan – and all from the comfort of your living room.

Create A Budget And Stick To It

You can’t oversee your finances if you don’t know how much money is coming in. Create a budget (e.g. using an Excel spreadsheet) and stick to it by writing down everything that comes into your bank account (e.g. salary, child support, alimony payments, etc.). Be sure to keep track of what goes out as well, because the goal is to spend less than you receive so there are funds left over at the end of each month.

You will then be able to build up an emergency fund to cover unexpected bills such as car repairs or medical expenses. If you can, invest an additional amount each month into a savings account that will attract interest over time.

Consolidate Your Debts

It may be that you have several loans or credit cards on the go at the same time. It is a great idea to consolidate your debts into one single loan because this will save you money. However, this can be quite tricky and you will need to do it with care so that the interest rate on the new loan is lower than what you pay currently (or at least not more).

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Inquire about consolidation loans from different lenders and be sure to get quotes from three or four financial institutions before signing up for one. Do a thorough research online and read reviews posted by other consumers who took out such loans.

Improve Your Windows And Doors

There are many things you can do to your windows and doors in order to make them better insulated. Replacing the windows with double-glazed versions is one way of doing this. These windows will be much more efficient at keeping heat inside during the cold weather, which means that less energy will be used on heating up your home. 

Another simple step you could take would be adding some extra insulation foam sealant around the door frames and window sills. This helps prevent drafts from the outside air from entering your house.

Look At Your Water, And White Goods

Replacing your toilet and showerhead with water-saving versions can save you a lot of money on your utility bills. A new toilet may use only one-quarter of the water that an older version used. A modern showerhead can reduce your daily usage from around 60L per minute to less than half this figure.

Modern white goods have been designed with the environment in mind. As a result, replacing old appliances (e.g. washing machines, dryers, fridges, freezers, dishwashers) can help by using far less electricity than their predecessors did 20 years ago.


Assess Your Lighting

These days there are a huge variety of LED lights available that can be used as replacements for older incandescent or halogen bulbs. LED lights use around 80-90% less energy than traditional ones, which can have a dramatic effect on your electricity bill each month. Additionally, LED bulbs can last up to 50 times as long.

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Get into the practice of turning off the lights when you leave the room. You may have standby lights on such devices as your music system, television, microwave, and phone charger. These lights continue to draw power, even when the devices are turned off – adding significantly to your energy bill.

Make Some Sacrifices

If you are struggling with your monthly expenses, you may need to cut down on a few things. If you eat out at the restaurant at least once a week, perhaps it’s time to stop. Here are some more ideas:

  • cut cable TV services
  • stop buying takeout coffee on workdays and pack yourself a lunch instead of buying something each day
  • Cancel any unused subscriptions such as gym memberships or magazines/newspapers
  • sell a second car to free up some money
  • walk or cycle rather than driving
  • cancel your vacation/have a staycation

Save Money Online

You may get things cheaper if you buy direct from the manufacturers. There may also be free shipping deals on some purchases (provided you spend a minimum amount). Another way to save money is by buying in bulk because it can be a great way to get discounts. Some sales to look out for including Black Friday, new year sales, and flash sales. If you subscribe to online shops you may be able to access things like loyalty discounts, birthday coupons, and more.

Other ideas you could consider include taking up a side hustle (e.g. using your car for a taxi) or downsizing your home (e.g. if the kids have left). Once you’ve made some changes you will be glad you took the time and trouble. In return for this, you’ll have more money in the bank at the end of the month, and will experience greater peace of mind regarding your finances.

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