Saving On High Monthly Bills
When you feel like your debt is drowning you, it’s painful to put your hard-earned money towards repeatedly high monthly bills. One of the biggest challenges during this time is learning how to save money to contribute to your debts, and even if you’re saving a few cents on each bill, everything adds up over time. By cutting costs and learning to be energy-efficient, you could potentially save hundreds or even thousands of dollars annually. So how can you cut big bills and put more money in your pocket? Here are a few different ways you achieve this:
Carpool. Although this seems like a silly option, if you live near one of your co-workers, ask to take turns driving to work. Cars require a lot of money to operate, especially if you add up the cost of gas, insurance, and maintenance! Studies have shown that owning a car can cost a single person almost $9,000 each year. That’s a lot of money that you could be putting towards your debt! If you don’t live near a co-worker, consider using public transportation. Buses sometimes cost to use, but may be overall cheaper than driving to work every day. Not only can you save money on gas, but you can also save money on parking and maintenance over a long period of time. If you absolutely have to drive every day, making sure your tires are properly inflated is also a big money-saver. Tires can lost about a pound of pressure every month, making your vehicle lose fuel efficiency.
Cut grocery bills. Although it may seem nice to go to the grocery store and buy a heaping cartful of groceries each month, cutting your grocery bill down to half its size can free up a lot of your budget to pay off debt. It takes more time to sit down and plan out meals, but if you write out what meals you’re going to make per week and what ingredients you need, you can avoid purchasing things you don’t need. Crock pot meals are a wonderful solution, and so are leftovers! Food prices are rising, unfortunately, so meal planning can be a great way to put more money in your pocket each month. You can also save a lot of money by cooking rather than dining out several times a week.
Install a programmable thermostat. Energy bills, especially in the winter, can put a large hole in your pocketbook. Programmable thermostats allow you to determine which hours during the day your home requires more heat. For most homeowners, heating their home between 5pm and 10pm is prime. If this is the case for you, program your thermostat ten to fifteen degrees cooler while you are at work and while you are sleeping. This will save you a lot of money on your overall energy costs, and is better for the environment.
At Richard Banks & Associates P.C., we know that monthly bills can seem overwhelming. If paying off your debt seems like an insurmountable task, give us a call, and we’d love to set up a consultation with you. Save money on your monthly bills by staying energy-efficient this winter. Have a wonderful week!