If you want to save more money, maybe to invest in retirement or add some cushion to your budget each month, one surefire way to do that is to cut spending. Okay, okay—that’s not rocket science. But you might need some inspiration for where to start.
Here you go: 24 ways to cut spending and save more money!
How to Cut Spending on Home Expenses
Saving on home expenses can mean changing up small habits for bigger savings over time, or in some cases, making a pretty big change for an instant win. Let’s look at examples of both.
1. Go green(er).
The first way to cut spending in your home is to make more energy-efficient life choices. Some of these are financial investments up front. But they all pay off in the end.
For example, you can save on home expenses by turning off the lights when you leave a room, buying lightbulbs that have earned the Energy Star, buying a programmable thermostat, or washing your laundry in cold water instead of hot. Green changes like these can keep more green in your wallet.
2. Don’t become house poor.
You’re house poor when too much of your income goes toward your mortgage or rent, leaving you feeling poor in all other areas. Yes, you need shelter. Yes, you want a nice place to live. But you don’t want to spend so much on your house that you can’t afford to make other money goals happen.
Don’t be house poor—be house wise by making sure you’re not spending more than 25% of your take-home pay on housing. (That includes your rent or mortgage plus HOA fees, taxes, insurance and PMI). This makes your home a blessing instead of a financial curse.
3. Switch to reusable items.
Okay, here’s a tiny, practical way to cut spending. Stop buying paper towels, sandwich bags, and single-use water bottles. Switch to reusable items.
Because guess what—using the hand towels you already have tucked in a drawer or cabinet somewhere instead of a new paper towel sheet every time you make a mess means fewer trips to the store (and to the dumpster). It’s a small change that will add up over time.
4. Buy generic.
You don’t need brand-name everything. You can splurge on a few items—that’s your right as a shopper. But look into how much you could save by buying generic grocery items, medications, trash bags, cleaning supplies and more. This is a quick and incredibly simple way to cut your spending every time you shop!
5. Make your own things around the house.
Don’t spend money on things you can make yourself. This is the day of DIY. Pinterest, YouTube and social media are full of tutorials on how to make your own soaps, household cleaners, dog food, laundry detergent, ant killer, face scrubs—you get the idea.
The list of DIY options is longer than this article. For a small investment in ingredients, you can save big in the long run on a lot of the daily essentials.
6. Use less water.
You can also cut spending by lowering your bills. For example, work on using less water around the house. Take quicker showers. Don’t run the dishwasher unless it’s full. And turn the tap off while you’re doing everyday things, like brushing your teeth or shampooing your hair. It’s another small habit that’s super simple and will add up to some serious savings.
7. Figure out if refinancing your mortgage is right for you.
A lot of people refinance to get a lower monthly payment. And sure, that might free up some money in your budget today. But all it really does is keep you in debt longer.
The right way to refinance is to sign up for a shorter mortgage term. That usually results in a higher mortgage payment, but it also gives you a quicker payoff date. And that will save you thousands in the long run. But how do you know if it’s a good plan for you?
First, learn everything you need to know about how to refinance your mortgage. Then, using our (free) mortgage calculator, run the numbers on your mortgage to see how much you could save. Before you make a final decision on a refinance though, always connect with a mortgage expert.
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