The Bureau’s Consumer Expenditure Survey survey revealed that the average American household spends about $6,000 on household expenses. That amount can be higher depending on your family size, income, etc.
Interestingly, you may be spending a lot on unnecessary household expenses. Cutting these expenses can help you save money and achieve financial stability and freedom.
Cutting down on some of these household expenses can quickly add up and free up more cash that you can channel towards a mortgage, paying your kid’s education, clearing any high-interest debt, or any other financial goal you may have. Implementing small changes in your daily habits will also help you create a more sustainable lifestyle and enjoy a financially secure future.
Here are seven household expenses you’re probably wasting your money on.
1. Unused Subscriptions
Having Netflix, Hulu, HBO Max, Spotify, and Amazon Prime subscriptions is great but could waste time and money. You may struggle to keep up with every new TV show, but you’ll still have to pay for these subscriptions.
Go through your monthly expenses and cancel any unused subscriptions. You could stick to one or two streaming services. Alternatively, switch to free streaming services like Hoopla, Tubi, or Pluto to cut costs on these monthly subscriptions.
2. Convenience Foods
Pre-packaged vegetables, pre-cut fruit, salad kits, etc., can help you save time in the kitchen, but they could cost you a lot more than preparing your meals from scratch.
Apart from being expensive, these convenience foods are unhealthy and packed with sodium and a lot of preservatives. You’ll notice that these pre-packaged vegetables have a different flavor and degrade quickly compared to fresh produce.
Ditch convenience foods and make your salads from scratch. Buy whole vegetables and chop them at home to save money. While it may take more time and effort, you could reduce your grocery expenses in the long run.
3. Dining Out and Takeouts
Dining out and opting for takeout regularly can be costly, especially if you add the tips and taxes. Takeouts are even more expensive when you need them delivered. Buying groceries and cooking meals from scratch is more economical and healthier.
4. Expensive Cleaning Products
You are wasting money by getting the most expensive brand cleaning products. Some of these products also contain harmful chemicals that can cause allergies and irritation.
Using readily available products like vinegar, hydrogen peroxide, and baking soda is a great way to cut costs without worrying about toxic irritants. Most of these items cost a fraction of popular cleaning supplies and work on every surface, floor, and room.
5. Bottled Water
We all love the convenience of picking up bottled water from the fridge when we are thirsty. Besides being expensive, most brands will sell you tap water that isn’t treated, marketing it as the purest water imaginable. Some companies will label their bottles as refilled from a public water source, meaning you’re drinking packaged tap water.
Invest in an in-home filtration system if your tap water doesn’t taste good or you have concerns about water contaminants. That will help reduce your household expenses.
6. Cable TV
You are wasting money if you still have a cable TV bill and a paid streaming service. There are plenty of alternatives that won’t break the bank. Cable services have a set price and other additional costs that make them too expensive.
Hoopla is a digital platform that features TV shows, movies, books, and albums. Tubi is also popular; it has several films and TV shows you can stream for free. While these platforms make money by running ads, they can help you reduce your cable TV costs.
7. Extended Warranties
Major retailers will convince you to get an extended warranty to insure your appliances. However, according to Consumer Reports, you may pay extra for services you never use. Most companies offer a 3-year service contract period, and many items won’t break down. The repair cost is also less than you’ll pay for the warranty. Skip the extended warranty and instead save that money for unexpected repairs.
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