Please note, this post is sponsored by Diamond Bloggers. All opinions expressed are my own. Thank you.
Since paying down debt and saving cash can often be about as fun as getting a root canal, finding small, workable ways to save money around the house is paramount. Especially for millennial stay-at-home moms and small business owners. Which is why today I’m sharing five tips to help you get started saving this season at home.
Be proactive about paying down debt
According to a CareerBuilder survey, 40 percent of 18-34-year-olds are living paycheck to paycheck- and it’s even higher for women. Which is why one of the best ways to save money this season at home is to begin by examining how much debt you’re carrying each month. While the phrase “It’s fun to” comes up in conversation, it’s generally never followed by “pay off credit card debt.” But here’s the thing: Paying off debt doesn’t have to be boring. It doesn’t even mean giving up every creature comfort at home. Instead, becoming realistic about paying down debt simply means achieving financial freedom by becoming creative with the resources available to you. Some clever ways to pay off debt include:
- Figuring out exactly how much you owe. As in, when’s the last time you looked at all your debts and their interest rates to devise a payoff plan? A really easy way to do this is to get a credit report card from sites such as Credit Sesame. The site gives you a free credit score, plus layout your credit history so you can see exactly how much money you owe and to whom. With this information, you can better ascertain your monthly payments and interest rate, as well as which debts are in collections.
- Better utilizing your credit ratios. Did you know your score is affected by how much you use your credit card, even if you always pay it off? Your utilization should stay below 30% of your available credit, but the lower the better! This can help you save on interest rates for larger purchases in the future.
- Lower your interest rates. If you’re financially treading water, due to high interest rates, it might be worth consolidating or refinancing your debt. A good resource is Fiona, a search engine for financial services, which can help match you with the right personal loan to meet your needs. If your credit score is at least 620, its platform can help you borrow up to $100,000 (no collateral needed) with fixed rates starting at 3.84% and terms from 24 to 84 months.
Increase your household income
One of the best ways to pay off debt is by simply increasing your income at home each month. While this may sound like a daunting task, there are simple ways you can generate income from home. Including InboxDollars, the web service that pays users to watch movie previews, celebrity videos, and the latest news and dozens of other videos. While you may need to watch up to 30-minutes of content per day, many users can earn up to $225.00 a month watching these videos. Funds that can go right to paying down debt or increasing savings accounts this season at home.
Other popular ways of making money from home can be made from influencer marketing, selling on ETSY, reselling on sites such as eBay and Amazon, as well as the myriad of ideas from professional side hustle experts too.
Lower your recurring monthly bills
Ending each month with a surplus of extra cash can be as simple as reevaluating how much you’re paying each month for recurring bills at home. For example, you’re probably overpaying for car insurance. And how would you know, really? Services such as Gabi. Simply link your insurance account and provide your driver’s license number, and Gabi will go to work by analyzing what coverage you have, comparing the major insurers’ rates for that same coverage in your area, and helping you switch to companies with better rates, as available. better rate.
Another great way to save around the house is to reassess how much you are spending on digital services at home. Including cable and internet services. Many families have found that by cutting the plug on cable and switching to digital services, such as Hulu and Netflix, they are able to save hundreds of dollars each year. Analyzing your cellular services or opting for shared family plans can help you save in equal measure too.
Also, consider finding ways to save on utilities at home. Easy ways to save on your electric bills each month can be as simple as unplugging everything that is not in use- toaster, Keurig, microwave, lamps, and even washer and dryer sets (if you are able to access your outlets before and after usage weekly) you don’t frequently use, to save money. One easy way to do this is to add a strip plug to computers, scanners, and chargers. Devices that can be unplugged en mass when not in use. This is particularly useful as items plugged into outlets, even when not being utilized off, still pulls electricity.
You’ll also have the added bonus of being greener at home too. Unplugging devices helps to reduce your homes carbon footprint as unplugged items consume less energy. Other power-saving measures include adding weather stripping to any doors that aren’t sealed tightly, wait until there is a full load of laundry before running the washer. Washing in cold water uses less energy, line-dry towels and blankets, load the dishwasher completely full before running it.
And lastly, consider ways you can save on your monthly mortgage. A mortgage broker once shared with me an incredibly useful rule of thumb. That by making an extra payment a year on your home, you will cut your mortgage payoff time by 4-8 years. Saving the average homeowner tens of thousands on interest payments.
Reevaluate your monthly food budget
One of my favorite ways to save each month at home is by creating a working monthly meal plan. And to do this I just: Write a menu. Make a list. Follow the list. It’s that simple.
I do this because it saves time, money, and each time I go rogue at the store, I spend much more, like say, double, than if I planned a menu ahead of time and made a list. So at the beginning of the week, I write out a menu, make a list of the whole, one-ingredient food (lower processed foods such as whole grains, fruits, and vegetables) ingredient, check against what I have on-hand at home already, and then place an online grocery pick-up order. This allows me the added benefit of not having to shop in-store during peak hours and I’m not tempted to purchase additional impulse buys too!
Other ways I save on groceries is by buying in bulk. For items including vitamins, crackers, tortilla chips, almonds, pistachios, in-season fresh produce, organic frozen fruits and veggies,
coconut oil, honey, agave, and laundry detergent. This helps me to also prepare healthier foods at home such as DIY dried fruit, bakes breads, and dressings too.
Reconsider what financial freedom looks like to you with Brice Capital
Once you’ve gotten a hang on your projected path to debt-freedom, figuring out how to achieve financial freedom is your next step. Because financial peace is often better obtained with the help of proper long-term investment strategies. Then to make this dream a reality, seek the assistance of professional firms such as Brice Capital.
Professionals that can help guide you through the process of tracking your finances, creating working monthly budgets, and tasking the guesswork out of creating retirement plans for yourself and your family. You can find assistance from Brice Capital financial planners, who can take the guesswork out of everything from helping you consolidate debt, to taking a realistic look at your income, and even setting more obtainable goals to help get you where you want to be financially.
But do consider, that before you contact Brice Capital, it would behoove you to make a list of your goals so you are ready to meet with their financial team. Steps to help ensure your easiest path to financial freedom for yourself and your family in the years to come.
Brice Capital can also help with steps such as getting a clearer picture of your current financial situation, helping yourself and your family get on the same page with your finances, and to discuss better ways your family can live within your means and become committed to living within your means at home.
Even if things aren’t as financially tight for you and your family in your current season of life, finding ways to become better equipped for your financial road ahead is key. With the above-mentioned savings tips and professional advice from Brice Capital, finding ways to save around your home this season has never been easier. While finances can be difficult to sort through, in the beginning, this is still a valuable investment for your future at home too.
Now I want to ask, how are you saving at home this season? Leave your tips in the comments below.
