Many families and homemakers are studying their home budgets in light of the pandemic to further cut home-related expenses.
The end of the year is a good time to revise those financial plans for the coming year. Common sense would tell us that the priority is the basics: housing and food, internet and communication, healthcare, and utilities. Financial experts agree, adding further that we all can benefit from cutting variable expenses like clothing, takeout, streaming services, entertainment, and so on.
Apart from that, here are other steps that you can take:
Save the extra money
Because we are in a pandemic, we are able to cut down on expenses like vacation and travel, gas, movies, entertainment, dining out, shopping, etc. Financial experts agree that the money being saved here should go into a savings account.
Revisit your subscriptions
Cancel subscriptions that you can do without or adjust them so you’d be paying the most affordable fee or package.
Try to use apps that can help you manage your finances
Many free mobile phone apps can help you track expenses and improve your budget. Search for apps that work like a financial advisor, alerting you on expenses that you can cut or those that can be reduced.
You can do this by using energy-efficient lighting and appliances, turning off and unplugging the computer and appliances when not in use, hanging the laundry instead of running your dryer, turning down the thermostat, etc.
Reduce housing expenses
If necessary, and if you really need the extra cash, you can get a roommate or let go of a paid parking space, if any. A more drastic measure would be to move to a cheaper apartment or area or rent out a portion of your owned home.
You can also save more money by doing home repairs yourself.