The Aitken Home Teamhas three tips for helping to cut costs in order to keep more cash in your pocket:
1. Review individual expenses.Take a look at each monthly expense individually. Question the necessity of each one and see if there are some things which might be eliminated altogether. For example: do you really need cable? How about switching to free or low-cost streaming services? How often do you really watch television? Do you use your gym membership? Could you reduce the cost of your car insurance? You are sure to find at least a couple of things that could likely be reduced or eliminated altogether.
2. Question efficiency.Consider the efficiency of your appliances or even your shower head. Installing energy star appliances, low-flow toilets and water-reducing shower heads might be worth it in the long run. Do your research on items such as solar panels and consider switching your gas fireplaces to wood burning sources.
3. Challenge "fixed" expenses.Many items we deem as "fixed" expenses are surprisingly negotiable. For example, you might be able to reduce property taxes if you think your home's value was assessed higher than what it is actually worth. HOA fees can be challenged as well with the right information and for the right reasons. If your home insurance is high, get a new quote to see if you qualify for a cost reduction.
The list goes one: hire a cheaper lawn service, inquire about burning your trash if you live in a rural area rather than paying for waste management. The bottom line is that expenses can always be reduced if you are willing to reevaluate what you are paying out each month and get creative! You might be surprised to learn that you can enjoy the same luxuries without paying luxury prices.
Related: "Credit 101"