- Cut grocery costs with smart meal planning
- Lower utility bills with by changing some daily habits
- Save money with DIY home solutions
- Be proactive with home maintenance and planning
- Build long-term financial stability by planning for unexpected expenses
In today’s economy, finding ways to save money at home is more important than ever. With rising costs for groceries, utilities, and everyday essentials, building smart financial habits can help you reduce household expenses, stick to a budget, and improve your financial health. Don’t worry, this is not an austerity plan, just practical tips to help you save money at home. Because now two families are alike, how much you save will vary based on your individual circumstances, spending habits, and market conditions.
What is The Freedom 30 Program?
The Freedom 30 Program is a year-long financial literacy program developed with our friends at Balance. The idea is simple: spend 30 minutes per week improving your finances.
Each month has a specific financial wellness theme, and each week includes one manageable mini project. You don’t have to overhaul your life overnight, just make consistent progress. If you didn’t have the chance to start the program in January, don’t worry. You can always add catch-up sessions to your schedule. Here’s last month’s blog on managing and improving your credit score.
This month’s theme: saving money at home.
Week 1: Save money on groceries and food costs.
Food is one of the biggest household expenses. However, with creativity and planning, you can significantly reduce your grocery bills and avoid unnecessary expenses. This week, try to reduce your grocery expenses by using one or more of the tips below:
- Pantry Creativity: Challenge yourself to get creative with pantry staples and use what you have before purchasing new items this week. Take inventory of what you have on hand and plan your meals around those ingredients this week.
- Meal Prep Mastery: Spend some time each week prepping meals. Not only does this save money, but it also ensures healthier eating habits and eliminates the temptation to dine out. For example, cook ground beef and use it in pasta, soups, tacos, or wraps. You’ll be more likely to feel motivated to throw a meal together at home, knowing the clean-up will be minimal.
- Bulk Buying: Purchase frequently used items in bulk and portion them out for future use. This saves money, reduces packaging waste, and lets you get the best deal. This is especially helpful if items you currently purchase are on sale.
- Ditch Bottled Water: Invest in reusable water bottles and say goodbye to pricey bottled water. Not only is this eco-friendly, but it also saves considerable money over time. Pro-tip: Pre-fill bottles in your fridge for a more convenient experience.
- Treat Yourself Wisely: Instead of indulging in frequent impulse purchases like expensive coffee runs, allocate funds for pricier items you really love, like all the supplies to make that double-shot, almond milk, two pumps vanilla, two pumps brown sugar latte you love. Even with all those bells and whistles, it will be cheaper to make at home.
- Cut And Download Coupons: Scan circulars that arrive in the mail and search online for coupons for items on your marketing list. Also, by joining your market’s loyalty program, you could save hundreds of dollars a year on groceries.
- Avoid Highly Processed Pre-Packaged Meals: Avoiding highly processed foods can be good for your wallet and your health. While these “time savers” are appealing, they are often more expensive and less nutritious versus cooking whole foods from scratch. Shopping the perimeter of your favorite market (produce, meat, dairy) helps you avoid the mor expensive, processed items in the middle aisles.
Takeaway: Small changes add up to impressive savings and can lead to healthier eating habits as well. It’s a classic win-win for your wallet and your life.
For next week: Just like food, utilities are necessary. We will look at practices to reduce utility bills, including water and electricity.
Week 2: Lower your utility bills.
Utility bills can quietly drain your budget. It takes practice, but you can significantly reduce these expenses with a few adjustments. This week, review your utility bills and consider ways you can reduce usage or identify any unnecessary expenses. Here are a few tips and examples to get you started:
- Electricity Efficiency: Unplug appliances when not in use, set timers for electronics, and consider installing a clothesline for air-drying laundry.
- Water Wisdom: Install a water heater timer, use cold water when washing clothes, and be mindful of water use to reduce your water bill. Try washing your clothes in cold water to cut your energy bill even further! And while you’re at it, consider taking a cold shower or shorter showers to save water and your energy bills. If you live in a dry climate, consider watering less frequently, plant low-water native species, and reduce the size of your grass lawn.
- Rechargeable Revolution: Invest in rechargeable batteries to reduce the cost of single-use batteries. They are a bit more expensive upfront, but will save you money in the long run, especially for devices you use regularly, like your television remote.
- Entertainment Evaluation: Review your entertainment subscriptions, compare prices, and consider consolidating or canceling services to save money. You may be shocked to find you’re paying for a subscription you don’t use monthly. Our Subscription Manager tool in our online digital banking platform is an easy way to get started on cutting subscriptions you no longer need.
Takeaway: While you may not notice a life-changing amount of savings in one week, this is a cumulative effort that will be well worth the effort in the future and add up to a valuable daily practice.
For next week: You’ve taken the initiative to find ways to reduce expenses on necessities during the past two weeks. Next week, we will take it further and examine expenses around the house that you may be paying someone else to do.
Week 3: Learn a simple DIY skill to save over time.
Taking a do-it-yourself approach to home maintenance can lead to significant savings. We get it, not everyone is handy with tools or ready to star in an HGTV home improvement show, but starting with small projects can lead to significant savings and empower you to try new things. This week, identify an ongoing maintenance expense that you could do yourself. The internet has a wealth of helpful blogs, articles, and video tutorials that can be helpful.
- Homemade Cleaners: Make your own cleaning solutions using simple ingredients like vinegar and baking soda. Pull up your old pal, Google, and you’ll find an array of surprisingly easy-to-make laundry detergents that work with HE washers. Besides saving money, these cleaners often offer less exposure to dangerous chemicals.
- Take Time to Learn: YouTube is full of easy-to-follow tutorials for DIY projects, so you can start small and build your skills and confidence around the house. Taking time to learn how to maintain your home is a wise investment that can save you money in the near term, and may prevent a big repair bill in the future.
- Tool Time Tactics: Instead of purchasing expensive tools for occasional use, consider renting them. Many local hardware stores (and auto parts stores if you’re taking on vehicle repairs) rent tools. Can’t find somewhere to rent a tool? Consider polling social media to see if anyone has what you need and would like to lend it to you in exchange for a few bucks.
Takeaway: You don’t have to tackle major repairs like replacing a roof or fixing a foundation to cut costs around your home. Understanding how to fix or remedy small issues is an investment worth making.
For next week: Life happens, and unexpected expenses pop up regularly around any house, but by planning for unexpected expenses, you can handle life’s financial speedbumps more easily.
Week 4: Plan for future expenses.
Preparing for unexpected expenses can help you avoid costly surprises and spare yourself stress. As we build on all the practices we’ve put into place over the past few weeks, it’s essential to look ahead and plan, so all your efforts aren’t diminished by a series of unfortunate, unplanned events.
- Insurance Assurance: Ensure you have adequate insurance coverage, including renters’ insurance, and regularly review your policy terms. Know what’s covered, your deductible, and how to file a claim. It’s also essential to have a clear record of what would need to be replaced in the event of a disaster, such as a fire. One easy way to do this is to video your home monthly, giving you a visual reminder should you need it.
- Maintenance Mindset: Set annual reminders for home maintenance tasks such as changing filters, cleaning gutters, and inspecting smoke detectors to prevent costly repairs. A bit of prevention today can prevent big repair bills tomorrow.
- Seasonal Preparations: Take proactive measures to prepare for seasonal challenges, such as trimming trees before storms or insulating pipes before winter. Something as simple as forgetting to cover an outdoor faucet before a freeze could become a significant (and expensive) issue.
Takeaway: With a bit of creativity, planning, and discipline, owning a home and the unexpected issues and expenses that come with it can be kept manageable, allowing you to enjoy the peace of mind that comes with financial stability.
Final thoughts: Build better money habits at home.
Saving money at home doesn’t require extreme budgeting or sacrificing your quality of life. By focusing on simple money-saving tips, reducing household expenses, and building consistent habits, you can make meaningful progress toward your financial goals.
By focusing on practical strategies like reducing grocery bills, lowering utility costs, learning DIY home skills, and planning for future expenses, you can significantly improve your financial well-being over time.
This article was developed in partnership with Balance, a financial education provider. Balance does not provide financial products through the Credit Union, and no compensation is received based on member participation. This article is provided for educational purposes only and is not intended as financial or legal advice. Members should contact the Credit Union for guidance regarding their individual situation.
Federally insured by NCUA
