Most Americans know household expenses quickly add up, and they seek ways to cut excessive budget expenses.
This can be hard sometimes, especially if you’re already cutting costs and feel fatigued at the thought of giving up the few purchases that bring you joy.
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The good news is there are certain household expenses you can cut now that can save you a significant amount of money and largely go unnoticed from your daily radar.
Cutting out these seven household expenses will save you $5,466 per year.
From groceries to health and wellness items, brand-name products carry a lot of heft in households. Tanya Peterson, consumer finance expert and vice president at Achieve, recommends reconsidering purchasing brand-name products. Swap out generic names instead or inexpensive in-house brands.
“Store-brand groceries can cost at least 10% less than brand names,” Peterson said. “This means a family who spends $500 a month on brand-name groceries could save $50 every month.”
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If you have a gym membership and don’t use it regularly, you can cancel it for extra savings each year.
“During the COVID-19 pandemic, many people found they like exercising outside — particularly as nicer weather is upon us — or at home with their own equipment and/or use of DVDs or online exercise programs,” Peterson said.
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Your unlimited data plan may be costing you more money than you realize each month.
Money-saving expert Andrea Woroch recommended looking at your actual usage.
Households could switch to lower-tiered plans for big savings. Or, they might move to an online-only carrier, like Mint Mobile, which charges $15 a month for talk, text and data if you buy 12 months of service in bulk.
Households that make this change have the ability to save around $540 each year.
According to Woroch, the average household dishes out $114 on video streaming services (Netflix, Hulu, HBO Max, and more) each month.
Cutting back on video streaming bills doesn’t mean you need to do without entertainment. Woroch said you might get free streaming service through your wireless provider (like Sprint or T-Mobile), or you can access free video through your local library’s digital platform.
