Savings News

How to Reduce Your Household Budget

Sticking to your budget can be a challenge when you’re on a fixed income. Add that to the cost of living increases and it can also cause a lot of frustration. That’s why it’s important to take a deep look into your current expenses to see where you can make improvements.

Your Monthly Mortgage PaymentBalancing household budget

If you currently make a monthly mortgage payment on your home, when was the last time you refinanced? Interest rates have decreased significantly in recent years so you may want to contact your bank to review your options. A financial planner can also help you review your options on reducing your payments. They also might be able to develop a plan that possibly pays off your mortgage more quickly with other funds or special financing. You can also take a look at other ways to reduce your mortgage with these tips from U.S. News & World Report.

Rethinking Your Cable Bill

Having cable is a great way to watch your favorite shows or watch the latest movies without leaving home. According to NBC News, the average cable bill is around $100 a month and expected to rise. Given today’s technological advances, you can still receive most or all of your favorite shows with alternate options that are much more economical than cable. Many people have “cut the cord” and are much happier with the options available to them without being tied to such a large bill. Do some research or ask a tech-savvy family member or friend to figure out what works best for you.

Use Your Senior Discount to the Fullest

Most companies cater to seniors. So don’t hesitate to ask your favorite store or restaurant if they offer a senior discount. You can also find discounts at the gym, auto repair shops, movie theaters, grocery stores, as well as for travel and transportation. The more you ask, the more you might be surprised how many places do offer one. Ask wherever you go and watch your savings add up.

If you don’t currently track what your household bills are, set up a budget so you can easily view your expenses every month. This will help you to review every bill to see where you can make changes or reductions.