10 Simple Ways to Cut Down Household Costs in This Economy

Staying far away from my home country, I don’t get a choice to watch TV programs in my native language hence CNN is a respite that keeps me updated with things at home & here. Thanks to the initiative programs & anchors, I am able to understand the situation of the economy. Before the news of the economy started appearing on TV, my knowledge about the share markets, mutual funds, economy at large was close to nil. But hearing about the down-hill sent shivers through my spine. It was only after the information from the channel, I got a little respite from the sudden shock that I got looking at the turbulence created in the economy. The loss of jobs all over the world made me feel helpless as if someone has slit my throat, even though I am not working at the moment.

I know most of you must be thinking – “This is old news. What is she going to talk right now?” Well, I don’t have anything contrasting to tell then what Mr. Obama has already said, or even the car companies have been saying, or the economists who want to talk about how to boost the economy. But I can surely share some tips with you all to save what little you can in your own household. As they rightly say – “Every drop of water adds to create the mighty ocean.”

So here I have some simple tips that can keep a check on your day-to-day spending as I do on mine…

1. Keep a check on your partying habits:

If you are addicted to parties, you are at a huge risk of loosing most of your money in hosting those to maintain your status amongst your social circle. My suggestion – get the habit to a complete halt. Just to maintain your status you are paying out of your savings. Sit down and calculate how much can you save by cutting down everyday parties or even minimizing them. Isn’t it a big number that can be a part of your savings? I bet you would want to keep it for a rainy day.

 2. Keep a check on eating out:

If you have the habit of frequently eating out, it not only affects your wallet, but also your health. Think for a minute how much money you first spend in eating the not-so-healthy food & then all the money that you spend on gyms & medications to keep away the problems. Would you like to be medicated to keep away the fat? What would be easier? Changing your habit now or the negative change in your health?

 3. Check your laziness:

Before you pull your car out of the garage to go shop for a thing or two, think once again. Is the distance below 1km? Come on, you can take that short walk. It is not only good for your health but it can save you a lot of fuel. Did you think that you would probably spend more on fuel than the actual item you are buying from the store? Alternatively, try to use public transport as much as possible. You are not only helping your wallet but also supporting the survival of the environment.

 4. Check your drowsiness:

I have come across a lot of people, who just sleep while watching TV and the TV is left ON till they wake up the next morning. Just by switching it off, you can reduce your electricity bill up to 20% – 40%. And don’t just switch it off by remote control alone. Get up and unplug the electric cable. To do this, you would have to get up from the couch which leads you to the bed. Your backbone will also thank you for this.

 5. Check your talking habits:

I had the bad habit of forgetting the entire world, when I used to pick up my phone to talk to my dear ones. I just wouldn’t remember that there is a clock in the phone service provider’s place, which keeps running and in turn keeps increasing my telephone bill. I used to get a shock on the day I used to get my bill. I figured frequent shocks are also not good for health. So now I have just placed a big clock in front of my phone to make sure I’m ending the conversation in a decent time.

 6. Check on your shopping mania:

My husband and I go for evening walks. Until we don’t see a store, we have the feeling that we have come only for taking the walk. But the moment we see a store, we just don’t know how we loose our control. The words “SALE…HALF RATE…BUY ONE GET ONE FREE…” keep dancing in front of us & we give in by walking in the store, half realizing what are we doing. Once I read somewhere that most of the things that are bought like this are not really required and sometimes even just a waste. Lesson learnt. Now, I just look away when I cross such advertisements or banners on my walk. Even when I go for shopping, I have a clear list of items to buy. While in the store too I go exactly to the aisles where I can get my list of things & avoid looking at other items.

 7. Check your browsing habits:

If you are addicted to the internet and feel that it occupies a large part of your budget, then plan and work accordingly. For example, if you are writing an article like the one you are reading now, then better follow the same steps I do. I do things like typing, error checking, formatting in the offline mode. Only when satisfied, I connect to the Internet & publish my content. Also, I usually put down the list of items on a physical notepad even before I go online. Things like – publishing an article, mail to a friend, check bank account etc are listed near my PC to guide me as to what I ‘need’ to do while online. This avoids online time consumption & helps save bucks every month.

 8. Check on your temptations:

Temptations play a huge role in taking up a large sum from our wallet & savings a/c, that too even before we realize it. At times you would have wandered to a cosmetic shop and got influenced by the gentle persuasion of the beautiful sales gal. You end up buying something that doesn’t even work on your skin. You even probably have an allergy to one of the ingredients so you have no choice but to throw it away. At some other time it is also possible to get attracted by the dress your neighbor/friend is wearing. You search it all over & finally buy it. But the day you wear it, your friend comments that it doesn’t suit you. Upset & irritated on all the investment in the dress you end up throwing it way back in the closet. Isn’t it a waste of money & time? Just think before buying something out of mere temptation & even if you like it a lot, think – “Will it suit me?”

 9. Check your habit of comparing:

Never compare yourself with anyone. Comparison leads most people’s life to either disaster or big time debts. When you compare yourself to a friend who bought a car today, you feel buying a bigger one than him. You might not be aware that he got it as a gift. You get restless to get the money as a loan as your wallet cannot afford it, where you end up signing up for a big debt. Later you will have to sell the car to call off the debt, after waking up to the fact you cannot afford that kind of luxury. What is your gain here? You have to sell your car & perhaps even pay money out of your own pocket.

10. Check your habit of haste:

Planning in advance saves a lot. If you are planning a holiday trip, plan well in advance. I know plans change even at the last minute. But there is nothing wrong in planning in advance. By advance booking of air/train tickets, you can save even 50% of your expenses. Want to lose them? I really don’t want to.

I hope you get an idea about the small changes in life that we can make. I can sum this up by saying “Be cautious about all the actions that can affect your wallet – big or small.” The moment you go out & touch your wallet, just give it one more thought – Is it worth it???