We’re always looking for ways to cut costs and save money. Unfortunately, many families have had to do this out of necessity because of the pandemic with household incomes being disrupted. If you haven’t taken a look at your finances to cut out unnecessary spending, there is no time like the present. 

You don’t have to go extreme and penny-pinch to save money either. Many of us routinely spend money throughout our daily lives without giving it much thought. Just taking a closer look at a few areas of your household finances can really add up to some substantial savings.

Here are a few money saving tips for you to consider: 

1. Program your Thermostat: A couple of degrees can equal more than a few dollars in energy use. If you’re at work or school all day, lower your thermostat a few degrees while no one is at home. Program your thermostat to bump back up when you’re back home in the evening. A smart thermostat makes it even easier since it learns your family’s patterns and adjusts the temperature accordingly. This can add up to a 10% savings per year.

2. Credit Cards: If you use credit cards wisely by paying them off each month and avoiding costly interest charges, a credit card can offer plenty of perks. Some credit card options allow you to earn cash back on purchases. Credit cards can be a very convenient way to make purchases and have a positive impact on your credit score at the same time.

3. Shop with Rewards: Online sales have gone through the roof over the past year with many companies having to shift a majority or even all their sales online. Why not take advantage of discounts and rewards at the stores you frequent most often? Companies like Rakuten and Honey partner with retail stores to offer discounts and cashback for your purchases. If you’re going to buy an item anyways, why not get cashback for it, right?

4. E-Books: Reading is a fantastic way to grow and expand your mind. However, buying books can really add up. There are many e-book providers where the average e-book is much cheaper than the printed version. Many local libraries even provide e-books that you can checkout for free.

5. Music: Streaming your favorite music doesn’t have to cost an arm and a leg. With a few commercials mixed in, you can try one of many free options for the music you love like Pandora and Spotify. It’s easy to choose music based on genre or artist so you can enjoy a wide variety of the music you love.

6. Insurance: You should shop your home and auto insurance at least once a year to ensure you’re getting the best coverage for your premium. Rates are always changing and many companies offer bundle discounts and free quotes, so there’s nothing to lose. You could save several hundred dollars each year. Some sites like TheZebra.com will offer side-by-side comparisons to review.

7. Review Your Subscriptions: We live in what the experts deem the “subscription economy,” which means we pay regular fees for many of the goods and services we use. However, it’s important to look back at monthly or annual fees for subscriptions you may no longer need...think about magazines, news, delivery services, streaming TV apps, etc. Are you actively using each one and getting enough value out of it to keep it? Evaluate and cancel as needed before renewal.

8. Take-out: Delivery and take-out have been staples in people’s lives for years. However, that morning coffee and eating out can really add up each month. Make more of your meals at home by planning your meals and grocery list for the week. You’ll not only save money, but you’ll eat healthier too!

9. Cut Cable: Millions of Americans have been “cutting the cord” and for very good reason. Paying for a huge package of channels you don’t need or want, adds up to a high-price cable bill each month. A good alternative is a streaming service like Netflix or HULU. With all the options available today, purchasing your entertainment à la carte style could save a lot of money annually depending on your TV habits.

10. Refinance your Mortgage: Home mortgage rates are at historic lows right now. Refinancing your existing mortgage can potentially save thousands of dollars in interest and have you owning your home that much sooner. If you don’t know where to start, our mortgage expert team can walk you through your options.