15 Ways To Cut Your Household Budget Starting Today (2024)

15 Ways To Cut Your Household Budget Starting Today (1)15 Ways To Cut Your Household Budget Starting Today (2)

Household budget cuts are a reality. We all need to make them from time to time. We will be doing so well managing our budget and then all of a sudden we look up and realize we got a little lazy and it’s about to be a problem.

You can get your home budget back on track and make quick budget cuts using these 15 Tips for Home Budget Cuts.

15 Ways To Cut Your Household Budget Starting Today (3)

15 Home Budget Cuts To Make Today

1) Do not heat or cool an empty house. If everyone will be gone from home for the biggest portion of the day, adjust the thermostat down for winter or up for summer. It only takes a matter of minutes to reach the ideal temperature once you return home and re-adjust the thermostat.

2) Recommended Settings. Temperatures settings should be 68 in the winter and 78 in the summer when you are home. Use an extra blanket on the bed at night in the winter. See #8 for more advice.

*According to Energy.gov, 56% of the energy bill in most homes occurs in the desired temperature settings! This is the biggest opportunity to reduce your heating/cooling cost!

3) Vacation Settings. If your home will be unoccupied for 3 or more days, use the vacation settings.

a) Turn the electric hot water heater completely off at the switch box. When you return home, it should only take about 20 minutes for the water to reheat.

b) Set your thermostat to about 80 in the summer and 55 in the winter

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4) Work with natural light.

a) Summer months; close curtains facing the East in the mornings when the sun rising will heat the house through the windows. Open them in the afternoon. Close the West facing curtains in the evening when the setting sun will heat your home through those windows. (The sun rises in the East and sets in the West)

b) Winter Months. Do just the opposite of above so the heat of the sun will assist with warming your home, unless you have drafty windows, then keep the curtains closed. See #11 about drafty windows and doors.

15 Ways To Cut Your Household Budget Starting Today (5)

5) Replace Air Filters at the recommended time. Most central units recommend replacing every 3 months. Be sure to read that information on the packaging and follow those instructions for a more efficient air flow and the longevity of your system. Write the date due for change on the air filter prior to installing it as a reminder to yourself.

6) Light Bulbs. There are many types; LED Flood, LED, CFL and Energy-Saving Incandescent. Energy Star LED bulbs use on about 20%-25% of the enregy old incandescent bulbs use, and can last up to 25% longer! Begin transitioning your light bulbs over to LED for home budget savings.

Read more about the different types of light bulbs which may suit your family’s needs at http://www.energy.gov/energysaver/articles/tips-lighting.

7) Close Doors. Be sure garage, attic and all exterior doors are closed. How often does the garage door get left open?

8) Use Fans. Ceiling fans and floor fans circulate air providing more ability to cool the home to a comfortable level in the summer. Ceiling fans can circulate the warm air in the winter as well when you run them in reverse.

9) Blocked Vents. Be sure you do not have any blocked vents or return air registers in your home. Don’t place furniture or rugs over or in front of air vents.

More Household Budget Ideas:

  • Household Budget Worksheet Printable
  • 7 Ways To Reduce Your Winter Energy Bill Right Now
  • How We Cut 13% Off Our Energy Bill
  • 52 Tips To Stretch and Save The Household Budget
  • How To Build A Clothesline
  • Faux Peat Pots for Indoor Seed Starting
  • 31 Clever New Uses for Ordinary Household Items

10) Bathroom/Stove Vent fan. Do not leave the bathroom vent fan running beyond the length of the shower. Air will continue to escape costing you precious energy dollars. This applies to the stove vent fan as well.

11) Seal The Deal. Drafty windows and doors should be caulked or weather stripped. This is generally an easy DIY project for the homeowner. Use draft dodgers at the bottom of the door as well to keep the cold air out in the winter. Install storm doors and storm windows for more energy efficiency.

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12) Power Strips save energy. Use power strips to plug in multiple electronics where needed. Likely where your television(s) are located, there are a number of electronic devices all with separate power cords. Plug them all into one power strip so you can turn it all off at one time. These devices are pulling energy even when not in use, thus the need to turn off the power. This factor holds true for everything in the home which is plugged into an outlet. Unplug and save!

13) Water Heater. Insulate your hot water heater tank and the hot water pipes for more energy efficiency. Turn thetemperature down to 120 degrees rather thanthe installation temp of 140 degrees. Also See #3 Read more about it at www.energy.gov

14) Conduct an Energy Audit. Many Utility companies will come out, via appointment, and conduct an energy audit of your home. They will then give you recommendations for energy savings. Check with your utility company. There are also private contractors who will conduct and energy audit. Check with your local Better Business Bureau for a recommendation.

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15) Learn to Read Your Meter. Check with your electric company for instructions on how to read your particular meter. This information is usually on their website. There are a number of different types of meters so you will need to learn how to read the type you have. Some electric companies can help you to break down where the bulk of your energy cost are coming from by monitoring your meter readings.

Consider Going Green

Renewable energies include; Solar, Geothermal, Wind and Water. Each State offers incentives for those who implement renewable energies. These incentives come in the form of rebates, tax credits, business loans, grants and more.

You can read more about it and learn what incentives are offered in your State by going to DSIRE which stands for Database for State Incentives for Renewables and Efficiency

You don’t have to build a new green home to implement green energy savings into your life, although that would be awesome, wouldn’t it? Somewhere in your home, you probably have a collection of reusable shopping bags! You have already started to participate in green living.Some simple steps to your DIY Green home could include:

  • Installing rain barrels
  • Installing solar outdoor lights
  • Compost rather than purchase fertilizers
  • Install solar panels
  • Line dry your laundry
  • Use cloth napkins instead of paper
  • Repurpose
  • Recycle
  • Plant a garden and grow your own food

If you want to manage your household budget better and really find ways to cut monthly expenses, taking control over your energy budget is the best place. Why is it best? Because you can begin implementing these changes right now.

15 Ways To Make Household Spending Cuts That Actually Work

  1. Do not heat or cool an empty house.
  2. Use recommended settings for your thermostat
  3. Use Vacation settings when you won’t be home for days
  4. Work with natural light to heat and cool your home
  5. Replace air filters
  6. Transition to energy efficient light bulbs
  7. Close doors letting heat or cool escape
  8. Use fans to circulate air
  9. Don’t allow vents to be blocked
  10. Vent fans left running are blowing your budget
  11. Seal drafty windows and doors
  12. Use power strips and turn them off
  13. Regulate your water heater
  14. Have an energy audit done by your power company
  15. Learn to read your meter
15 Ways To Cut Your Household Budget Starting Today (2024)

FAQs

15 Ways To Cut Your Household Budget Starting Today? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings.

What is the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings.

What are the 5 basics to any budget? ›

What Are the 5 Basic Elements of a Budget?
  • Income. The first place that you should start when thinking about your budget is your income. ...
  • Fixed Expenses. ...
  • Debt. ...
  • Flexible and Unplanned Expenses. ...
  • Savings.

What are the 3 largest budget items? ›

CBO: U.S. Federal spending and revenue components for fiscal year 2023. Major expenditure categories are healthcare, Social Security, and defense; income and payroll taxes are the primary revenue sources. During FY2022, the federal government spent $6.3 trillion.

What is the best budget for beginners? ›

Try the 50/30/20 rule as a simple budgeting framework. Allow up to 50% of your income for needs, including debt minimums. Leave 30% of your income for wants.

How to budget $4000 a month? ›

How To Budget Using the 50/30/20 Rule
  1. 50% for mandatory expenses = $2,000 (0.50 X 4,000 = $2,000)
  2. 30% for wants and discretionary spending = $1,200 (0.30 X 4,000 = $1,200)
  3. 20% for savings and debt repayment = $800 (0.20 X 4,000 = $800)
Oct 26, 2023

What is the zero-based budgeting method? ›

What Is Zero-Based Budgeting? Zero-based budgeting is when your income minus your expenses equals zero. Perfect name, right? So, if you make $5,000 a month, everything you give, save or spend should add up to $5,000. Every dollar that comes in has a purpose, a job, a goal.

What is the 60 40 savings rule? ›

60/40. Allocate 60% of your income for fixed expenses like your rent or mortgage and 40% for variable expenses like groceries, entertainment and travel.

What are 4 budgeting tips? ›

Budgeting Tips
  • Get Started. Here are some important points to keep in mind as you build your budget and identify what goes into your income and expenses.
  • Differentiate Between Needs and Wants. ...
  • Manage Your Budget. ...
  • Expect the Unexpected.

What are the 3 R's of a good budget? ›

Refuse, Reduce and Reuse.

How to budget for a house? ›

Calculate a Budget and Begin Saving

Most lenders agree that you should spend no more than 28% of your gross monthly income on a mortgage payment (including principal, interest, taxes and insurance) and no more than 36% on total debt (such as your mortgage, student loans or credit cards).

How to cut costs at home? ›

How to Reduce Expenses and Save Money
  1. Start Tracking Your Spending Habits. ...
  2. Get on a Budget. ...
  3. Cancel Unnecessary or Unused Subscriptions. ...
  4. Reduce Electricity Use. ...
  5. Prioritize Sustainability. ...
  6. Reduce Your Housing Expenses. ...
  7. Consolidate Your Debt and Lower Interest Rates. ...
  8. Reduce Your Insurance Premiums.
Jun 20, 2024

What's the best place to put your money? ›

CDs, high-yield savings accounts, and money market funds are the best places to keep your cash when it comes to interest rates. Treasury bills currently offer attractive yields at the lowest risk.

What are 3 budget planning tips? ›

Manage Your Budget
  • Record your actual expenses. ...
  • Organize your records. ...
  • Create a routine. ...
  • Include a category in your budget called “Unusual.” There will be some expenses every month that won't fall neatly into one category or that you couldn't have planned for.

What are the 3 parts needed to create a budget? ›

Expert-Verified Answer. A personal budget is comprised of three basic components: income, expenses, and savings. Each of the three components helps to make sure that a household runs smoothly and makes responsible use of its revenue.

What are three things you can do to balance your budget? ›

Ways to save
  • Compare prices and look for discounts or coupons before you buy something.
  • Avoid impulse buying, which means buying things you don't need or didn't plan to buy.
  • Use less water, electricity, and gas to lower your utility bills.
  • Borrow, swap, or reuse items instead of buying new ones.

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