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11 Ways to Save Money on Monthly Housing Expenses

The cost of maintaining a home can get out of hand sometimes, especially when changes in employment or family situations occur. While you may be used to a specific lifestyle, sometimes you just have to give a few things up in order to get by and keep a roof over your head. Keep in mind that most of these changes are just going to be temporary, but in life, sacrifices must be made for necessity.

Eliminate Cable or Satellite Television

Cable and satellite television services are a luxury. There are a variety of options for watching television, especially local news programs, online for free. Many families find that by cutting cable television services, school grades improve, less arguing occurs and the family gets healthier by having time to exercise and be active. Going without cable television service is not as hard as one might think.

Set the Thermostat a Little Higher

Heating and cooling systems in a home raise energy bills during the months that they are in use. You can help to reduce those bills to a more affordable amount by setting the thermostat a little warmer than normal. A couple of degrees makes a rather big difference. You can, however, install an energy efficient ceiling fan in several rooms of the home to circulate warm and cold air to help maintain steady temperatures better.

Use LED Lighting in Bathrooms and Bedrooms

LED lighting is very energy efficient. It will help to reduce the cost of electricity in the home. Traditional light bulbs pull more electricity. Some LED options will run on battery power, such as push-to-operate lighting. This is a good option for bedrooms, bathrooms, closets and utility spaces. You can also find these options with pull strings for use in hallways, stairwells and garages.

Cook at Home

Eating out is very expensive. The cost of the food is raised by 200 – 400-percent in order for a restaurant to pay its food cost, staff, mortgage/rent and utilities. The cost is also inflated for the restaurant to turn a profit. While it is nice to eat out every once in a while, cooking at home is often healthier and does cost considerably less. For instance, the average cost for a family of four to eat out is $60, that same amount of money can buy 6 – 8 meals at the grocery store to prepare at home.

Rent Movies and Stay In

Date nights and such, where going to the movies or another event, is costly. It is far cheaper to wait for the movie to be released on DVD for rental. A movie rental costs less than $2, whereas one movie ticket averages $9. Going to the theater also leads many to purchase drinks and snacks, so a night at the movies for a couple can end up costing between $40 and $50 where renting the movie and purchasing snacks for a night at home can cost $10 or less.

Skip Drinks with Friends at the Bar

It's fun to meet up with coworkers and friends at the bar after work for a few drinks. Keep in mind that drink prices at a bar are triple, at the minimum, of what you can purchase alcohol for to consume at home. Two beers at a bar is nearly the equivalent of a six pack that can be purchased at a local store. Consider scheduling cocktails at a friend's home or your own once per week to keep the tradition alive.

Cut Out Coffee Shop Drinks

There are a variety of coffee makers on the market now, along with many ground versions of coffee shop blends, available in grocery stores. Consider making your own caffeinated beverages at home and skip the stop at the local coffee shop. You can make the drink for less than half of the cost of the coffee shop.

Refinance

If you are able, consider refinancing your home. Not only will it help to reduce monthly mortgage costs, it will reduce a large amount of the interest you are paying. A smaller interest rate is almost always available when you qualify for refinancing.  This is an option available to homeowners that have been paying on their homes for no less than three years, in most cases.

Refinance the Car

If you are financing a vehicle, and it has been more than one year since doing so, speak to the lender about refinancing the balance. This can drop your payments by an average of $50 per month as a lower interest rate is assigned to the loan. In some cases, the loan terms can be stretched out a bit to help the payments to be more comfortable.

Bundle Insurance Plans

Consider moving your auto and home insurance to one company, bundling these two together opens up more opportunities for discounts and credits. The combined rate is often far less than what the cost would be for having two separate policies. Some agencies may also be able to bundle life insurance with home and auto insurance as well.

Cut Back on Retail Therapy

Retail therapy, as some prefer to call it, is often a big problem and causes financial strain. Always put your household necessities before shopping for a new pair of shoes. Keeping a roof over your head is far more important than staying up on the latest fashion trends.

It doesn't hurt to keep a chart or table on your computer showing what the monthly expenses are. This will help you to create a tighter budget. Sometimes you might just find a few extra dollars to order a pizza for dinner or buy a cheap bottle of wine. Tightening the belt a little bit with spending is often the time when you find money in the budget to do something fun as a family once a month. The goal here is to live within your means. Don't spend more money than you make and learn to make sacrifices so that your family has everything they need such as electricity, running water, heat, food and transportation.