10 Easy Tips For Cutting Household Bills & Expedite Wealth Building

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Expedited wealth building is not only about increasing the top line (earning more money). It is also about plugging the gaps or holes in your life from which all the money is leaking out. Most people build wealth over time by limiting their expenditures and living within and below their means most of the time. This article from our friends at CCI proposes 10 ways to cutting household bills.

Having said that, I personally don’t engage in many of these because for me, one of the reasons to build wealth is to live life on my own terms, doing the things I love doing which some of these tips suggest I don’t. However, I did not just get to where I am over night.

When I was starting out, I too was cost conscious. Cost consciousness also allows us to focus our resources on our business activities. For example, saving $100 a month on electricity or dining out is an extra $100 I can use to outsource articles to a Virtual Assistant, or start up that long pending website by buying a domain and hosting. If you too are just starting to build wealth, these 10 tips for cutting household bills will be helpful.

Stretching a dollar is getting more difficult every day, but it is possible to keep a family healthy and happy without going bankrupt. The tips below represent simple ways to cut costs without sacrificing quality of life.

1. Buy Local and In Season

Many people associate making an effort to buy local produce that is in season with consumers who are concerned with the environment, but the fact is that buying local can be a money-saving endeavor. Local produce tends to be cheaper and typically tastes better than shipped produce.

2. Cancel Cable

The lack of an à la carte option for cable means a high price tag and a limited selection of television. Opt out of your cable bill and watch television online or through a streaming device for free. Many networks even offer new episodes of their television shows on their website a few days after the episodes originally air.

3. Low Maintenance Couponing

Utilize the same concepts that people who are serious about clipping coupons use without spending the excessive amount of time and effort demonstrated by these extreme examples. Find a coupon website that matches coupons from local grocery stores with sales to cut out the need to do this work alone. Make meal plans and match sales after planning meals to make sure that the food that is purchased can be put together to feed the family. For department store shopping, consider sources like target coupons with 25% savings potential.

4. Limit Car Insurance Coverage

Look over your current car insurance premium to see if there is coverage that is unnecessary based on state laws and the age or
condition of the car, and raise deductibles to the maximum that can be afforded in the case of an accident. Go to comparison sites to see if you can find some cheap liability insurance if having full coverage isn’t necessary.

5. Monitor Electricity Use

This is a recommendation that everyone hears and no one heeds. Turn off lights when they are not in use, avoid using lights during the day when the sun is out, unplug appliances when they are not in use and make an effort to keep the thermostat under control. It’s a simple suggestion, but there is a lot of money to be saved by taking electricity conservation seriously.

6. Frequent the Library

Are you renting movies at a kiosk or in a store and buying books on a regular basis? It might be time to go back to the library. Libraries have now revamped their offerings to include eBooks and the latest DVD releases. Many library systems allow card holders to reserve a book or movie. Parents should also take note of free programs for children available at the local library.

7. Choose Used

Used toys, baby items, furniture and appliances are often offered at a 50 percent or greater discount as compared to new items. Search online and in-print classified listings and check out local yard sales. It is not uncommon to find free items available online or at the end of a local yard sale, so time your search right to score big.

8. Scale Back Your Cell Phone Plan

One way to save money is by ditching the land line for a cell phone, but even more savings can be enjoyed by choosing the best cell phone plan. Analyze usage of minutes, text messaging and data to determine the cheapest plan that meets your needs. Prepaid plans are often cheapest and allow customers to limit their usage if needed.

9. Research Big Ticket Purchases

Are you the type of person who goes to the store and buys a big ticket item immediately because you need it? Take a few days to research prices before making the purchase. Once you make a decision, try to opt for a retailer that allows a price difference refund if the product goes on sale in the near future.

10. Want More Savings? Ask!

The price of everything from car insurance to fresh produce can be negotiated if you’re willing to ask. For example, car insurance companies often offer discounts that are not advertised. Companies are often willing to offer discounts or give out money-saving coupons for future visits if you just take the time to ask.