Household Saving Tips– How to Manage Money Part 1

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Household finance Don’t flush your hard earn money down the drain. Household expenses can really eat away at your personal budget. Before becoming a personal financial consultant, I was never really good at taking control of my utility bills. I’m going to go over a few general tips on how to save on household utility costs that I found helpful when I learned how to manage money. My first step was to develop a comprehensive budget. If the expenses were over what they should have been based on my income, I worked to reduce them. You should do a budget as well, as a first step in your quest to learn how to manage money.

The Four Major Household Utility Expenses

Water – There are so many ways we waste water in North America. Long showers, large flowing toilets, etc. This will be the first utility I will pick on in my next post. In the meantime, take the first step on how to manage money and diagnose all the ways you’re wasting water in your home. Find answers on how to conserve water in your home in our next post, and save your family money. Check out Part-2

Gas – For those of you reading in warmer climates, this may not be an issue. For us in the north, however, we use a lot of gas to heat our homes. Here in Barrie, we are forced to start up the furnace no later than November 1st due to the cold and it’s usually on until at least mid-April. That’s a minimum of six months of costly heating. One important step in how to manage money as it relates to your gas bill, is to find ways to reduce heat escape. We’ll deal with this in Part-3

Electricity – Do you have kids or anyone else in the house who constantly leaves the lights on. This is a huge zap to your financial health and is a sign of someone who doesn’t care about how to manage money. In Part-4 we will give you a lot of really helpful tips to help you hedge your electrical bill.

Phone / Cable / Internet – This is probably one of my biggest household expenses. There are so many options out there, and we often find out after signing a contract that the extras add up pretty quickly. This is also a need versus want category. Do you need the full cable package, do you subscribe to pay-per-view movies? Well I won’t preach, but in Part 5 I will teach you haw to manage money and reduce your phone / cable / internet bills and still enjoy a variety of services.

So as you’re learning how to manage money and reduce household utility expenses, start with a good budget and use other useful financial calculators to assist you putting your expenses down on paper. This will help you organize your thoughts on one page so you can see al the areas you can reduce spending. For these, you can search online, check Google, or check our resource link.

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