On 04/03/18 I posted a blog titled, Household business. I truly believe there is great importance in operating your household from a financial perspective for several reasons. First, there is no reason to throw away your money if you do not have to. Second, you should always try to maximize your dollar and stretch it where possible. Third, just because you have excess money today does not mean you will have excess money tomorrow. Here are a few key areas where we can save money in the household.
Turn off your lights when you are not using them… this does not just go for lights. This also goes for any appliance, tool, or machine in the house that requires energy or other resource (i.e., gas, electric, water). For example, when you are brushing your teeth you do not need to keep your sink running. Another example, do not leave your TV on when you are not watching it.
Do your own chores… cleaning services can be very expensive. Work into your schedule extra time to do chores in and around your house because this is an area where you can save significant money. For example, instead of paying a landscaper to cut your lawn and take care of your property, try doing these things yourself. Another example, is doing all of your own work around the house such as painting instead of hiring outside professionals. This also gives you a chance to learn something new.
Keep an eye on your bills… service providers are always going to try to increase your bill at any chance they get. Previously, I wrote a blog titled, Battle of increasing bills. This blog speaks to this specific topic and might be worth your time to read it. You should also keep your eye on advertisements for services you already use because if there is a deal, you can reach out to your service provider and ask them to give you the discount. For obvious reasons, they will not just apply the discount to your account unless you ask.
Prevent your stuff from breaking… maintain your property, machines, equipment, toys, and anything else you have at home. This also includes cars, boats, tractors, and so on. If you can prevent your things from breaking, then you will save a ton of money by simply not having to fix them. It is much more cost effective to take preventative maintenance measures than having to fix the items when they break.
Avoid interest, fees, and penalties… avoid at any cost spending extra money for no reason including interest, fees, and penalties. Banks and credit card companies love when you are late on a payment because they are waiting to slap you with a $35 fee or penalty. If you do not incur fees, you are getting the bank and credit card services for free.
There is much more to effectively running a household as a business financially, but these five are a good start. If you have other ideas on how you could save, please feel free to leave a comment for discussion. I would really like to see some discussion around these topics to help build knowledge and create an environment of sharing information.
Category: Financial, thoughtsTags: avoid fees, avoid interest, avoid penalties, battle of, bills, business, do your chores, electric, fees, gas, household, interest, keep an eye on, landscape, operating, penalties, turn off your light