Maryn Liles
Water bills, energy bills, cell phone bills—oh, my! Here’s how to cut costs on every household bill to yield big savings.
Lower your mortgage
Refinance your mortgage. “With the interest rates that we’re seeing because of the pandemic, this is creating a ‘once in a lifetime’ chance to lock down or lower one’s interest rate and save a lot of money,” says Kevin Leibowitz, owner of Grayton Mortgage. “Thirty-year mortgage rates are below 3 percent, and 15-year mortgage rates are close to 2 percent.” Those may sound like tiny numbers, but they could translate into thousands in savings over the lifetime of your loan.
Lower your rent
Negotiate your monthly rent. Those payments may seem set in stone, but that’s not necessarily the case. “If you’re a renter, don’t be afraid to negotiate your monthly rent with your landlord,” says Taylor Burton, a family financial expert and the cofounder of Till Financial. “Chances are, a landlord will be willing to work with a respectful tenant who pays on time each month versus finding a new tenant.”
Lower your grocery bill
Shop online to avoid impulse purchases. “Use online grocery services to avoid impulsive purchases, especially if you can’t shop without the kids,” suggests Tana Williams, founder of the website Debt Free Forties. “This tip can easily save $20 or more [per order], depending on how much they beg for different snacks.”
Head to the store on re-stock days. “Find out which day of the week your grocery store restocks and shop that morning,” says Williams. “You’ll find lots of discounted products they want to move so that they can restock with fresh items, such as produce, bakery items, or meat.”
Lower your home-supplies shopping bill
Stop buying name-brand products. “From toilet paper to cereal, most name-brand items are similar to the generic store brands and can have huge savings,” says Scott Henderson, an accredited financial counselor and budgeting expert with Qube Money.
Skip disposable, single-use products. “Reduce single-use items like plastic baggies, paper towels, paper napkins, and plastic wrap,” suggests Bell. “A typical family could easily spend several dollars per day on disposables! Why not spend that money on good food instead?” Plus, this sustainable swap is a lot better for the environment.
Make your own cleaning products. “Items such as household cleaners, laundry detergent, and dish soap can add up quickly, but you can save money by making your own at home,” says Seppala. “Recipes for everything from homemade shampoo to buckets of laundry soap are just a Google search away. While you may have to invest in initial supplies, the overall savings can be staggering.”
Lower your water bill
Use aerators and low-flow showerheads. “By using aerators and low-flow showerheads, you can reduce your water usage, which will lower your water consumption, thus saving you money,” says Michael Outar, owner of Savebly.com. “These devices are really easy to install, and they are a great investment because they will essentially pay for themselves over time.”
Take faster showers. “According to the Washington Post, a standard showerhead uses 2.5 gallons of water every minute,” Outar says. “So, a simple way to lower your water bill is to take faster showers.”
Don’t use the toilet as a wastebasket. “Every time you flush a facial tissue or other small bits of trash, five to seven gallons of water is wasted,” says Doyle James, president of Mr. Rooter Plumbing, a Neighborly company.
Reuse your cup. An easy way to lower your water bill? “Drink from the same cup or water bottle throughout the day,” says Shimek. “This prevents dirtying as many glasses and reduces the number of dishwasher loads you run each week.”
Lower your electricity bill
Unplug unused gadgets. “Even in the off mode, many electronics continuing consuming energy—especially office equipment like desktop computers and printers, as well as your entertainment system with your cable box and large-screen TV,” says Andrea Woroch, a money-saving and finance expert. “Get in the habit of unplugging gadgets you aren’t using, from your smartphone charger to your coffee maker to your computer and TV.”
Switch to LED bulbs. “One way to save on electricity is to switch your old light bulbs to newer, more energy-efficient LED bulbs,” says Seppala. Sure, it’ll be a bit of an investment upfront, but “one thing that many people don’t know is that many utility companies offer free or heavily discounted bulbs to customers,” Seppala explains. “Not only will you save money on your new bulbs, but your home will be more energy-efficient (and your bill will be lower) in the months ahead.”
