Close your eyes. Picture a crisp $50 bill appearing like magic on your countertop each month. Think of the fun things you can buy with that! A fancy dinner. A nice bottle of wine. The list goes on.
Now, let’s make it happen!
Depending on your specific situation and spending habits, not all of these tips will necessarily net you the full $50, but some may be worth quite a bit more.
Here are seven easy ways to not only save more money at home, but also save more money in general.
1. Plant a tree.
It may seem counterintuitive to save money by purchasing a huge plant, but this is a reliable, long-term money-saving strategy. An adult tree that’s placed on the west side of a home can reduce your air conditioning needs by 30 percent. It will also reduce the energy required for heating by 20 to 50 percent, because trees both shade and insulate.
Depending on how much it costs to heat and cool your home, a few trees can save you $50 a month, no problem.
2. Embrace DIY detergent.
Making your own laundry detergent is a lot easier than you may think. You only need three basic ingredients (washing soda, borax and a bar of soap). These are all pretty cheap, so it will only cost you about five cents per load. That means you’ll only need to spend about $25 per year on detergent. Most store-bought detergents are anywhere from $10 to $20 each, so this can save you a solid chunk of change.
3. Lower your cable bill.
The average monthly cable bill is $75. So, if you can live without Law & Order marathons, canceling your cable is an easy way to save. Tip: If you can’t fathom canceling your cable, there are a few tricks of the trade that can help you reduce your bill by up to 20 percent.
4. Stop relying on coffee shops.
The average coffee shop enthusiast spends more than $80 a month for his daily jolt of caffeine. If you cut ties with those pricey cafes for good, it’s definitely possible to save $50 a month just by brewing your coffee at home. And, if you’ve been downing pricey caramel macchiatos every day, you could save closer to $100 a month.
5. Ditch your landline.
A basic landline phone setup costs about $30 a month in the United States. But that price tag can grow pretty quickly if you add features like nationwide calling and multiple lines. If it’s convenient for you and your household, ditch your landline and use your cell phones. That’s instant money in your pocket.
6. Refinance to lower interest rates.
If you’re paying off any high-interest rate loans on your home, it may be possible (and relatively easy) for you to refinance at a lower interest rate. Loan rates aren’t quite as low as they were about a year ago, but they’re still very much in favor of homeowners with this change, you can easily shave $50 to $100 a month off your monthly payments.
7. Buy diapers in bulk.
If you have kids, you’re probably already familiar with an undeniable truth: Babies poop a lot. In fact, you’ll probably spend around $90 a month on diapers before your kids are potty trained. But, if you buy them in bulk from a store like Costco, you can save at least $30 a month.