a mom and her daughter count coins saved in their piggy bank

Five Simple Tips to Lower your Monthly Expenses

It’s often said that it’s wise to not spend beyond your means, as monthly expenses can add up quickly and increase your debt. To help keep your debt under control, here are five fast tips to help you regain your financial power.

1. Use public transportation

Although we love our cars and the freedom they bring, they are also expensive. Consider parking your car for a few months or a year and take public transportation instead. You’ll save on gas, insurance, maintenance and all of the other incidental expenses associated with running a vehicle.


2. Get rid of your impulse buys
If you aren’t using it, get rid of it. Sometimes our debt problems come from impulse buys that we take home and never use. This is your chance to get your money back now and put more toward paying off your debt. Do you really need all the extra channel packages on your cable bill for the next 6 months? 


3. Make your home energy efficient

Even if you rent your home, there are ways you can save on your power and heating bills. Simple things such as replacing traditional light bulbs with LEDs can add up to $20 or more in energy savings over the life of the bulb. Multiply that by the number of bulbs you have and it quickly makes sense. You can also install a programmable thermostat. Set it to turn the heating and cooling down low (or off) when you are not at home and turn back on as you return for the evening. Seal the cracks in your windows, walls, and doors to keep heat and cool inside where they belong according to the seasons. This can reduce your power bill as much as 20 per cent per month.


4. Unplug unused appliances
Many appliances such as your TV, programmable coffee maker, and computer use energy even when turned off. This is because they go into a “standby” state in order to turn back on faster. Unplug them or hook them up to power bars and flip the switch to “off” when they are not in use.


5. Lower the temperature of your hot water heater

The higher your hot water tank thermostat the more you pay to heat the water and keep it heated 24/7 at that temperature. You can save up to 14 per cent by lowering it to 125-130 Fahrenheit. Another tip is to install a water heater blanket on the tank. This keeps the heat in the tank and not around it.


Contact D.&A. Macleod For Debt Management and Assistance
For more information on how you can save money by managing your debt, please don’t hesitate to give us a call at a location near you today!


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