If you want to increase your savings contributions or pay off credit card debt more quickly, reducing household expenses can free up the cash flow to help you achieve your goal. Many homeowners, however, find it challenging to identify opportunities to cut monthly costs significantly. After all, it’s unlikely you can lower your rent or mortgage payment on demand.

Let’s explore some of the best ways to cut household costs so you can make room for other financial goals.

1. 1. Control your household utility costs.

Heating, cooling, and electricity costs are necessary but highly variable household expenses. Your utility costs will rise and fall over the year as the seasons change.

Some handy tips to ensure your energy costs don’t get out of control:

• Wear a couple more layers of clothing in winter
• Ensure all windows are sealed to improve insulation
• Use draft stoppers to keep energy in and home costs down
• Check if your electricity provider charges different rates for “peak” or “off-peak” hours―use washers, driers, and dishwashers when lower rates apply, using Delayed Start options as available if you have smart appliances

While small increases from month to month are likely manageable, these bills can become burdensome unless you take steps to control your costs. What is the ideal range for your thermostat? The U.S. Department of Energy recommends setting it at 68 degrees in winter and 78 degrees in summer

Additionally, if you dynamically adjust your thermostat, you can save even more money. The Department of Energy reports that you can save as much as 10% a year on heating and cooling costs by turning your thermostat back 7 to 10 degrees for 8 hours a day. That means keeping it lower in winter and higher in summer when you’re away from home or asleep.

If you own your home, a longer-term option for controlling utility costs is the installation of solar panels. While the value of solar panels depends on factors such as your home’s footprint and the amount of sun it receives, they can help reduce your monthly electric bills. Although there is an added monthly cost if you need to finance solar panels, it may be worth it if you plan on staying in the home long-term. Additionally, if you purchase the solar panels with a fixed portion of your EquityFlex® Line of Credit from OnPoint, you can qualify for a discount on the interest rate.

2. Cut down on takeout and delivery.

We know how hard it can be to consistently make dinner at home. Many of us don’t have the patience to cook dinner for 30-90 minutes plus cleanup, especially after a long, tiring day at work. That’s why it’s common to rely on takeout and delivery options.

The more you dine out or order takeout or delivery, the higher your monthly food expenses. The occasional night off from cooking is certainly needed, but consider how much your budget can support extra costs such as delivery fees and surcharges and plan accordingly for each month rather than making last-minute decisions.

With the right strategy, you can take advantage of meal planning and grocery shopping to reduce your household dining expenses. Focus on getting the staples when you shop, such as vegetables, fruits, healthy grains, and proteins. Try to limit ready-to-go options, as prepared meals can cost more than the ingredients you need to make the dish yourself. If you find yourself skipping out on meal plans because you’re too exhausted to cook in the evening, consider setting aside time on the weekend for meal prep.

3. Decide which subscriptions you’re actually using.

There seems to be a subscription for just about everything. From entertainment streaming services to monthly shipments of clothing items or beauty products, these services have consistently found a place in the modern household budget. The pitfall, of course, is the temptation to sign up for more and more accounts, causing a proliferation of monthly bills. It’s easy to forget about some, especially if you have them scheduled for auto-renewal. Each subscription alone can feel like a great deal, or a real time-saver. However, in aggregate, the addiction to automated purchases can start to add up.

Take a look at your subscriptions and decide which to keep and which to ditch. Are you getting as much from the subscription as you expected? Do some similar options compete for your attention?

There is often overlap between entertainment streaming platforms. Consider eliminating or rotating through redundant options. Stick with the one provider that has your favorite exclusives and cancel other supplementary services.

Alternatively, it may be possible for you to leverage new offerings to save money in the long term. Setting up a subscription for regular deliveries of essential products, such as cleaning supplies, can help you manage spending by reducing travel and helping avoid impulse buys. Just be careful to avoid redundancy and periodically review subscriptions to ensure that you’re still getting the value that you expect.

Trim your costs with a sound budget.

Ultimately, keeping your household expenses low can be a challenge. While you may know what to do, taking action can be difficult. When looking for help on reducing your biggest monthly expenses, it helps to have an established budget. Learn more about personal finances and how to build an effective budget with our educational resource Enrich.