13 Common Mistakes To Avoid To Help You Lower Your Bills And Save Money

By BankBazaar | August 26, 2017

How to lower your bills and save money!

Do you feel that your bank account seems to empty itself every month at an alarming pace? Well, you aren’t the only one. There’s a saying that goes ‘’do not save what is left after spending, but spend what is left after saving’’. As simple as that sounds, it can be extremely difficult to follow. However, we have a solution for everyone out there who happens to be struggling with their finances. We’re going to zero in on 13 common mistakes you can avoid that will help lower the money you spend on bills so that you can save some extra money every month.

Additional Reading: How To Achieve Savings Goals

  • Ignoring your bill statements

One of the most common mistakes that people commit is their constant ignorance of their bills, statements, and receipts. No matter how busy you are, you should always check all your bills and statements for any discrepancy or error. There have been numerous cases of customers getting ripped off because they were charged more than normal.

Even if you notice a tiny mistake, you should get it corrected right away. Also, always check your Credit Card statements for any errors or suspicious activity. With fraudulent activities on the rise, you wouldn’t want to be caught cold with a massive Credit Card bill for no fault of your own.

Additional Reading: Epic Credit Card Frauds And How To Avoid Them

  • Excessive grocery shopping

A large percentage of the population ends up spending a lot more on groceries than required. Most people not only buy more groceries than they need, but they also don’t really know how to preserve their groceries.

Even if you are an efficient grocery shopper, it really is of no use if you don’t know how to preserve your groceries. Every time you throw away extra food at the end of the day or at the end of the week, you are literally throwing out money. The best way to preserve fruits and vegetables is by cutting them only when you need them and storing them at optimum temperatures in the fridge or freezer.

Additional Reading: The Future Of Online Grocery Shopping In India

  • Shopping during off-sale time

Being a shopaholic can certainly take a toll on your finances. However, you could ease the burden on your finances by shopping during sale periods. Most items are available at discounted rates during a sale, while numerous websites host flash sales, especially during festive seasons.

Watch out for these sales and shop for whatever you need during this time. This will certainly help you save a sizeable chunk of money, especially if you can get some basic household necessities in bulk for a cheap price.

Additional Reading: 4 Factors That Affect Your Household Income And Savings

  • Choosing brands over local products

Most of the products that we use are usually available either in branded form or generic form. Most times, the generic items are cheaper than the branded ones. However, people opt for the branded items solely due to the brand name.

Even if the generic item is almost similar or sometimes even better than the branded one, people tend to go with the latter. Considering generic items can help you save some money as compared to branded ones, you should at least give them a try. Of course, not all generic products may work out, especially quality wise, but you could at least save some money on certain products by choosing them over expensive, branded ones.

Additional Reading: Tips To Save – Attention Brand Addicts!

  • Not saving power at home

This is something most of us are guilty of. When we’re home we tend to leave the lights on in every room even if we don’t require them. We also tend to leave the TV running every night when we doze off on the couch or even leave the laptop or phone chargers on long after they have completely charged their respective devices.

If you are really serious about saving money, then you need to start at home. Make sure you switch off any lights and appliances whenever they aren’t required and you could see a drastic decrease in your electricity bill every month.

Additional Reading: 5 Tips On Saving Electricity Bills

  • Shying away from bargaining and negotiating

Negotiation is an art. Someone once rightly said, ‘In business as in life, you don’t get what you deserve, you get what you negotiate.’ Do you ever willingly negotiate or bargain, or do you refrain from doing either of the two?

Well, if you are in the latter category, you may have to rethink your approach because only when you master the art of negotiation will you be able to save money. Whether it is your cell phone or internet bill plan, your loan interest rate or even when making purchases, you’d be surprised to find how much money you can save by negotiating.

Additional Reading: How To Negotiate Accident Claims For Your Car

  • Spending more than necessary on rent

Are you living in a big house while most of your rooms stay unused? If the answer is yes, and you happen to be spending a bomb on rent, you certainly need to consider moving out. Whenever you rent out a house, take all factors into consideration.

If you don’t need a huge house, then find yourself a small place with lower rent. You could save big for sure.

Additional Reading: An Apartment For Rent? Here Is Your Checklist

  • Living alone

Do you have a room to spare in your house, but are still living alone? Well, maybe you should consider letting the room out. You can start by looking for a roommate among your close friends. This will help you save money on rent. And it isn’t just the rent amount that will be split, but also other utility bills. So, you will save quite some amount of money if you decide to find a roommate.

  • Not switching to energy-efficient products

It’s high time you replace those tube-lights with energy-efficient bulbs. It’s the best you can do to save the environment and some money for yourself as well. These energy-efficient bulbs, as their name suggests, consume lesser energy and thus helps you save on your electricity bill. You can research and find one that best suits your needs!

Additional Reading: 5 Tips To Curb Your Spending In 2017

  • Staying away from automation

This might seem like a very small thing to do, but it’s actually very important. If you set automatic payments for your bills, you can save a lot of money. How, you ask? Well, when you automate your bill payments, you will never miss a due date, which in turn means you will never have to pay late fees. Each time you pay late fees, you are actually spending for something that you didn’t use. So, never miss a payment by automating all the payments.

Additional Reading: Digital Bill Payments In India

  • Choosing your bank randomly

Whenever you choose a bank, never do it randomly. Always choose a bank that’s willing to offer the best rates to you. Always compare and find one that best suits your needs and budget. Always bank with a bank that offers a great return on investment. While finding a high-yielding Savings Account can be quite a task, it’s not an impossible thing. So, always go for the bank with the best interest rates in the market!

  • Unnecessary cable bill

Most of the shows these days are available online and yet people still subscribe to cable. Is it really necessary? If you stay with your aging parents who love watching TV, we understand why you still have a cable subscription.

But, if you live alone or with your partner or roommates and are generally hooked to your laptop and STILL have a cable connection, then you are wasting a lot of money. If you don’t need something, you should immediately get rid of it, especially if you are wasting money on it. So, cancel that cable subscription and save some cash.

  • Dining out too often

Do you have a pile of restaurant bills in your wallet? Do you eat out almost every alternate day? Well, you ought to learn to cook or find a restaurant that serves budget-friendly home-cooked food. This will help you save a lot of money every month. Dining out often can burn a hole in your pocket. It’s all sounds pretty simple, but you need to follow it religiously.

Additional Reading: How Can I Increase How Much I Save?

If you can avoid these common mistakes, you should be on the path to saving a substantial amount of money over time. All it takes is a little bit of discipline and willpower. Good luck!

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