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Once upon a time, in the lavish ages of kings and queens, they lived like there was no tomorrow and splurged away all their wealth. I wonder how they would feel in this age, where the cost of everything is sky-high and frugal living is actually a clever way to survive.

In fact, living on a budget has become so crucial in this expensive age that we often find articles about life hacks and cost-cutting strategies. Well, here’s another one that has some really efficient tips that might just help you slash your household budget. Just scroll down and see for yourself!

#1

Cook

Family preparing a meal together in the kitchen, applying smart household budget techniques. For starters, cook!

Margaret Needler , August de Richelieu Report

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John Jameson
Community Member
3 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Since this is the first post, I'll say it here. I hate the work "hack." Somewhere along recent history, some jerk change the meaning of breaking into a computer to stand for "common sense" and everybody thinks it is cool to say that now. And all these are just tips on how to live better.

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    #2

    Buy A Bunch Of Commonly Used Discounted Items

    Grocery store with produce section, displaying savings signs to help slash household budgets. Any item(s) which are commonly use if they are put on discount sale, dont hesitate to buy a bunch of them. This saves you money if you do. But dont buy things which are perishable like food items where expiry date is indicated to consume them within that period of time.

    Zar Tanopo , Pixabay Report

    #3

    Buy Cheaper Versions Of Retail Products

    People shopping for baskets in a store, exploring smart ways to reduce household budgets. In many cases, buying cheaper versions of retail products. That 89 cent roll of generic toilet paper? It most likely has much less overall square footage than the brand name paper that’s $1.09. You just have to compare quantities to cost to get the best deal. “Cheapest” isn’t always the best deal. It just means less money.

    There a lots of examples I could probably mention. Batteries, car parts, food, etc. It all comes down to what you get for the price you pay as to whether or not it’s a better deal.

    Rob Robinson , Antoni Shkraba Report

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    Auntriarch
    Community Member
    3 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    Asda own brand loo paper, nice thick rolls with a tiny hole in the middle

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    Our world is progressing at an alarming stage, and almost each and every day we are hearing about some new inventions in technology. One other such thing that's also constantly evolving is inflation and it's taking over the whole world. The situation is so dire that experts have predicted that some daily essential things might soon be very hard to get for middle-class people.

    It is estimated that an American household spends an average of $61,334 per year on their expenses, with housing being the largest expense, a whopping $1,800 per month! This amount is quite staggering, considering the fact that the average salary in the US is $66,622, so frugal living is how people can survive.

    #4

    Fix Things Instead Of Buying New Ones

    Notebook with to-do list for slashing household budgets. Take an inventory of what you already have before you go shopping and don’t buy things you have or don’t need. Don’t buy things just because “everyone else” has them. Fix things instead of buying new ones. Find new uses for existing things. Don’t bring thi gs I to the house that are not really needed.

    Linda Miller , Suzy Hazelwood Report

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    Geoffrey Scott
    Community Member
    3 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    And if you DO buy new? Research, research, including family and friends feedback on stuff. If your cousin Bob has a tool, or something he's had forever, make a note of it. And, plain Jane appliances and such and lower feature cars are generally longer lasting due to less stuff to go wrong.

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    #5

    Check Consumer Reports

    Person handing a credit card over a payment terminal, illustrating budget-friendly shopping strategies. Impulse buying, assuming a higher priced brand item in another store is better because of the higher price. Check consumer reports, Cadillac has a worse rating that a small Toyota at half the price or less. Thisapplies to kitchenware, TVs, vacuum cleaners, cars, and almost any item...

    Walter A Duda , energepic.com Report

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    #6

    Write Down Your Spending And Evaluate It

    Person calculating budget on paper with a calculator, illustrating smart ways to slash household expenses efficiently. Write down everything you spend money on, absolutely everything and then do a serious evaluation of what you are spending money on and once you see it on paper you realize how much you spend on stupid stuff, cut out everything but the essentials and no Starbucks is not an essential and once you are down to the basics you can cut down even further. For household items you can definitely save money by switching to generics or store brands and get a discount or coupon app and you will start saving a ton of money at the grocery store.

    Rowdy Strongarm , Kaboompics.com Report

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    Niamh_ie
    Community Member
    3 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    The expression look after the penny's and the pounds will look after themselves springs to mind.

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    Folks all over the world are searching for different ways how they can beat inflation and still enjoy their lives. Especially, a country like Japan is promoting minimalism by inventing new things so that people can easily live with less, save money, and still find happiness and satisfaction in their lives.

    Some studies have also revealed that minimalism directly affects financial well-being and happiness. Looking at the graceful way in which folks in Japan are adapting to the minimalist lifestyle reassures us that there's still hope, and inflation cannot conquer us.

    #7

    Don’t Compete With Others’ Lifestyles

    Hand writing budget notes with calculator and cash, focusing on household budgets. Saving money. Everyone wants to do it. But no one executes the plan. Below are simple steps.

    Do not keep up with the Joneses. Don’t compete with others’ lifestyles.
    Have a budget for Food, Travel, Entertainment, Social life etc.
    Put away at least 15% of your income for Savings. And 10% for Investing every month.
    Make & take food from home. Cut down junk food. Travel by local transport or if you can walk (good exercise)
    Go to bed early & rise up early.

    Roy David , Kaboompics.com Report

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    Amy Lee
    Community Member
    3 weeks ago (edited) DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    So save 15% of nothing and then invest 10% of nothing. The opening line of "keep up with the Jones" an excellent indicator of the age of advice giver. They clearly lived in a time where working a unskilled, non professional job meant being able to afford a comfortable life. Anyone not of that generation is trying to keep heads above water whilst keeping 3 jobs spinning and the world telling them they're too fragile.

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    #8

    Live Below Your Means

    Open notebook with a pen and a cup of coffee on a wooden table, symbolizing budgeting ideas. Live below your means and set up an automated money transfer every month into a savings account which you can’t touch.

    Start a money diary and account for every penny/dime you spend for a whole week. Notice where you over spend on unnecessary items.

    Start a pension which lets you save for the future and save money on taxes. Plus, you learn to live below your means too.

    Pay off credit cards and debt quickly and avoid paying only the minimum amount which will keep you in debt longer.

    Tim Halloran , freephotocc Report

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    #9

    Shop Less

    Woman using phone while organizing her fridge to slash household budget smartly. Arguably, clipping coupons and reading store ads to find loss leaders. I say arguably, because there are some who raise these practices to an art and produce significant savings. Personally, I find the better approach is to shop at a limited number of places (one or two); buy basic ingredients rather than prepared foods; avoid buying high margin, low value items like soda, chips, and boxed cereal; stick to my shopping list of things I know I will use; buy in season produce; and avoid driving all over town. The next step is to put the time I don't spend on coupons into bigger wins for saving, including dropping unused subscriptions and memberships, negotiating or shopping around the things I'll keep, biking instead of driving, doing my own cooking, maintenance, and gardening, earning more money, and automating saving and investing.

    Betsy Megas , Kindel Media Report

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    Sarah Belt
    Community Member
    3 weeks ago (edited) DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    I feel like this is entry has the most realistic advice, which boils down to don't waste time on small stuff. Maximize your time and savings.

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    In this list, many people have stressed that cutting back on things that you don't need is quite helpful, and honestly, we couldn't agree more. Prioritizing buying what we actually need over what we only desire brings us a step closer to winning the battle of cost-cutting.

    J. Michael Collins, a University of Wisconsin-Extension family and consumer economics specialist suggests in an article, "Pick one week and track everything you spend. Try to be critical of yourself. Realistically consider your situation and imagine how easy or hard it would be to give up cable TV, eating out, or even a second car."

    #10

    Avoid DIY Projects If You Don't Know What You Are Doing

    Person with a drill in their pocket, standing by a ladder, exemplifying household budget strategies. Certain do-it-yourself projects if you don't really know what your doing. For example any car repair can cost you more in the long run if you don't really know what your doing. Another example is replacing items with cost-saving items (such as lightbulbs) before they are dead or ready to be changed. If you still have life in something use it up before replacing. Another example is buying a budget program or different budget binders/notebooks and then not really using them (ironic since you spent money on them so you could save money with budgeting).

    Breeanna Shaw , Kaboompics.com Report

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    #11

    Waiting, Saving, And Scrimping

    Hand placing a coin in a clear piggy bank, symbolizing smart ways to slash household budgets without feeling broke. Waiting,saving, scrimping, doing without to put as big a down payment on a house as they can to avoid that larger monthly mortgage bill that they will get all the while home values continue to climb well over what they were “saving” by foregoing buying “now”. Or waiting until the “perfect” house becomes available and continue to rent while home prices continue to climb.

    Pete Hart , Joslyn Pickens Report

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    #12

    Buy Food When You Need And Save Waste

    Woman shopping smartly in a grocery store, checking a list, surrounded by fresh vegetables, to slash her household budget. It may sound crazy but it saves waste to buy food as you need rather than a week or month in one go. Shower every other day unless you sweat a lot, try to make clothes last as long as its sensible before putting in the wash. Make sure your lighting is up to date with led as it uses pennies a week. Turn the water heater down to 40 degrees max, wash clothes at 30 degrees, cook veg in a multi tear steamer so only one hob is needed. Now the hard part stop buying coffee from coffee shops make your own and no fast food take aways or cut down to once a fortnight.stop using the car for unessessary trips.

    Terance Wares , Kampus Production Report

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    Deborah
    Community Member
    3 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    "multi-tier." Buy food as you need. How glorious, you can get out every day for fresh food.

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    Another aspect that folks emphasized was savings and different ways that people can save, even if it's not a lot. Nearly 37% of Americans say they couldn’t afford an emergency expense over $400, and shockingly enough, 21% of people have no emergency savings at all.

    Saving money can be tough, especially when you're just starting out and not making a ton, but even putting aside a little now can really add up over time. You might not realize how important savings are unless you are stuck in a situation where it can be quite crucial.

    For instance, if you want to switch jobs, retire, buy a house, or even plan your future with your family, it all comes down to how much money you have saved.

    #13

    Reduce The Use Of Utilities And Paper Products

    Household budget tip: several toilet paper rolls on a wooden floor, highlighting cost-saving strategies. Reduce paper product use by using rinsable rags, halving facial tissues, and keeping a supply of specially cut paper towel strips of about 1.5″ x 3.5″.

    Reduce the use of utilities. Install LED lights. Open shades in the winter. Buy sale or reduced price, close to expiration meats. Make big meals that create lots of left-overs that can be microwaved well into the future.

    Witness , Vlada Karpovich Report

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    Lisa Watson
    Community Member
    3 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    I have inexpensive wash cloths that I use instead of tissues. Toss them in the wash with the towels. Generally easier on the skin as well.

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    #14

    Focus On Your Health And The Food You Eat

    Doctor conducting a budget-friendly home health check-up. Food and health are good examples.
    There are countless stories of people who had a bad cough or some minor infection but refused to see the doctor because they didn't want to pay or didn't want to miss work and then end up needing a far more serious (and expensive) medical procedure. Your health is not something to be cheap about.
    The same applies to those who skip going to the dentist only to eventually need cavities filled or teeth replaced, or those who buy cheap, low-quality food only to then get sick and have to miss time from work.

    Joe Philleo , Antoni Shkraba Report

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    #15

    Research The Company Before Buying

    A compact car racing on a track, showcasing a budget-friendly motorsport activity. One way is ALWAYS taking the low bidder on a project without researching the company independently.

    A classic case was buying a YUGO when it was introduced to the American market a few decades ago. One can still remember the immortal words of CONSUMER REPORTS when the car was reviewed decades ago: “this vehicular barely qualifies as a car”. It was very cheap.

    Neil Leitner , VeleMarinkovic Report

    Well, that's it from our end. We hope that the tips in this list bring some value to anyone who is looking for ways to cut their household budget. Which one of these did you find most helpful? Also, if you have any other useful strategies that our list might have missed, please feel free to share them with us in the comments!

    #16

    Determine Your Financial Priority

    Man using a smartphone and holding a credit card, outdoors, demonstrating a smart way to slash household budgets. The five best ways to save money effectively are as follows:-

    Use credit cards wisely otherwise, it will put you in a debt trap
    record your expenses which will show where you are spending unnecessary
    Determine your financial priority
    Apply the 50 - 30 -20 rule, 50 % for Need, 30 % for Saving and 20 % for Wants
    Make saving automatic start a SIP

    Avinash Kumar , Anete Lusina Report

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    #17

    Cut Back On Things You Don't Need But Want

    Starbucks cup on a wooden table, illustrating smart budget slashing by reducing coffee shop expenses. Start by cutting back on expenses and “things you dont need but want” If you buy an $8 coffee from starbucks every morning for 5 days thats $40 you saved. $7 lunch at wendys for 5 days thats $35 you saved. That right there is $75 in one week as an example. Multiply it by 4 weeks and you saved $300 in a month.

    Anthony Heflin , Erik Mclean Report

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    Sarah Belt
    Community Member
    3 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    I'm confused as to who they think will benefit from this advice.

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    #18

    Buy Groceries In Bulk

    Grocery store produce aisle showcasing fresh greens and vegetables, representing smart budget-friendly shopping choices. Buy groceries in bulk if you have storage space in your home. My first stop is Costco where I buy meat and fish, then I separate it with Ziploc bags and store it in my chest freezer. Cook enough food for two [2] meals and freeze leftovers.

    I also buy paper products like paper towels and tissue paper. They have a lot of products and services for members.

    Just walk up and down the aisles, you will find everything you need. A Costco membership is well worth the cost.

    I build meals off of the protein and add a starch. Then I pick up vegetables and salads/slaw at the grocery stores and Trader Joes. I like something fresh with every meal.

    I buy gallon cleaning products at Smart and Final. They have good prices on groceries and cleaning products. Those are a few suggestions for saving money on household expenses.

    CD Stevens , Matheus Cenali Report

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    Deborah
    Community Member
    3 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    If you have the room is a key statement here. I can't stock my freezer because my apartment doesn't have a full size fridge. I have no place to store paper goods.

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    #19

    Stop Eating Out

    Two women dining out, enjoying affordable meals as a way to slash their household budgets smartly. STOP EATING OUT! Cook all of your meals. I easily saved $200-$250 a month just by cutting that out. Reduce eating out to once a month at a restaurant that’s worth it. Cut out all the $7 Burger King meals and $8 Chipotle runs 4 times a week…not worth it!

    Anthony Washington , Adrienn Report

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    Angela B
    Community Member
    3 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    My rubbish bin goes out more than I do.... and I'm still struggling, as many of us are.

    See Also on Bored Panda
    #20

    Define An Auto Withdrawal From Your Account On Your Pay Day

    Wallet with euro notes and coins on a table, symbolizing budget slashing for household savings. Define an auto withdrawal from your account the same day you receive your paycheck by your retirement account. Assuming you don't contribute the full amount on the first day of the year, you can plan it to be equal to your total possible contribution for the whole year divided by 12.

    At the end of the year, you have contributed the full amount, take the tax benefit and this money is hard to touch because of the penalties imposed by IRS. With a wise invesent, you'll have enough money for retirement within 30 years or so.

    Mehdi Zare , Jakub Zerdzicki Report

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    Geoffrey Scott
    Community Member
    3 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    Even putting $50/pay into savings will demand better fiscal choices. And if you 'forget about it', and send your tax refund(US) to it as well, you'll be pleasantly surprised how fast it grows.

    #21

    Fulfil The Needs You Require More

    Woman sitting in a cozy chair by the window, savoring a cup of coffee, embodying smart budget living. Don't demand high to yourself… relax and just fulfill the needs you require more.. Don't see others what they are doing… Watch yourself what you really is and what really you desire… This will help you save more and live good

    Salim Khan , Andrea Piacquadio Report

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    Ann Keefer
    Community Member
    3 days ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    #21 is not even grammatically in the general ballpark of correct. "Don't demand high to yourself" ??? And "live good" -- OK? What, precisely, is this hint asking or telling me to do? Apply to be a proofreader/ copyeditor at Bored Panda, I guess.

    #22

    Avoid Working While Going To College

    Volunteer holding a food aid box in front of a van labeled "Food Supplies," showcasing smart household budget strategies. Working while going to college.

    I see it all the time, people decide they want to become “debt free” and “work” their way through college. But by doing so they miss out on opportunities to earn free college. There are campus groups that do volunteer projects that can earn you a living stipend. Other groups offer really great networking opportunities, but you can’t go because your too busy working at a grocery store.

    James Hoffman , RDNE Stock projec Report

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    Jaya
    Community Member
    3 weeks ago (edited) DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    On the one hand, it's great to not be in debt after college. On the other hand, depending on what you study, you will make way more money an hour when you start working in your field, so you can pay it off way faster after college than during. Also, if you invest all that time in studying harder, you will become very good and be able to get a better paying job than if you only study enough to become mediocre. That will pay itself back faster than all the time you spent on a minimum wage job during college. (Depending on what your field is like of course, and whether you have to pay much/little/zero interest over your student debt)

    #23

    Think Outside The Box

    Person changing car oil to slash household budgets, wearing gloves in a garage setting. Think creatively. Think outside the box. Learn plumbing, can food, use a wood stove safely, change your own oil, make your own furniture, paint your house and learn how to decorate. Buy used clothes. Believe it is possible and your mind will work to give you ideas.

    Jeff Monroe , Daniel Andraski Report

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    Jorie
    Community Member
    3 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    All of this sounds good and it is........until it isn't. There are just some things that need to be tackled professionally. Life can get downright dangerous if you don't know what you're doing with some DIY projects.

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    #24

    Cut Down On Spending On A Cable Bill

    Hand holding a remote control, turning off a TV, a smart way to slash household budgets. Cut down on your spending start reducing the use of certain objects particularly cut down on spending a cable bill when no one is really actually watching anything pertaining to what's on the program everyone's always queued in on their social media or their devices why have a huge TV with all different kinds of cable networks when your phone has the same thing and you can always use a Smart TV too translated from your phone to that television

    Robert Coleman , Kaboompics.com Report

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    Deborah
    Community Member
    3 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    I really can't bother to read things that are all one sentence.

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    #25

    Save And Invest

    Person holding a jar labeled "savings," filled with coins, illustrating a strategy for reducing household budgets. Start at the earliest. First save and then spend. Building up is slow in earlier years. Be patient.

    Read the book ‘Rich Dad Poor Dad’. Understand the importance of investing rather than saving. Investing involves risk. Saving involves low return. So save and invest. Do both. Save for security. Invest for prosperity.

    Sree Raj N T , Towfiqu barbhuiya Report

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    #26

    Save Small Amounts

    Coins scattered on a wooden table, representing ways to slash household budgets. The best strategy to save money in these days to go with 52 weeks challenge of saving small amounts. You can start with $1 in first week and add or increase $1 each week. Let me explain with total number of weeks and money to save with minimal amount: -

    Weeks: $1+$2+$3+$4+$5++$6+$7+$8+$9+$10++$11+$12+$13+$14+$15+$16+$17+$18+$19+$20+$21+$22+$23+$24+$25+$26+$27+$27+$28+$29+$30+$31+$32+$33+$34+$35+$36+$37+$38+$39+$40+$41+$42+$43+$44+$45+$46+$47+$48+$49+$50

    The total by adding $1 each reaches to= $1378

    So just an example, you can start over with 2 $ and increasing it by every week.

    Other strategy to save money is adopt any skill and start to sell that skill through freelancing.

    Billy Carvelli , Karol D Report

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    Jaya
    Community Member
    3 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    This is such nonsense though. Adding an extra dollar everyday sounds like a a little but is as they show in fact A LOT. Saving 30 or 50 a week isn't easy, so it doesn't matter that you only built it gradually. The only thing this person's entry shows, is how fast numbers grow.

    #27

    Work The Money Plan

    Euro banknotes scattered as a representation of slashing household budgets smartly without feeling broke. Working the Money Plan , where money works for you 24/7.

    It is based on The Money Principile. Of 10/20/70.

    10% is your PYF. THAT BECOMES YOUR PASSIVE INCOME AND IT WORKS FOR YOU 24/7.

    Manifesto with Abundance!

    Col Dunn , fotoblend Report

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    Ic_polls

    Poll Question

    How have you found the process of cutting household expenses?

    Easier than expected

    About as difficult as expected

    More challenging than anticipated

    I haven't tried yet