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8 Simple Ways To Save Money – While saving money is an incredibly HIGH priority for me, when it comes to saving on utilities, my busy schedule can pick up some slack. Sometimes I find it hard to reset the thermostat and turn off items I’m not using. But there’s real money to be saved when you take the time to do all the little things to be more energy efficient.
Did you know that the average American household spends nearly $1,500 a year on electricity alone? And every year inflation that number grows by 2.3%.
8 Simple Ways To Save Money
Factor in gas and water and that number climbs even higher. For many people, utilities are the second most significant monthly expense after the mortgage payment.
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So finding ways to cut your utility costs is not only a great way to be green, but it can also be a lifesaver for your budget!
For this article, I want to focus on energy conservation as opposed to energy efficiency. And while being efficient is important, it’s not an easy start for most people.
Efficiency is tied to insulation and window types, programmable thermostats, Energy-Star appliances and other ways to save money in the long run. Not everyone has the financial opportunity to be more energy efficient all at once.
But energy conservation has to do with the ways in which we can use (or not use!) what we have in the best possible way.
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Both are important for the environment and your wallet, but conservation is a simple way to save a lot of money.
Turns out, some of the best ways to make a big difference take a few seconds of your time.
I will be getting more of them into my schedule. I won’t let the excuse of being a busy mom stop me from being a good budget mom!
Cooling your home uses more energy, by far, than any other utility we use during the summer. And no one wants to be uncomfortable in their home, but every degree you turn up during hot weather saves you 1% a day on your electricity bill.
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To be most efficient, set your “home” temperature to 78 degrees in the summer. It is also crucial to never cool an empty house. You might throw your money in the trash.
Dial your “away” temperature to 85 degrees every time you leave for more than two hours. This only takes a few seconds to do, several times a day. By adjusting your temperature accordingly, the Department of Energy says you’ll save an average of $83 a year.
If you have ceiling fans, use them! Your air conditioner uses a quarter of your household energy – about .36 cents an hour.
It is much more than any other device. On the other hand, a ceiling fan only costs about a penny an hour. Now, understand that fans do not lower the room temperature, but they do make the room feel cooler because of the moving air. They can also reduce the humidity in your home.
Topic: Money Saving
You won’t feel a difference in temperature even if you set the thermostat 4 degrees higher as long as you use a ceiling fan.
By using a fan and increasing it by 4 degrees, you add a penny per hour with the fan, but cut 40% with your air conditioner and over 8 hours a day for 100 days of summer, saving you $104 on your summer cooling bill.
However, remember to turn off the fan whenever you leave the room for an extended period of time! A fan is only useful if you are there to feel the breeze.
*If your home or apartment does not have ceiling fans, a small investment in an oscillating pedestal fan would pay for itself more than the first year.
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One of the most commonly recommended ways to reduce energy costs is to lower the temperature of your hot water heater. Reducing the default setting from 140 degrees to 120 degrees:
And if you want extra hot water, consider heating it up just a little before you jump in the shower, then turn it down again. It only takes a few seconds, but saves real money.
An uninsulated tank loses 25%-45% of its heat (depending on where it is in your home and the ambient temperature).
Buying a jacket or blanket from your hardware store will cost about $30. That may seem like a big chunk of July’s budget, but consider this:
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Ideally, it’s a great idea to have low-use faucets and toilets, but until they become essential purchases, consider all the small ways you can reduce water use:
By being careful about your water use, you can easily save 500 liters of water every month. This can add up to $70 a year.
How many times have we heard our mothers tell us this? And with good reason. Each incandescent bulb will cost about a dollar a month to run, assuming you use the light for about 5 hours a day.
Wait! I know it’s just pennies, but think about this: If you use 60-watt incandescent bulbs and run six bulbs every night from 5:30 to 10:30 p.m., you’re spending $72 a year on just those bulbs.
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Save even more by making a practice of turning off the lights every time you leave a room. Better yet, think about it before you flip it. Most of the time, we turn on the lights out of habit when we don’t really need them.
While we focus primarily on ways to conserve energy, this is one category where you can implement efficiency as needed. One by one, as light bulbs burn out, replace them with energy efficient LED bulbs.
So if you currently have 30 light bulbs in your home (a very conservative estimate) and use them for three hours each day, you’ll be spending about $270 a year on energy costs from your lights. But if you switch them all to LED lights, that energy cost drops to less than $90. That’s a savings of $180. And once all the fluorescents are changed to LEDs, you won’t have to buy light bulbs for a long, long time. Win-win!
This little tip is so easy, but most of us never do it simply because we don’t want to wait for our computers or laptops to reboot when we want to use them again. However, to save energy, you should:
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Consumer Reports says you can save up to $75 a year just by putting your computer on standby, and even more if you turn off the entire strip every night.
Add all these up to more than $700! You could save enough in the first year to make an extra mortgage payment or pay off a credit card!
These are just a few of the ways we can start making a real difference to our budgets and our environment!
ElectricityRates.com offers you the opportunity to save some money on your utility bills. ElectricityRates.com will allow you to compare the rates of energy providers available in your area. This post may contain affiliate links, which means if you click and make a purchase, I may receive a commission at no cost to you. You can read my disclosure policy here.
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Saving money is an art and you must prepare well to master this art. Because in order to have a stable financial life, you need to save money by all possible means.
Today, with increased financial literacy, everyone is trying hard to save money. But you need to be a strategist and follow certain measures for your next egg.
It is quite impossible to pay all your bills in one day, because different bills have different payment deadlines. And amidst the busy schedules of our lives, missing payment deadlines has become a common mistake.
Once you miss the payment deadline, they will charge you large fees or penalties. And throwing more money out of your pocket makes you repent and curse your memory!
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Well, the best solution to this problem would be to opt for automatic payment. Set your bills to autopay so you don’t have to remember payment dates anymore. You can save money that would have been spent on paying late fees.
However, don’t forget to check your bank statements regularly! It will help you save yourself from any disagreements.
A proper and proper budget can be the key to your financial stability. Living without a budget means no rhyme or reason to your spending.
Let’s say you found a great deal on a t-shirt while out shopping. You couldn’t resist and ended up buying that t-shirt.
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But are you sure you haven’t spent too much? This is one of the reasons why budgeting is so important.
You have a plan to lead a frugal life going forward, but until you plan your budget, it will remain a distant dream for you!
Relax! Sit in the most comfortable place in your home with a pen and a piece of paper. Then start keeping track of all your expenses along with your monthly income from all sources.
Now, try to come up with a realistic budget
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