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8 Ways to Save Money on Utilities

8 Ways to Save Money on Utilities

When it comes to major purchases made throughout the year, utilities are usually an afterthought. You can remember buying a new TV or reflooring your basement, but you really don’t think of how much you spend on a daily basis on electricity, water, and heat. And it all adds up.

However, there are many ways to save money on utilities over the course of your lifetime. First and foremost, you must stop thinking of utilities as a passive expense. By remaining conscious of every time you use specific utilities, you’ll know how and when you can cut back and end up saving in the long run.

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Go solar

More and more people are starting to see the benefits of switching to solar power. Although the installation can be a little pricey, you’ll end up recouping your losses through cheap monthly payments within a relatively short period of time. You can also take measures to ensure your home is prepared for solar installation, cutting down on maintenance and other fees related to installation. With solar energy, not only will you be saving money for yourself, but you’ll also be doing your part to help the environment.

Install an irrigation meter

Many people don’t know that when you use water from your faucet, you’re being charged not just for the use of the water, but for its disposal as well. While it makes sense that water that ends up going down the drain needs to be filtered once again, not all of the water you use goes down the drain. If you have a pool, or you use a lot of water in your garden or yard, you shouldn’t be charged a “maintenance fee” of sorts until the water actually goes back into circulation. An irrigation meter will document the discrepancy between water used and water drained so the water company charges you accordingly. If you use a large amount of water for anything other than washing yourself, your dishes, and your clothes, you might be throwing a ton of money down the drain.

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Steady your water heater temperature

Your hot water heater doesn’t need to be set any higher than 120°F. First of all, water warmer than that will almost certainly scald your skin. Second of all, there really isn’t much use for water that’s below the boiling point but still too hot to touch. Lastly, setting your water heater higher than 120°F causes it to work overtime, meaning it will likely end up dying out sooner than later. Keeping your hot water heater regulated can save you around $50 a year, plus lessen your risk of needing to repair or replace it.

Use reusable HVAC filters

It’s tempting to go with cheap filters for your heating and cooling units, thinking they’ll save you money and work just as well for the time being. But, despite being 2-4x more expensive than their single-use equivalent, permanent filters will save you money in the long run for a variety of reasons. Most obviously, they won’t have to replaced year after year. They’re easily cleanable, and are meant to withstand long periods of use. As long as you keep up with their maintenance, reusable filters ensure your HVAC system is not strained to the max. Like your water heater, if you don’t strain your HVAC system, you’ll decrease the chances of having to pay for maintenance or replacement later on down the road.

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Seal your home

You wouldn’t leave your door open all winter, would you? Everyone knows this would result in massive heating bills. But you might not realize the cracks in your walls and windows are doing just as much damage as an open door would do. Check your windows and door frames for cracks that will let cold air in, and fill them up with caulk or expanding foam as best you can. Do the same for any walls that meet the outside, especially where pipes come in and out of the house. You won’t realize the difference it makes to your comfort, and your wallet, until you do it.

Use Energy Star products

From lightbulbs to TVs and larger appliances, Energy Star products are designed to save you money while saving the environment from excess usage of resources. Under EPA guidelines, Energy Star products must not cost customers more than a conventional product would. Although they may be more expensive up front, Energy Star products are guaranteed by the EPA to save you money over a 5-year period.

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Use a thermostat

As mentioned before, utilities are too often considered an afterthought. Heating or cooling your home is perhaps the most effective illustration of this concept. When it’s cold out, you’ll turn on the heat to warm you up. But you likely won’t recognize when you’ve had the heat on for too long, and will end up allowing excess energy to be expelled to maintain the high temperature. Using a programmable thermostat allows you to forget all about your heater or air conditioning and let it do what it needs to do, when it needs to be done. Better yet, if you are able to set your thermostat on a timer, you can be absolutely certain you never go over a specific amount of time or energy, and your bill will stay relatively steady all year.

Do routine sweeps

Do a quick run through of your house (after reading this, of course). I can almost guarantee you have some electronics turned on that aren’t currently in use. Maybe a faucet is dripping. Or maybe you have the heat on but left a small window open in a bedroom. Be more conscious of these little things, as they pile up over the months and years and equate to hundreds, perhaps thousands, of dollars wasted that could have gone elsewhere.

Featured photo credit: Pat Glennon / 63/365 v2.0 / Flickr via farm4.staticflickr.com

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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