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Is a Gas or Electric Furnace Best for Your Home?

Is a Gas or Electric Furnace Best for Your Home?

When it comes time to replace your furnace, it can be challenging to decide whether you should purchase a gas or electric version. Each has its own benefits and drawbacks. Before you make a decision, here are some key points to examine:

Furnace Cost

One of the first factors people consider is the cost of buying a new furnace. In most cases, new gas furnaces are notably more expensive than electric ones. However, even though the upfront costs of a gas furnace are higher, that doesn’t mean you will spend more over the life of the furnace than you will with an electric version.

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Installation and Operating Efficiency

Neither gas nor electric furnaces are overly difficult to install. Electric versions simply need to be properly connected to the system. Gas furnaces do require venting to the outside, though this step may already be complete if your property previously had a gas furnace.

When it comes to operating efficiency, the gas version is by far the winner. A gas furnace can operate at 95 percent efficiency, while electric options are nowhere near that efficient. With the current price of fuel for gas furnaces, it looks like they will be more cost-effective in terms of operating costs for the foreseeable future. If you are looking to keep your day-to-day operating costs down, gas should be your go-to option.

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Lifespan and Maintenance

When it comes to lifespan, electric furnaces are the winner. In some cases, a gas furnace will need to be replaced every 15 years. In contrast, an electric furnace may last for 20 or even 30 years. While there are no guarantees how long yours will last (outside of a formal warranty offering), one way to ensure you get the longest life possible is by performing regular maintenance.

Gas furnaces should be examined by a professional on an annual basis to ensure there are not carbon monoxide emissions escaping through a crack. Electric furnaces should be maintained in order to ensure higher levels of efficiency. Regular maintenance on both types of furnaces will help keep the operating of any attached fans quiet.

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Need for Heat

In some cases, you simply don’t need heat that often. This can apply to homes you only occupy in the summer or to those who live in particularly temperate climates. Additionally, the nature of the furnace and the cost to run it may be less critical when other heat sources are used more regularly. For example, if you prefer to curl up in front of a roaring fire in the winter or snuggle up to an electric blanket, you may not have to run your furnace as often. In these cases, you may choose to go with a less expensive product or one with fewer maintenance requirements.

Safety

Operating an electric furnace poses no additional risk beyond that of other electric appliances. Gas furnaces have a slight amount of risk based on the use of gas for fuel: a gas furnace can release gas or hazardous carbon monoxide into a space. However, with proper maintenance the risk is quite low. Additionally, the installation of a carbon monoxide detector near the furnace can help alert you to any trouble before any harm is done.

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Making a Decision

The only way to determine which option is right for you and your home is to examine each of the above criteria carefully. If your house is currently setup for a gas furnace and you anticipate high levels of use, then you may want to go with a gas version for the improved operating efficiency. However, if you live in a more temperate area or are looking for a solution for a holiday home, then choosing an electric version may be more cost effective in the long run. Ultimately, you will need to estimate your average usage and determine which way makes the most functional and financial sense.

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Published on July 4, 2018

Top 10 Recommendations on Money Management Apps

Top 10 Recommendations on Money Management Apps

Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

The solution is simple, save more and spend less. But, we all know it’s easier said than done.

One problem is finding quality apps that save you time and money, and aren’t just hype.

Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

1. Personal Capital

    When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

    Here are some of its main features:

    • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
    • Discover hidden fees and how much they’re affecting your retirement plan
    • Wealth management for investors requiring a long-term strategy

    With Personal you’re free to track your expenses and net worth.

    Available for: iOS and Android

    2. Mint

      If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

      Here are some of its main features:

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      • Effortlessly track all your bills and balances in one dashboard
      • Categorized expenses to understand where you spend your money
      • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

      Feel at ease with managing your money by a reputable company that isn’t going anywhere.

      Available for: iOS and Android

      3. YNAB

        Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

        Here are some of its main features:

        • Easily sync all bank accounts in one place
        • Visually see your debt paying progress with eye-catching charts and notifications
        • Customized categories setting saving goals

        The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

        Available for: iOS and Android

        4. Wealthfront

          Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

          Here are some of its main features:

          • Variety of investment account options including IRA, Roth IRA, and more
          • Your portfolio composed of 7 different asset classes
          • Automatically rebalanced portfolio
          • Daily tax loss harvesting

          Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

          Available for: iOS and Android

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          5. Clarity Money

            If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

            Here are some of its main features:

            • Easily cancel subscriptions with one click
            • Synchronize bank accounts fast
            • Transfer money effortlessly between different accounts

            Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

            Available for: iOS and Android

            6. Acorns

              What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

              Here are some of its main features:

              • Automatic contribution option
              • Customized portfolio tailored to your needs
              • Low management fees ranging from $1-$2 per month

              Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

              Available for: iOS and Android

              7. Albert

                Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                Here are some of its main features:

                • Receive notifications for overpayments, hidden fees, and low balances
                • An Automatic budget that’s built around your spending and income
                • Easily track debt and set new financial goals

                While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                Available for: iOS

                8. Prism

                  Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                  Here are some of its main features:

                  • View all your account balances in one glance
                  • Bill due dates are automatically pulled and tracked
                  • Receive early reminders for upcoming bills

                  If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                  Available for: iOS, Android, Windows, Amazon

                  9. Mvelopes

                    Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                    Here are some of its main features:

                    • Connect unlimited bank accounts
                    • Real-time budgeting with auto transaction syncing
                    • Low monthly $4 fee or $40 annual

                    Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                    Available for: iOS and Android

                    10. Wallaby

                      Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                      Here are some of its main features:

                      • Automatic recommendations for the best credit card to use for each transaction
                      • A friendly user interface, displaying credit cards with their corresponding images
                      • Free to use

                      If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                      Available for: iOS and Android

                      Take control of your finances and experience financial freedom

                      Picture yourself staying on budget and saving more money than you’d ever imagined.

                      It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                      You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                      Featured photo credit: Pexels via pexels.com

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