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4 Genius Ways to Save Money on Your Utility Bills

4 Genius Ways to Save Money on Your Utility Bills

For many families, utility bills sneak up at the end of the month and force them to make tough decisions just to keep the utilities on. That’s no way to live life and there has to be a way to lower the cost.

If your family is consistently stressed over utility bills and trying to budget your expenses each month, then you need to come up with a plan that allows you to save money without totally shifting your lifestyle.

Here are a few clever ideas:

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1. Install Solar Panels

“Each month, your electric bill is probably one of the most expensive bills you receive in the mail,” Trinity Solar points out. “But what if there was something you could do to shave hundreds – possibly even thousands of dollars off your electric bill each year? Thanks to solar panels there is.”

While solar panel technology has been available to homeowners for a while now, it’s finally become cost-effective. The rising cost of electricity from traditional power sources combined with federal and state incentives means you can break even in just a matter of months. If you’re looking for a major source of savings, solar panels are worth a look.

2. Recycle Water

Recycling is one of the key tenets of sustainability, but when it comes to water it can also mean major savings. “Some water recycling methods are simple and require little in the way of re-plumbing. More ambitious water recycling schemes can involve re-plumbing your home, but can lead to more significant long-term savings,” expert Karin Mangan says.

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If you want to try some of the more ambitious water recycling schemes, more power to you. But in all likelihood, you’ll find it more practical to try simple techniques like collecting water in a bucket while the shower warms up (and using it to water plants) or collecting rainwater (and using it to wash your car).

3. Use a Smart Thermostat

Many homeowners are wasting thousands of dollars a year on heating and cooling costs because they’re running their systems around the clock – even when nobody’s home. Well, with a smart thermostat, you can increase your home’s efficiency by making smarter choices.

A smart thermostat allows you to control temperatures and cycles based on your home’s habits. So, in the winter you can keep the temperature warm in the morning, cycle it down when you’re at work and have it automatically cycle on right before you get home. Simple little things like this can equal major savings.

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4. Improve Insulation

During the summer months, windows are a major problem area for your home (in terms of efficiency). There are two major things you can do to avoid problems:

  • The first step is to caulk between the window and the wall. This will eliminate those small gaps that let cool air escape. In older homes, you can see major savings on your utility bill from caulking alone.
  • The second step is to cover your windows during the daytime. Even if your windows are caulked and all air gaps are sealed, the sun still shines through the glass panes and heats up the rooms inside (which increases your cooling costs). Planting trees and shrubs on the outside can help, along with using curtains and blinds inside.

Caulking also helps in the winter by keeping cold air out, so make sure you’re taking care of your windows as soon as possible.

Start Saving Money Today

High utility bills can increase your monthly expenses and ruin any form of a budget you previously had. The good news is that you can do things to lower your costs and save money. Consider these four ideas and do some research to find out which ones will help you most.

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Featured photo credit: Pixabay.com via cdn.pixabay.com

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Larry Alton

Business Consultant

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Published on September 17, 2018

How Being Smart With Your Money Leads to Financial Success

How Being Smart With Your Money Leads to Financial Success

Achieving financial success is not something that just happens. Maybe if you win the lottery or something, but for the average person like you or me, it comes from a series of small steps you take over a long period of time.

With each step, you form a new smart money habit. And with each smart money habit, you build towards financial independence.

So what sort of habits can you form to get on that path? Let’s take a look at smart money habits you can start today to get you closer to a financially independent future.

1. Avoid being “penny wise but pound foolish”

It’s tempting to try saving a couple cents here and there when buying small items. However, that’s not where the real money is saved. You’re putting in extra effort for something that doesn’t move the needle.

You get the most bang when you’re able to cut down on your bigger bills. For example, finding a lower interest rate for your mortgage could save you $50+ per month. And cutting your transportation bill by purchasing a cheaper car or taking public transportation can provide large gains as well.

So, look at your recurring expenses such as housing, transportation, and insurance, and see where there’s wiggle room. It’s a much better use of your time than trying to pinch pennies here and there on smaller purchases.

2. When you want something big, wait

Impulsivity can get you in trouble in most aspects of life. Finances are no different.

It’s human nature to see something and want it right then and there. It starts as a kid in the checkout line at the grocery store, and it continues on through adulthood.

We get an idea in our head of something we want, and it’s hard not to go out and get it right then.

A good example is wanting a new car. Perhaps you’ve had your car for several years. It’s crossed the 100k mile mark. Maybe maintenance is due, and you’re annoyed that you need to replace the timing belt or purchase new tires.

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So, you get the itch.

You start digging around online, and you realize you could trade in your current car for something newer and more exciting… all for a few hundred bucks a month. Then you get obsessed.

Here’s where you have to take a step back.

Your newfound obsession is clouding your judgement. Rather than giving into the impulse, wait it out.

Set a timeframe for yourself. Maybe you come back to the decision three months down the road. See if the obsession lasts.

It might, but often, a funny thing happens. Often, you forget about it. And often, you find that the new car wasn’t a need at all.

The impulse faded. And you just saved yourself a ton of money.

3. Live smaller than you can afford

You finally get that big raise. And you want to celebrate – and why not?

You’ve been looking forward to this forever. And after all, it was all due to your hard work.

That’s fine, splurge a little. However, make it a one-time deal and be done.

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Don’t get caught in the trap that just because you’re now making more money, you should spend more.

Too often, people get more money and feel like they that gives them the means to buy a bigger house, a bigger car… you know the drill. Resist.

The fact is that living smaller than what you can afford is one of the fastest ways to build savings.

But if you constantly upgrade as you begin to make more, then you’ll never get ahead. You’ll just build up more debt along the way and have just as little wiggle room as before.

4. Practice smart grocery shopping

Food… it’s one of the biggest portions of any budget. And if you’re not careful, it can be one of the biggest drains on your wallet.

But luckily, there are a few things you can do to ensure that you stay smart with your money when buying groceries.

Create a grocery budget

Set a strict weekly grocery budget. When you know how much you can spend on groceries, you can then plan your weekly menu around it.

Once you know what all you need, you can go shopping and keep a running tally as you shop to ensure you’re on track.

I tend to do this in my head, rounding for each item. However, writing it down as you go would probably work best for most people.

Make a list… and never deviate

Never go to the grocery store without a list. If you go to the store with a ballpark idea in mind, you don’t have a true ide of what you need.

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You’re not well-researched. You don’t know what the sales are. As a result, you’re going to make decisions on the fly.

These impulse decisions will lead to overspending, which will derail your grocery budget.

Eat before going grocery shopping

It’s also important to eat prior to going to the grocery store. Hunger is a powerful force.

If you’re shopping on an empty stomach, everything is going to look good. In particular, you may find a lot of ready-made, processed snacks will look enticing.

After all, you’re hungry now and that food is easily available. So subconsciously, you may lean towards those items.

Unfortunately, not only are those items typically less healthy, but they’re likely more expensive. You pay for convenience.

However, when you eat prior to shopping, then you’ll shop with a clear mind. Your hunger won’t cloud your judgement, influencing you to make poor decisions like a cartoon devil resting on your shoulder whispering in your ear.

This makes it much easier to stick to your grocery plan.

5. Cancel your gym membership

Now that you’re all set on your food, it’s time to get smart about managing your budget in terms of physical fitness. And let’s begin by avoiding the gym. The gym bill, that is.

The average gym membership costs around $60 per month. That’s $720 a year.

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Yet, two out of three gym memberships go unused. That means two-thirds of people who have a gym membership are literally giving away almost a thousand bucks a year. It’s crazy!

I recommend seeking an alternative. One good alternative is to look into fitness streaming services.

Streaming services allow you to stream hundreds of workouts like Insanity and p90x, right in your own home for around $10-20 a month. That’s $40-50 less a month than the average gym membership.

Of course, then there’s the free option. The internet is full of free workouts that you can do on your own with minimal or no equipment.

For example, there’s the Couch to 5K program, that I personally used a decade ago to ease myself from couch potato to running my first 5K race. If I could do it, anyone could.

Then there are free resources like reddit that have limitless information on workouts. The Fitness subreddit has done all the research for you, populating workout tips and detailed workout routines for anyone to use in their wiki.

There are several routines that require no equipment. And you can join in on the subreddit to become part of the community, making it easier for those seeking comraderie and encouragement in their fitness goals. All for free.

It’s baby steps… And baby steps can start now!

I’ve never met anyone that can’t stand to be a bit smarter with their money. And on the flip side, anyone can get smarter with their money. But remember, it doesn’t happen all at once.

Begin by fighting your impulses. Prepare for the week and be smart at the store. And cut monthly expenses like gym memberships that are overpriced and you probably aren’t getting your money’s worth out of anyway.

The devil is in the details. And the details can change your lifestyle and prep you for a financially independent future.

Featured photo credit: Unsplash via unsplash.com

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