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Can a Smart Home Really Help you Save Money?

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Can a Smart Home Really Help you Save Money?

Smart homes and smart technologies have become popular buzzwords over the past few years. From basic smart appliances, to fully-featured smart home solutions, many people are buying into the promise of reduced bills and an overall cool look for the house.

    Aggressive marketing techniques have seen the smart homes market grow into a multi million-dollar outfit; Statista puts the revenue figures at around US$927 million in the UK alone for 2016. In the United States, the industry is even bigger, at a massive US$48 billion in 2014, according to this infographic. Even with such crazy numbers, the industry shows no signs of slowing down, and is expected to grow to about US$3.7 billion in 2021.

    Globally, the rate of penetration for smart home technologies is expected to reach 38.7% by 2021, up from 2016’s 8.2%. Part of the reason why the industry is growing at such a high rate is the expectation by smart homeowners that they will accrue massive savings by using smart tech. So, how much should you expect to save with smart tech, if you do manage to squeeze something out of your annual expenses?

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    How Smart Tech Will Help You Cut Costs

      Smart tech often includes devices such as thermostats, refrigerators, air conditioners, and other home equipment that come with Wi-Fi capabilities. This setup allows you to control these smart devices remotely via an app on your smartphone, and even monitor usage to control consumption to possibly save costs.

      These aren’t cheap, though, with some going for hundreds or even thousands of dollars for complete smart systems. It will be years, however, before you can recoup the costs of acquiring such systems. For example, an investment of about US$5,000 will usually yield costs savings of about US$100 each year, which isn’t feasible for most people who are renting an apartment.

      With their high initial capital outlay, smart tech usually works well for landlords and homeowners who stand to gain cost benefits for the life of the tech. Many tenants will get smart devices for aesthetics and to reduce their impact on the environment, but rarely for significant cost savings. For homeowners and tenants who want to save every penny they can out of their monthly bills, it pays to plan ahead.

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      There are many ways you can save money by installing smart devices, and here are some of them.

      Smart Thermostats

      Heating and cooling take a huge chunk of monthly bills, with individuals spending up to half of the average household budget on them. Smart thermostats can adjust themselves in response to someone’s presence in the house, ensuring they are set to low or turned off when no one is around. Programmable thermostats can help you save up to 25% of the heating and cooling bill.

      Smart Lighting

      Lighting is only second to excessive heating when it comes denting the monthly bill. A smart lighting system can dim, turn off, or change the color of your bulbs for maximum energy savings. LED bulbs often cost more than regular bulbs, but can help you knock off at least US$35 per bulb annually.

      The water bill is another little-known area where individuals can save cash. This water utilization infographic by bathroom accessories company Big Bathroom Shop shows just how important water is for everyday life. Smart sprinklers automatically adjust the amount of water they let through according to the weather report, which can shave off up to 50% of the water bill.

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      Smart Power Outlets

      Standby power use is a significant contributor to energy wastage and unnecessary expenses, contributing to about 16% of the electricity bill. Smart power outlets enable you to monitor and restrict energy drain via the sockets, which can save you up to 16% of the electricity bill.

      There are hordes of other energy-saving devices that you can use for your home. Each will give you varying levels of energy and cost savings, so plan wisely before diving in.

      If you are a tenant, sometimes the right energy savings can be achieved by moving into a house that already has the proper energy-saving equipment and gadgets already installed. After all, moving into a smart home is much easier than assembling one.

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      Image Credit:

      Application money Via Pixabay, Man making a roof gesture on piggy bank Via Freepik

      Featured photo credit: hswstatic via s.hswstatic.com

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      Last Updated on November 22, 2021

      Thanksgiving: It’s About The Simple Things

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      Thanksgiving: It’s About The Simple Things

      Thanksgiving, a day of pure gluttony, football, and possible uncomfortable situations with family members that you may or may not like. Oh, yeah, and the whole “know and reflect on what it is to be thankful and grateful.”

      During the holiday season many people forget what this time of year is bout and are too worried about getting the “early-bird” deals on Black Friday and making sure that they have the perfect gifts for their loved ones. I am sort of a “Grinch” when it comes to the holiday season, mostly because of that mentality by many of the poeple around me.

      But instead of being grinch-like this holiday season, I decided to simplify things and get back to what this time of year is actually is about; being thankful for what I have and what I can give.

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      Simplify

      I’m not a “minimalist” in any real sense, but in the last few months the talks of Patrick Rhone and others have got me to rethink my stance. Can you really have too much stuff?

      Absolutely.

      And with all that stuff comes the burden and the weight of it on your back.

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      If you feel that the things around you are out of control, maybe it’s time to simplify and be thankful and grateful for what you have and use. Here are a few things that you can do to simplify:

      • You know those gadgets in the drawer that you said you were going to sell? Well, time to get the listing on eBay and sell them. Or, send them to a place like Gazelle. Even if they are old and won’t get money, you can at least recycle them.
      • Get rid of things you don’t need. Like old books, clothes, tools, etc. Have something that’s been laying around forever with no use? Donate it to a charity or church. If you aren’t using it, someone else could be.
      • Find your productivity tools and stick with them. Use tools and gadgets that serve multiple purposes so you can simplify your tool set.

      Be Mindful

      You don’t have to be a master Buddhist or meditator to be mindful (although, it can definitely help). Being mindful comes down to being cognizant of the present and not keeping yourself in the past or future. It’s about living in the moment and being aware of yourself and everything around you. It’s just being.

      Without getting too “California” on you, it is super important to be mindful during the holiday rush. Rather than worrying about the things that you forgot at your house on the way to relatives or thinking about the next stop in your endless holiday travels, just breath and think about what you are currently doing.

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      Spend the time with your family and friends and don’t crush the moment. Try not to concentrate so hard on getting the perfect photo of the “awesome moment” of the day and actually miss the awesome moment.

      Being mindful over the holidays will help you be with your families, friends, and yourself allowing you to enjoy your time.

      Reflect

      As the year is coming to a close (yes, it really is that close!) it’s a great time to start reflecting on what you have accomplished and what you haven’t. Within the next few weeks we will have a more throrough reflection article here at Lifehack.org, but reflecting every now and then over your holiday break is a great way to see where you have been doing well in your life and where you need to improve.

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      Reflection shouldn’t be used to “get down” on yourself. Reflection should be used to take an honset inventory of what you have accomplished, how you handeled situations, and what you can do better. If you journal everyday (a daily form of reflection) it may be a good time to start going over some of the things that you have written and start to put together a year’s end journal entry. I mean, how else will you write your autobiography?

      But, seriously, reflecting on yourself makes you aware of your successes and faults and helps you plan and make goals for the coming year. It makes you a better person.

      So, while you are stuffing your face with bird, stuffing, and mashed taters’, remember that the holidays are much more than the superficial things. Use this holiday to become a better person.

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      Featured photo credit: Libby Penner via unsplash.com

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