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After I Read This, I Have Saved Thousands On My Household

After I Read This, I Have Saved Thousands On My Household

These days being frugal is rather trendy. You probably already know how to save money on online shopping, cut down business costs, and get education for free, however it is the monthly utility bill that sucks up a pretty penny out of your paycheck. Start following these simple household money saving tips today and save at least an extra thousand dollar this year!

1. Fix your pipes and install low-flow water faucets

Did you know that 7 billion gallons of drinking water a day are wasted in the US? That’s enough to fill over 11,000 swimming pools! Make sure you conduct timely inspections of your pipes (at least once a year) and fix all the leaks. A dripping faucet adds extra 10% to your water bill.  Moreover, consider installing low-flow faucets which cost around 10-20$ per item. Ask yourself: do you really need a fire hydrant flow to wash your dishes or would you prefer to drastically reduce your bills?

Money saved: up to 60% on water.

2. Keep the electronics unplugged at night

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    How many electric appliances do you have at home? Think TV, microwaves, all your cell phone gadgets, laptops etc. What you may not realize is that all of them still use electricity even when they are powered off. An average US household has around 40 electronic devices powered up at any given time of the day, sucking over 100$ a year without owners even realizing it! The solution is surprisingly simple: keep all your appliances plugged into a power strip and disconnect them by the end of the day.

    Money saved: up to 5% on electricity.

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    3. Invest into Energy-star equipment

    If you work from home at least once a week or even run a home office, investing into Energy-star devices will save you a few hundred dollars per year as they consume at least 50% less electricity compared to standard equipment. For example, merely switching to energy star-labeled laptops and computers will cut down your energy consumption twice. The same goes with printers, fax machines, VoIP phones and other equipment you need to keep your small business running smooth and efficient.

    Also, think about installing access floors in your home office room to hide all the cables and wires, thus protecting them from mechanical damages (think riding with your chair over your laptop cord). Cables working at half-power drastically increase energy consumption and definitely will not help your equipment to last longer. Besides, you can use the extra space to store large items and avoid clutter. A clutter-free office looks better and makes you work harder.

    Money saved: up to 65% on electricity.

    4. Insulate your hot water heater

    By adding an extra layer of protection to your hot water heater and water pipes, you’ll save an extra 40% of heat from being wasted during cold months. There are numerous options available – from buying a 10-20$ insulating blanket (up to 40% of heat loss reduced) to spray foam insulation that typically cost around 400-500$, but will save you much more in the long run.

    Money saved: up to 9% on utilities.

    5. Seal the windows and doors properly

    Did you know that your household probably loses one-third of the heat due to drafty windows and doors? It’s the same with the cooling during warm seasons. Instead of paying extra, you can easily fix the issue by:

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    • Using insulated blinds and drapes on glass doors and large windows to regulate the heat. Also, cover up windows facing west, east and south on hot days and leave the shades up on sunny cold days, but do not forget to close them at night.
    • Replace single-pane windows with storm windows for cold seasons. That will reduce heat loss by 50%.
    • Use “low-e” transparent film to seal the drafty window for winter. It costs pennies, yet reduces the losses up to 20%.
    • Fill up all the window, floor and door cracks with caulk.

    Money saved: up to 40% on heating.

    6. Switch to fluorescent light bulbs

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      Only 6% out of all consumed electricity is turned into light by old traditional bulbs. Everything else goes into waste heat you obviously don’t need. Fluorescent bulbs cost a bit more, however they last up to 25 times longer, plus transform more energy into actual light. For example, replacing 15 bulbs could save you up to 600$ over the life of the bulbs.

      Money saved: up to 75% on electricity.

      7. Stop spending on bottled water

      Let’s do some simple arithmetic. Approximately, you pay 6$ for a standard case of water that is 0.40$ per bottle. An average family of four consumes up to 2 gallons per day which is 5.3 bottles per person a day and 2.13$. Multiplied by four and then by 365 we have over 3.000$ spent on plain water! The most basic model of a water filtration system will cost you roughly 20$ + a new filter required for every 40 gallons.

      Money saved: 2.900$ per year

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      8. Get a programmable thermostat

      If you work endlessly long hours, often go on business trips or have a lot of time to travel, getting a programmable thermostat should be your priority. It will automatically adjust heat/cooling settings according to the schedule you’ve set, thus reducing electricity and heat wastes. That’s extra 180$ saved per year.

      Money saved: up to 15% per year on electricity

      9. Use the right-sized cookware

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        Not only makes it your food cook faster and taste better, but using appropriately sized pans and pots can significantly reduce energy consumption. A 6″ pot placed on 8″ burner wastes 40% of heat. Depending whether you use an electricity or a gas cooker, you can save up to 36$ and 18$ respectively per year.

        Money saved: up to 9% annually on electricity

        10. Use the microwave to boil water

        On average, it takes four minutes less to boil a cup of water in the microwave comparing to the same action done on the stove. Besides, the appliance consumes 60% less energy. Imagine that each time you spend 3 cents less on your bill. Multiply the number by 365 and get a pretty decent amount of savings to spend on a weekend trip.

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        Money saved: 6-10% on electricity.

        11. Clean your dryer lint trap

        It seems pretty obvious, yet you probably forget cleaning the lint trap anyway. However, you should realize that this simple action will make your appliance work at least 75% more effective (less energy consumed) and increase its overall lifespan. Also, consider cleaning the dryer vent completely once in a while and occasionally washing your lint filter to reduce the bills even more and let your appliance serve you well for decades.

        Money saved: 4-8% on electricity.

        12. Take shorter showers

        Soaking in a warm bath requires 70 gallons of water on average, plus extra heating costs. While having a quick refreshing shower uses just around 10-25 gallons. It’s a no brainier that taking a shower is cheaper. But how much? Say, you like taking a 12 minute shower on average and your shower head pours around 2 gallons/per min. By opting for a 5 min shower instead, you’ll save nearly 3000 gallons per year. That’s from 10$ to 100$ saved annually depending on your current water rates.

        Money saved: 25-40% on water.

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        Elena Prokopets

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        Published on November 20, 2018

        The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

        The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

        The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

        Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

        In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

        Why Your Past Prevents You from Saving Money

        Are you constantly thinking about your financial mistakes?

        If so, these thoughts are holding you back from saving.

        I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

        It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

        For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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        How to Effortlessly Track Your Spending

        Stop manually tracking your spending.

        Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

        When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

        Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

        The Truth on Why You Keep Failing

        Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

        Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

        Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

        If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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        Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

        Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

        1. Save more than 50% of your available money (after expenses)
        2. Only buy nice things after saving
        3. Automate your savings with automatic bank transfers

        These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

        How to Foolproof Yourself out of Debt

        Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

        So how can you separate yourself from the 60%?

        By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

        This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

        For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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        Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

        A Proven Formula to Skyrocket Your Savings

        Having proven systems in place to help you save more is important, but they’re not the best way to save money.

        You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

        What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

        Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

        Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

        During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

        Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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        Transform Yourself into a Saving Money Machine

        Saving money isn’t complicated but it’s one of the hardest things you’ll do.

        By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

        The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

        Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

        Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

        What are you waiting for? Go and start saving money, the sky is your limit.

        Featured photo credit: rawpixel via unsplash.com

        Reference

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