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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

        Elena is a passionate blogger who shares about lifestyle tips on Lifehack.

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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.

        More About Thinking Smart

        Featured photo credit: Austin Distel via unsplash.com

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