Before you try and reduce monthly expenditures by figuring out how to make the right decision about refinancing your home, you should always make a conscious effort to exhaust all forms of cost-cutting. There could always be an extra $50 or more being wasted every month that you could easily collect if you just went about your finances with slightly more stringency. In this article, we’ll focus on ways to cut energy costs from your home and other eco-friendly ways to save some green. Such measures may save you pennies, or they may save you a fortune. Either way, they’ll save you money.
Convert to compact florescent lamps: When you first buy CFLs you may question the economical intelligence of your decision, as they tend to cost double what you’d pay to get traditional light bulbs. But over time CFLs will save you nearly $40 per socket in terms of electrical costs. Add up all the lights in your home and that’s serious savings.
Buy water bottles: If you’re anything like my family, bottled water is an ostensible staple of grocery shopping. But this huge expense can be eliminated by making the one-time purchase of water bottles – which you and yours can reuse again and again by refilling them with tap water. Help your wallet while you help Mother Nature at the same time by banning bottled water from your home.
Hang-dry if possible: We’ve become so accustomed to the washer and dryer as a pair that we’ve forgotten how we ever managed without the latter. But during the summer months it’s always worth it to opt for hang drying your wet clothes outside, and in the winter you can hang them up indoors to capture much-need humidity in your home. All the while save money on gas and electricity.
Fill your fridge at all times: The work your fridge must put into adjusting its internal temperature from that of the outside means that nearly one-sixth of your electrical bill goes to powering the refrigerator. Reduce this by keeping your fridge packed at all times, as more colder items help re-cool the inside quicker. Avoid a higher grocery bill by using jugs of water, which provide the same results.
Unplug chargers that are not in use: Most electronics have components that prevent them from drawing energy from the socket when turned off. However the simplistic design of device chargers means that there is no such feature, and that even when chargers are not actively charging a device, they continue to use energy. Reduce this by making it a habit of unplugging chargers after charging.
Winterize and summerize: Even the most weather-hardy of us will inevitably use heating and cooling if we have access to it. But whether in the summer or the winter, huge amounts of this readjusted air will never make its way to us if we have unsecured ventilation and poor insulation. Take the time to tape down ducts (hence duct tape) and make sure your windows and doors are sealed and free of cracks. Look into painting your roof white if possible, as it’s a cheap adjustment that can save you countless dollars on cooling in the summer.
Even if a refinance or another form of monthly payment lowering is inevitable, it’s still important to attempt these sorts of cost-reducers. You’ll either lower the amount of debt adjustment you’ll have to commit to, or prevent such maneuvers entirely. No matter what though, you’ll be saving money. In order to get on the path toward financial freedom, you have to embrace any and all ways to get the most from your budget as possible, and not let anything go to waste.
Have a great New Year and stay frugal!