Thursday, April 5, 2012

Save Money at Home in 10 Easy Steps

US Navy 040324-N-3228G-001 Navy family members...
(Photo credit: Wikipedia)
Prices are going up on almost everything these days and many people are looking for ways to save money on the things that they buy. While you may not be able to have an impact on the prices of goods, you can take steps to save money in your own home. Following these 10 steps can help you minimise the amount of money that you spend and save money overall.

Start By Refinancing Your Mortgage

It's more than likely that the single largest payment that comes out of your bank account each month is for your mortgage. It's also quite likely that you've got used to it being around - kind of like a well used reclining chair. But mortgage rates fluctuate, a lot. Even if you could shave off half of a single percent, you could save an awful lot of money each month!

Avoid Standby Mode

One way that you can save money at home is to avoid standby mode on your appliances and electrical devices. Many people leave their televisions and computers on standby mode when they aren't using them. While this seems like it might save you some money on energy, it actually does not save you money in the long term. If you want to save money, consider turning off the item completely.

Switch to Energy Efficient Lighting

One of the ways that people waste money is by using lighting in their homes that is not energy efficient. By switching over to energy efficient light bulbs, you can save quite a bit of money on your electric bill every year. While you may have to pay a little bit extra to get the light bulbs, you will save money over the long-term.

Avoid Air Conditioning

Many people leave their air conditioners on all the time when it's hot outside. If you can avoid leaving your air conditioner on all the time, you can save quite a bit of money on your electric bill. Instead of leaving central air on all the time, consider turning it off more often. If you turn off the air and turn on the fan, you can stay cool without the big costs. You may even want to consider installing a window air conditioning unit in the room you spend the most time. This is often much cheaper than leaving your central air conditioning on all the time.

Look at Your Utilities

Much of the money that you spend each month goes toward utilities. Spend some time focusing on what types of utilities you have. Consider whether you can switch over to utilities that are cheaper. For example, if you can switch your heating over to natural gas, you may be able to save money on your monthly bills. Switching over to solar panels could save you quite a bit of money on your utility bills over time.

Cut Down on Energy Waste

Another way to save money on your monthly expenses is to eliminate the energy that you waste. This can be done by improving your home and making it more efficient. Use caulk to seal up windows and put weatherstrip around the edges of doors. This can keep air from going in and out of the home and make it easier to heat and cool your home.

Reduce Water Consumption

Save money by cutting down on the amount of water that you use. Install low-flow shower heads and toilets when possible. Don't leave the water running when you brush your teeth.

Cut Coupons

Saving money on your groceries is another way to minimise your expenses. If you cut coupons and use them when you shop, you can save hundreds of dollars every year.

Do Regular Maintenance

Focus on doing maintenance on your house regularly. If you keep your home up to date with maintenance, you'll be able to avoid major repairs down the road.

Avoid Fees

Stop paying unnecessary fees to your bank, your credit card and other things. Avoid fees like insufficient funds fees and transfer fees and you can save quite a bit of money.

Bonus: Stick to a Budget

If you are willing to stick to a budget, you can save money on your expenses overall. Those who don't stick to a budget end up spending a lot of extra money over the course of a year.
Enhanced by Zemanta

No comments:

Post a Comment

Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics