Saving Money On Your Household Expenses

 

Whether you have a specific savings goal in mind, or are simply looking to cut back on your household expenses and put your savings to better use, here are a few tips to consider.

 

Reduce Energy Bills

With cooling and heating our homes through blistering hot summers and freezing cold winters, and all of the gadgets that we plug in, the average Canadian family spends a lot of  money on their energy bills. These few simple tips can make a big difference.

 

1)  Change Your Habits
Making small changes in your everyday lifestyle can really impact the amount of energy you use and result in substantial savings over time.
  • Before leaving a room that you will not be immediately returning to, turn off the lights.
  • Turn off your televisions, desktop computers, and laptops when not in use.
  • Unplug any electrical device that normally stays plugged in when not in use. Most electronic devices constantly draw a small amount of electricity, that can add up quickly when you consider how many devices and small appliances you own.

 

2) Switch To Energy Efficient Light Bulbs 
Update the light bulbs in your home with LED light bulbs. They are substantially more efficient and last for many years, so not only do you save on energy costs on an ongoing monthly basis, but on replacement costs over time.

 

3) Install A Programmable Thermostat
A programmable thermostat allows you to automatically change the temperature of your home from day to day and hour to hour, saving significantly on your heating and cooling bills. Change the heating or cooling of your home when you’re not at home, when you’re asleep and so on, saving significantly on your heating and cooling bills.

 

4) Use Your Major Appliances Efficiently
Major appliances, such as the dishwasher and the dryer,  can be a significant contributor to your monthly home energy costs.

 

Dishwasher
  • Use your dishwasher only when its full. Not only will you reduce the frequency of use but you will also ensure you maximize the efficiency of each load.
  • Adjust the settings to use the quick or light cycle and avoid the longer-running, deep-cleaning or pots and pans cycle.
  • Hand wash larger items, such as mixing bowls, serving dishes and pots and pans that take up a disproportionate amount of space inside the dishwasher.
  • Turn off the heat for the drying cycle.
Dryer
  • Avoid the use of a dryer as much as possible by hanging items to dry. You’ll not only save drying time and electricity, you’ll also extend the life of your clothes.

 

Electricity rates charged by your provider can vary greatly by time of day and day of the week. Evenings, weekends and holidays are typically the lowest rate times. By aligning the use of these appliances to the lower rate time frames, you can save a significant amount of money each and every month.

 

5) Reduce The Temperature On Your Water Heater
If you have a standard water heater, the water is often kept hotter than you will probably ever need.  Also, the heat is constantly escaping to the environment,  so you have to keep burning more energy to keep the water so hot.
  • Consider lowering the temperature and installing a water heater blanket to keep the heat in. You may also want to insulate any exposed water pipes as well for additional savings.
  • Consider replacing your standard water heater with a tankless heating system and enjoy a continuous supply of hot water – heated on demand – throughout your home, instead of the fixed pre-heated supply of a conventional tank.

 

Reduce Or Eliminate Your Cable Bill
  • Consider downgrading from premium to basic cable or eliminate your cable bill completely as many have. Cutting cable and watching less television can also cut down on your electricity bill.

 

Consider Reducing Or Eliminating Other Regular Paid Services
  •  If you are using streaming services, such as Netflix, Hulu and Amazon Prime, you probably don’t need to be paying for all three at once. Determine which one best suites your needs and eliminate the other services.
  • If you are paying for home cleaning services, landscaping services, lawn mowing services etc., consider cutting back by taking on the task yourself.

 

Reassess Your Cellphone, Landline And Internet Plans
Review your plans annually to see if there are less expensive plans that will meet your needs. Consider bundling all three services with the same carrier to take advantage of cost savings these types of plans provide.

 

Once you’ve found the perfect plan, give your current supplier a chance to match the price before switching to a new carrier. These services are highly competitive among the current providers and they may be open to working with you rather than lose your business altogether.

 

Cut Insurance Bills
We all need insurance to guard against the unexpected, but overpaying for insurance is something that you always want to avoid. Here are a few options to consider:

 

  • Review your current coverage on both your homeowner and automobile insurance plans to determine if the coverage is still right for you.  As life evolves your insurance needs evolve as well. Are you paying for benefits that you no longer need or could you scale back on your current coverage and still feel confident that you’ve got yourself covered?
  • If you haven’t shopped around lately for your homeowners and automobile insurance, now would be a good time to do so. You may be able to save a substantial amount of money while maintaining your current coverage.
  • Make sure that you are taking advantage of all of the discounts your provider offers. In terms of automobile insurance, safe driver discounts, winter tire discounts, click deduction if you register online, as well as claim forgiveness and a disappearing deductible features can all add up to big savings. For your home insurance, inquire about a retired adult discount (if applicable) and features such as claim forgiveness and disappearing deductible.
  • If your insurance claims are infrequent, you may want to consider raising your deductible on your insurance policies. Raising your deductible can often reduce your annual premiums.
  • Consider bundling your home insurance and automobile policies together. If you currently use different providers – one for home insurance and one for automobile insurance – inquire what the discount would be if you bundled your policies together under the same insurer.

 

By following these tips, not only will you immediately begin to save money on your monthly household expenses, but you will have established a new mind-set that will lead you to find even more ways to cut down on your monthly expenses.  If there are other things you can think of, simply go for it! Any progress is good progress!

 

 

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