As we move into February, many of us are still following our new year’s resolutions and goals. One of best resolutions (or goal for any time period) is improving our finances. Open Mortgage provided some financial resolution tips and strategies in a recent blog post.
Whether you want to maintain your financial resolutions or simply want to save money, there are things you can do around your house to save potentially thousands of dollars annually.
Install reduced-flow water faucets
If you want to save water (and save big on your water bill), consider installing WaterSense labeled faucets in your home. These high-efficiency faucets reduce water flow by 30% (without a drop in performance) and can reduce monthly water bills from 25% to 60%.
Update your light bulbs to ENERGY STAR-labeled models
Switching to energy-efficient lightbulbs is one of the quickest ways to lower your utility bill. In fact, replacing your five most used lightbulbs with models certified with the ENERGY STAR rating can save $75 annually.
Buy a water filter instead of drinking bottled water
Considering bottled water is estimated to be 2,000 times more expensive than tap water, and may not be any safer, you can save money (and peace of mind) by investing in a water filter. Water filters vary dramatically in prices and styles, so we suggest performing research on different models. Regardless of your water filter choice, you can expect substantial long-term money savings.
Install curtains or blinds
Consider installing a well-planned curtain and blind system to reduce heat loss in winter and prevent heat gain in summer. This can also bring large savings to your energy bill.
Always clean your dryer’s lint trap
Failing to perform this simple action before running your dryer can reduce its efficiency by 75%, shorten its lifespan, and raises your power bill. It’s also a fire risk. You can also clean out the drier flue pipe that leads to your outside to improve its energy efficiency.
Invest in a slow cooker and regularly use it
If you don’t have a slow cooker (also known as a crock pot), you’re missing out on big savings and convenience. A good slow cooker can be purchased for as low as $50, and cooking a meal on one costs around $2 per person. Over the course of a year, cooking with a slow cooker can save a family of four more than $1,000 dollars (and provides healthier food).
Buy generic products instead of brand name
Your supermarket and pharmacy are likely to have a range of brand name products and generic. Choosing generic products is a great way to save money without sacrificing quality. You can always compare the product ingredients between generic products and brand name to ensure you’re getting what you want.
Simple actions add up to big savings
Whether you’re planning on buying a home or are a long-term homeowner, incorporating these tips can save money and provide convenience. You’ll also appreciate the independence gained from making smart decisions.
If you’re ready to empowering journey into home ownership, contact me today!