Work and Money
12 Ways to Save Money at Home
The global pandemic has confined most of us to our homes. While we are all spending more time at home, it's a good time to think how we can reduce spending while we're there. Here are some useful tips about how to save money in your home.
1. Flip the Switch
Leaving the lights on in a room that’s not in use is an overlooked way to save money. My son used to be scared of the dark, so we spent years leaving on a hallway light. Eventually, we just got some nice string lights to hang up in his room at night, and that did the trick — plus it was way more efficient energy-wise. Be sure to turn off all lights when you’re not using them, and you’ll see an improvement in your energy-bill cost.
2. Decorate on a Dime
The dollar store is a treasure trove of great finds! Check it out for decorative pieces or items that can help you create D-I-Y decor. Check out the YouTube channel Do It on a Dime for great dollar-store decoration ideas!
3. Rent Out a Spare Room (House Hack)
Renting out space in your home, whether short or long term, can help you save money by significantly reducing your monthly mortgage payments.
4. Take Control
A ton of money is wasted each year through poor home-temperature control. Update to a smart thermostat and utilize its advanced programming to help you save energy.
5. Don’t Power Trip
Did you know that you have phantoms in your home? Most electronics that are plugged in but turned off cause phantom power drain.
Try using a smart power strip to conserve the power use of plugged-in electronics or simply unplug electronics that don’t need to run 24/7.
6. Replace Furnace/AC Filters
Filters should be used in your system for only a few months. Some people forget, which isn’t good for your furnace or air conditioner, and forces it to work a lot harder then it needs to. Changing the filter every one-to-three months can not only save you money but also extend the life of your system and improve the air quality in your home.
7. Stay One Step Ahead
Of the seasons, that is! Winterize or summer-proof your home through a range of methods, such as checking your windows and roof installation and cleaning out your gutters and downspouts. These are great ways to save you money and headaches from massive repairs and high energy-use bills.
8. Replace Your Lightbulbs
Replace your incandescent and older light bulbs to extremely energy-efficient LED bulbs. They are also long-lasting, durable, mercury-free, and cost-efficient, so they are well worth getting to light up your home.
9. Stop Wasting Water
Water is a resource that is wasted a lot in homes. To cut your water bill significantly, install low-flow fixtures, run full loads in the dish and clothes washer, take fewer baths, and more showers. Want to maximize efficiency? Use a timer for showers to control water use, as well.
10. Turn Down the Heat
Jot this one down for the colder months: Lower your hot-water-heater temperature by a few degrees, and you’ll save a bundle. Even when it's cold in our area, we don’t keep the heat on all day. Instead, we just dress warmly in the house and open the curtains so the sun can get through.
11. Shop Around
Mortgage rates are competitive, so you should shop around for when the time is right to ensure you get the best deal. You can also shop around for better insurance rates and compare prices for your cell phone service.
When it comes to clutter, Americans are crushing the stats. Decluttering your home can help with physical, emotional, and mental clarity, and it can help you to save money. If you have Netflix, turn on Tidying Up with Marie Kondo and get inspired to declutter your home. Who knows, maybe you’ll even find some items you can sell for extra cash.
Living paycheck to paycheck can make you feel limited in terms of how fast you can pay off debt and what you can save. The key is to get creative with your budget and how you manage money.
Start with these tips if you’re looking to save, and also realize that living paycheck to paycheck doesn’t have to be your future. Take steps to start building up your emergency fund, increasing your income, and taking specific actions to improve your financial situation.
Also, check out my Budget Beyond Your Paycheck worksheet bundle to help you stay on track.