How we’re spending our money has changed so much over the past 12 months. Whether you have saved more or exhausted your funds, we all need a little financial inspiration to help us save where we can. Add the double-whammy of increased energy prices and the oncoming holiday season, and it’s gearing up to be an expensive end to 2022. And a wallet-busting new year as well. We all need a few tips and tricks that save on basic living expenses each month. Here’s a few to try.
Only Heat Areas You Use
If you live in a big house (or even a normal-size one with a weird layout), then you might just consider winterizing any parts of the home you don’t plan on using—since this can save you some money when it comes to heating bills Think about spaces like guest rooms where you can probably leave it unheated for longer durations. Set up a minimum temperature on your thermostat (to avoid freezing pipes), or add some extra insulation and opt to leave your heat off entirely in those unused spaces.
Turn Down the Hot Water
In hotter climates, air conditioning may be the biggest expense, and in colder ones, electric heating may come in first, but no matter what climate you live in, electric water heaters are likely to come in third for electricity consumption.
All heat-producing electrical appliances use tons of electricity, but water heaters are especially busy because we use hot water throughout the day for bathing, dishes, laundry, and other needs.To help lower your bill, try lowering the water heater thermostat to 120 degrees Fahrenheit to capture savings without sacrificing hot showers.
Stock Up the Freezer
This might sound counterintuitive, but keeping your freezer (and fridge) full can actually help immensely when it comes to its cooling efficiency. With more cool items in a fridge or refrigerator, there will be more cool air circulating. Your appliance won’t have to work as hard to stay cold inside, therefore saving on electricity and saving you money.
Insulate the Attic
Many homeowners end up paying even more on heating costs due to poor insulation. And since hot air rises, your attic could be the main culprit. Adding insulation to your attic is an easy, low-cost way to increase your home’s comfort in winter and summer and help cut your energy costs by as much as 20%. Since different climates have varying insulation needs, you may need to use an insulation calculator tool to determine what’s best for your region.Questions? Contact Modern Mortgage Financial Today!