If you are trying to stretch your income a little further nowadays, then know that you are not alone. The prices of food, clothing, and fuel oil among other commodities are rising every day. Therefore, nearly all people are looking for the best ways to save.
After covering the obvious cutbacks, such as brewing coffee at your house, packing your lunch, & saying goodbye to the premium cable package, it might seem like searching for a second job is your only recourse. However, with creativity, it is possible to get other ways to saving your money at home. For sure, some of these ways requires a bit of a sacrifice. But, the payoff is enormous, and there is no need to turn to extreme couponing in order to reap considerable savings. Below are 4 tips on saving money at home.
- Slash your electric bill
Turning off lights when you are not using or when you are leaving your room will help you to slash electric bill. In addition, you should consider unplugging all your appliances when you are not using them. If you do so, you will be able to save approximately five to ten percent (5-10%) on your electric bill. You should know that many electronic appliances and devices consume power when they are turned off, and they are still plugged into an outlet. This phenomenon is called phantom power. For you to slash phantom power consumption in your house, ensure that you plug devices like phone chargers, DVD players, TVs, and your computer into power strips, then you turn off power strips when you are not using the appliances.
- Consider a home warranty
If you are purchasing a home, or you live in an older one, a home warranty can save you money. This is just an insurance policy on particular household appliances, like garbage disposals or water heaters, and systems, like HVAC and plumbing. However, if your major devices were upgraded recently, or you live in a brand new house, a home warranty most likely does not make sense. This is because it is likely that you are still covered under manufacturer or builder warranties.
In case you have some home repairs or improvement projects that can`t wait, you should search for free Do-It-Yourself (DIY) workshops at places such as The Home Depot, or any local hardware store. These workshops will cover everything right from installation of outdoor lighting all the way to refinishing cabinets and furniture. Besides, they will cover designing & installation of a tile floor or even backsplash.
- Consider paying down your mortgage
Making extra mortgage payments every year will save you a lot of dollars in interest over the course of a thirty-year loan.
The above are four tips on saving money at home.