We all love finding free money and you won’t believe how fast these five ways add up
Many of us used to pick up a penny and put it in our shoe for good luck – not for the value of a penny. Most will pick up a quarter found on the ground as free money, and almost everyone will pick up a dollar or more found but it’s tough to get excited about the little amounts.
What if I could show you how to “find free money” around your home that you didn’t even know about? This isn’t like picking up pennies either. It’s surprisingly easy and there’s at least five ways to save upwards of $100 or more a month.
Finding Free Money in 5 Energy Savers
How warm is your home in the winter and how cool in the summer? Most people will say something like 70 degrees year round. By setting the thermostat at 65 degrees in the winter and 75 in the summer you will reduce your monthly energy bill by 10%-15% according to the Alliant Energy Program. You can purchase an automatic thermostat to do the work for you for as little as $25 or you can just have someone in charge of the thermostat.
We all know the filter in the heating, ventilating and air-conditioning system needs changed every three months but how often does it actually get changed?
Changing the filter not only saves money on the efficiency of your heating and cooling systems, they will run more efficiently and last longer. You can even get re-useable filters that you just hose off every three months and use again and again. That’s cheaper than replacing your HVAC system and worth at least a few hundred in free money a year.
People also don’t realize how much it costs leaving the toaster, coffee maker, food processor, and other appliances plugged in all day. It’s called “phantom energy” and just unplugging your appliances when not in use can save you 5 to 10 percent on your energy consumption.
If your electricity bill is about $150 a month, that’s upwards of $15 in free money for about one second of work.
It costs more than you think to heat your water every month. Most of us have our water heater set way too high at around 140 degrees.
By lowering the temperature to 120 degrees you can still have a hot shower, dishes will be clean and sterilized and you will be saving as much as $36 – $61 in free money every month. When you go on vacation, turn your hot water heater off and save even more!
All the little window leaks in your house add to a huge hole in your budget. Caulking around windows and door frames costs very little and takes almost no handyman skills. In winter months the clear plastic on your windows is the best free money you can find and easily installed.
On the outside of the house, insulate or use expanding foam around the wall where the cement or block contacts the wooden frame known as the rim joist. Caulk or use expanding foam around pipes that enter into the home.
Free Money Here and There adds up Big Time
When you add up the cumulative effect of just the small leaks in your home, it has the effect of leaving a window open all year long says the EPA. Adding up savings from all five of the free money energy savers above can save you hundreds a year.
Don’t stop with these ways to find free money at home, combine them with these Five Budget Tricks You Won’t Believe to really save some money and reach your financial goals.
As a bonus, look for the Energy Star label on any new appliances. Energy Star is a partnership between the U.S. Department of Energy that identifies energy efficient products.
They will label products on over 60 different kinds of items including lightbulbs, TV’s, clothes washers, refrigerators, furnaces, and fans. Moreover, many of the Energy Star-qualified products do not cost more than the conventional products. If they do, the EPA will not grant the Energy Star label unless its figures show you that you will recoup the extra outlay in five years or less.
These are all simple tasks that anyone can do to find free money around the house. It just takes a little patience to get used to a new style of living. While the tasks are simple, the payback is huge. Of course, it needs to be a family project or it will turn into a constant argument.
Sit down and take a look at your previous bills, usually a free service of the utility companies. After using these guidelines for three months check out the difference in your energy bill. Your only decision will then be to save the free money or go on vacation.
Other Efficient Ways to Cut Costs at Home
Everyone wants to save money, but it can be difficult when the prices in your area are high. Fortunately, there are plenty of ways to slash costs in your house without even realizing it. Here are some tips on how you can save more money when cutting costs at home.
Set appliances for energy efficiency
If you have an older appliance that is no longer working well, replacing them could allow you to cut costs at home by reducing the amount of energy they use. Furthermore, making sure all lights are turned off in rooms that aren’t being used and making sure things like televisions and stereos are turned off if not in use also helps reduce energy usage. By simply doing these things alone, most people find themselves saving hundreds of dollars annually.
Switch your energy provider
By switching to a more affordable provider, you can cut costs at home while still receiving the same amount of service. However, some customers choose to stick with their current provider because they are too lazy or afraid of change. You will be surprised how much money you save by simply checking around with different providers every year.
Replace old appliances
If you have an older appliance that is no longer working well, replacing them could allow you to cut costs at home by reducing the amount of energy they use. Furthermore, making sure all lights are turned off in rooms that aren’t being used and making sure things like televisions and stereos are turned off if not in use also helps reduce energy usage. By simply doing these things alone, most people find themselves saving hundreds of dollars annually.
Consider energy efficient appliances
Energy efficient appliances are the next step in cutting costs at home. Some larger appliances like refrigerators can use up to a third of your total power consumption, making them a prime candidate for efficiency updates. Other options include updating older windows and doors or even adding insulation around windows and doors where appropriate to further reduce energy usage.
Wash only full loads
By washing only when they have a full load of clothes, you can cut costs at home drastically by reducing the amount of times per week that they need to be run. In addition, you should also hang clothes to dry whenever possible instead of using the dryer as well since it will further reduce costs.
Turn appliances off when not in use
By turning your television, dishwasher, and other commonly used appliances off if they are not in use, you can save yourself quite a bit of money on your utility bill each month. Some people even unplug their appliances since most electronics still draw power from the outlet when turned off for an extended period of time as well which can be another way to save money.
Use appliances efficiently
The most significant ways to cut costs at home is by being smart about how you use them. Try using larger appliances like dishwashers and washing machines for full loads whenever possible. Not only will this cut down on the number of times these appliances need to be used per week, but it will also cut down on the amount of times you need to run your dryer.
Please join me in welcoming the Frugal Grandma, Darlene Fast, to the PeerFinance101 community. Darlene is an expert at saving money and making a buck go farther. She’ll be contributing twice a week with some great tips on living the frugal lifestyle.
Read the Entire Saving Money Series
- How my Parents Taught me the Importance of Saving
- Can I Afford a House? [Dave Ramsey Secret to Saving More]
- A Savings Account Calculator that Puts Your Money to Work
- How Much is Social Security? [The Retirement Savings Crisis Explained]
- Get 150-Times More Interest on Your Savings (Best High Interest Savings Account 2021)
