Once you’ve purchased a home, you will find that sticking to a budget is fundamental. Moving into a new home is a great time to look at your budget and try to find ways to save beyond what you’ve done in the past. Here are 10 ways to help save over $3,000 a year while still enjoying your new home.
1. Forgo The Landline
For most people, there is no longer a need to have a home phone line because you are constantly connected through your cell phone. Paying for two phones just doesn’t make any sense. A typical landline costs about $25 a month.
Savings: Approximately $300/year
2. Reduce Your Data
Most people do not use all the data they purchase on their smartphone. In fact, 85 percent of people buy more data than they use. One way to keep your data usage low is to rely on Wi-Fi whenever possible. If you are currently paying for Internet in your home, then paying double for too much data on your phone makes no sense.
Savings: Approximately $240/year
3. Switch Light Bulbs
Get rid of your incandescent light bulbs and switch to CFLs or LEDs. These newer light bulbs are up to four times as energy efficient as your mom’s bulb and last for years. Even switching just the few most used bulbs can create a big savings.
Savings: Approximately $8/year per bulb. An average home in the United States has 45 bulbs, leading to an annual savings of $360/year.
4. Install A Programmable Thermostat
A programmable thermostat allows you to determine the heating and cooling of your home for all hours of the day. You can make adjustments to the temperature based on whether you are home, which hours you are normally awake, and what activities you are typically performing. These settings are repeatable and easy to override if you have different needs on a specific day.
If you can turn your thermostat down by 10 degrees for 8 hours, you can save 5 percent to 15 percent a year on your heating bill. If you can do the same, by keeping your home warmer than normal by 10 degrees while you are not home in the summer, you continue to save money.
Savings: Approximately $96/year on heating and $56/year on cooling based on the average heating cost of $638 and the average cooling cost of $374.
5. Unplug
Did you know that electrical devices that are not in use but are plugged in are actually using electricity? Although each device only uses a small amount of electricity, when you multiply that amount times the many different items you own, the costs add up. Of course, it doesn’t make a lot of sense to unplug everything you use, especially if you use it frequently. However, if you have things plugged in, like that electric pencil sharpener or the blow dryer in the guest bathroom, consider taking them off the circuit.
The Department of Energy has estimated that 5 to 10 percent of your electricity bill is due to devices that are plugged in 24 hours a day.
Savings: Approximately $300/year by unplugging items not in use
6. Lower Hot Water Heat Temperature
Your water heater typically costs 14 percent of your total energy bill. For an average family, that means you are spending $308/year just to have the luxury of hot water. Water heaters typically come preset at 140 degrees Fahrenheit. If you drop the temperature of your water heater to 125 degrees Fahrenheit (60 degrees Celsius), you will save 4 to 7 percent on your monthly bill.
Another tip is to install a hot water blanket to keep your tank warm. Although a hot water heater blanket costs money initially, your savings will pay for the outlay in less than a year. From that point on, your savings will be felt in your wallet.
Savings: $30/year if you both lower your temperature and use a thermal blanket
7. Can The Cable
Everyone loves to have a little entertainment in their home, and those in the United States often find that entertainment via their TV set. However, most of us can find the shows we want to see cheaper than buying cable or satellite channels, with Netflix, Hulu, or an ROKU box. Once purchased, you can get many of your favorite shows through the streaming feature.
Savings: Approximately $600/year if you completely eliminate your cable and substitute a streaming service instead.
8. Use Your New Kitchen
Eating out can be fun, but it can also be expensive. Now that you have a nice, new kitchen, use it more often for great savings.
Although this is true for evening meals, it makes a lot of sense for work lunches. Americans typically eat at a restaurant for lunch twice a week, spending $936/ year on lunches. Rather than buy a meal on the run, pack and freeze up leftovers from your nightly meals and take them to work. You will not only be eating healthier but will save quite a bit of money in the process.
Savings: $468/year per person if you eliminate one lunch out per week
9. Bundle Your Insurance
Now that you are a homeowner, you have the opportunity to bundle your insurance. Many insurance companies offer a discount of 3 to 22 percent if your combine your homeowners policy with your auto insurance policies. If you do not use the same insurer for both policies, check to see what your discount might be.
Savings: $250/year with an average of an 11 percent savings for bundling
10. Plan Your Trips To The Grocery Store
You should never go to the grocery store without a list because you will spend more money. Some research suggests that up to two-thirds of our grocery store purchases are impulse buys. If you could stick to a list and reduce just 10 percent of your purchases, you would save a bundle!
The best way to go grocery shopping is to plan your meals and make a list of needed food based on what you currently have in your home. Try to plan your meals around items that are currently on sale or for which you have a coupon. Also, consider planning meals with items that are in season since in-season items are typically cheaper.
Savings: $780/year by saving 10 percent of a $150 a week food bill
