5 money-saving tips every homeowner should know | Get Financial Freedom Tips | Transform Your Financial Future


Thursday, July 23, 2015

5 money-saving tips every homeowner should know

We all know that running a household isn’t cheap. From mortgage payments to utility bills, taxes and insurance, there are a whole host of expenses to cover and, like many people these days, you might be feeling the financial pressure. However, as long as you’re shrewd, there are ways to save money. Keep reading for five money saving tips that could make managing your household finances that little bit easier.

1) Bring your heating bills down

Heating and hot water can account for a significant portion of a household’s energy spending. This means that if you’re relying on an old, inefficient boiler, you could be wasting sizable sums of money. As energy efficiency specialists the Snug Network note, aging boilers are also more likely to break down, and this can lead to potentially major repair bills. So, by switching to a newer, more reliable condensing model, you could make a major dent in your energy spending. It’s also worth fitting more accurate heating controls to ensure that your boiler only provides warmth when and where you actually need it.

money-saving tips

Simple draught proofing measures could help you to bring your heating bills down too. For example, blocking the areas around windows, doors and loft hatches can enable you to keep your home cosy for less during the winter.

2) Choose efficient appliances

It pays off to be savvy when you’re selecting your appliances too. Look out for tumble dryers, washing machines, ovens, fridges, freezers, dishwashers and other white goods that have impressive energy ratings. Pay attention to smaller appliances too. For example, make sure you select an efficient kettle. Eco kettles can use 20 percent less energy than conventional models.

3) Switch to low-energy lighting

If you haven’t done so already, now’s the time to make the switch to low-energy lighting. Given that lighting accounts for nearly a fifth of the average household’s electricity bill, this isn’t an issue you can afford to ignore. The two most popular types of energy efficient lights are compact fluorescent lamps (CFLs) and light emitting diodes (LEDs). Both can save your household money, but LEDs are even more efficient than CFLs. This means that despite being more expensive to buy initially, they stand to save you more money over the long term.

4) Change your habits around the home

You might want to think about changing your habits around the home too. For example, try to remember to switch lights off in rooms you’re not using, and rather than leaving your appliances on standby mode, make sure you switch them off at the wall. Also, when you’re boiling the kettle, only fill it with as much water as you actually plan to use.

5) Dig around for the best deals

It’s important to be a bargain hunter too. If you’re not careful, you can end up shelling out much more than you need to for your insurance and utilities. Always scour the market for the best offers and don’t be afraid to ask your existing providers for better deals. Simply picking up the phone and telling a provider you’re not happy with the value for money you’re getting could be enough to secure you a more competitive agreement.

1 comment:

  1. One of the suggestions is to fix leaking faucets immediately. I recently sent my husband out to get a replacement part for a leaking faucet. The part cost approximately $17. My monthly water bill averages half that. So, while I hate to waste water and the dripping was driving me crazy, I find it hard to believe that it was a significant money savings. It will take months of saved water usage to pay for the replacement part. Sometimes it's better to take a loan online.