Saving money has increasingly become a priority with financially stretched families. Even families that are doing well can improve their financial situation with a few money saving tips. Minor modifications that many people often overlook can result in a substantial cost savings. Sometimes, saving money over the long run involves a small investment in the beginning. For those willing to invest a little time into the savings plan, the benefits include an improved family budget and less arguing about the finances.
The power bill comes ever month and it always seems to be more than you can afford to pay. Start by changing all of your high-energy lights to specially designed lights that can reduce the operating cost by 30 to 50 percent. Incandescent light bulbs are more expensive than CFL lightbulbs in the long run.
Make sure your windows are sealed and shut your blinds during the day to prevent outside heat from causing your air conditioner to work overtime. Additionally, setting the temperature two degrees higher than normal in the summer and a few degrees lower in the winter can result in significant savings on the power bill.
Check the refrigerator setting. The refrigerator doesn’t need to be ice-cold. Consider putting the refrigerator on the lowest setting. The lowest setting typically provides enough cooling to keep your perishables fresh. In fact, setting the temperature too cold will actually harm items in your refrigerator. Money can be saved by lowering the electric bill and increasing the amount of time items stay refrigerated without spoiling.
If you have a gas water heater, check the temperature setting. You can save some money by turning the heat down and it will also prolong the life of the water heater. When going on vacation, set the heat all the way to the lowest setting without actually turning the heater off. This will save some money and help cover any traveling expenses if you go on vacation. Additionally, if hot water is needed only once per day, ask a professional to come in and install a switch that turns the water heater on. You can then simply turn the switch on 15 to 30 minutes before a shower and save substantially.
Don’t buy single items that you use all the time. If you are really tight on cash, make it a goal to buy one item in bulk each week. Then when the resources begin to get low, purchase more of the item. Buying things like toilet paper, paper towels, laundry detergent and dishwasher soap in bulk saves money in the long run. It also makes it easier to pay bills since you’ll have the extra money saved from buying in bulk to buy food, gas and other essentials.