Ask Away Blog: 3 Ways Your Home Could Be Draining Your Finances

3 Ways Your Home Could Be Draining Your Finances

Wednesday, March 25, 2020



If you're looking to save a little extra money, and most people are, you more than likely need to look no further than your own home. Your house may be draining your finances more than you think and in ways that are often overlooked. Below are some quick tips and tricks on how you can save a few dollars by making small changes around your home and tweaking your routine a bit:

Energy Overload

You'd be surprised at just how much energy you use on a daily basis. Some of the most money-draining appliances are the clothes dryer, hair dryer, electric range burner, and refrigerator. To save some extra cash, invest in a clothes horse/line and skip the hair dryer, which interestingly enough, sucks up more energy than the refrigerator.

Also, did you know that the time of day that you use your appliances could make a big difference in how much you pay? “It’s almost always better to use appliances late at night or first thing in the morning (off-peak hours are approximately 8 PM to 7 AM) rather than during business hours and early evenings, when demand on the electric grid is higher,” according to Networx.

Heating and Cooling Matters

At the top of the energy consumption list, according to Spark Energy, is the central air conditioner/heat pump. Fear not, though. There are steps that you can take to cut down on costs in that area.

Look into getting an annual inspection and routine maintenance check to see if everything is in working order with your furnace and cooling system. Heating repair and air conditioning specialists agree that many emergencies related to your systems could be avoided with regular maintenance and checkups.

Making little changes around the house can make a big difference with your bill, too. Utilize your curtains and blinds to either let in more heat or block it; see if there is caulking that can be done around windows and doors; and adjust your thermostat when you're out of the house in order to save money. Better yet, get a programmable one to do it for you.

It’s the Little Things

Pay attention to where your money might be trickling out from small expenses. Do you really need the cable service plus all of the on-demand movie subscriptions? Pick and choose your favorites and go with those. Cook at home more and prepare foods in bulk to bring for lunches during the week.

What other subscriptions do you have that can go? Magazines or newspapers? Cut back on sodas and save money by drinking water. Lose the bad habits that are draining your wallet, too, such as drinking too much alcohol and smoking cigarettes.

It also saves you tons when you can prepare your own snacks instead of buying them. For example, make your own peanut butter crackers instead of buying a pack. You'd be shocked as to how much these small changes add up.

Take a walk around your home and see what changes you could make to save some cash. There are many surprising areas where you could make adjustments. A little bit adds up to a lot, and before you know it, your wallet will be thanking you.




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