The famous saying from Poor Richard’s Almanack is frequently misquoted. It was published by founder Benjamin Franklin in 1737: “A penny saved is two pence clear.” Finding ways to manage expenses is one of the cornerstones of a sound financial strategy.
Here are some simple and inexpensive energy-saving tips that may help you save money and be more earth-friendly along the way.
Audit Your Energy Uses for Opportunities to Save
To better understand where opportunities may exist for improving energy efficiency, consider an energy audit. Perform one yourself by purchasing a home energy monitor, which tracks your energy use, and a handheld air leak detector to identify windows, doors and other areas of the home that are drafty.
Also, your local power utility may offer in-home energy audits or related services that can help identify remediation opportunities.
Save Money with These Energy Savings Tips
Consider these do-it-yourself ideas that may offer immediate savings at very little cost.
- Install a programmable thermostat to automatically lower the heat or air conditioning.
- Consider a power strip to reduce electrical use by shutting off the power strip at bedtime. Devices that offer “instant on,” or continuous display (e.g., TV, cable box and recharger) use energy non-stop.
- Seal any air leaks through weather stripping or caulking; install door sweeps to block drafts; close the fireplace damper when not in use.
- Schedule an appointment to have your heating system serviced to ensure maximum efficiency.
- Install a water heater blanket and turn it down to 120 degrees; not only is a higher temperature wasteful, but a lower temperature is a safety precaution for younger children. Lower it to a minimum temperature when you leave for vacation.
Honk If You Like to Save Money
For many, the cost of running their automobile(s) can be higher than their home. Here are ways to save:
- Tune up your car.
- Check your tires for proper inflation.
- Drive sensibly by eliminating excessive idling, aggressive driving, and observing the speed limit.
- Eliminate weight—empty that trunk!
Saving money can be a challenge, but little changes in your daily activities or small projects for your home and vehicle can get you on your way to saving more. Every cent counts and adds up.
If you’re seeking guidance from financial professionals on how you can create a more formal budgeting plan, reach out to our team 1-833-637-5360.
