We are on a journey of mindful spending this month. Let’s dive deeper into ways we can be more mindful about our environment, so that we have an opportunity to save. Check out these ways to save money on your utilities.
Turn Down Your Thermostat
What if you could save more money on your electric bill this month? The Department of Energy estimates savings of 1% for each degree you turn down your thermostat. Furthermore, they recommend turning your thermostat back 7-10 degrees for 8 hours each day to see a 10% savings in your bill.
A programmable thermostat is a great way to control the temperature in your house and automate savings. Often times, you can purchase an adjustable thermostat and apply for a rebate with your electric company.
Switch to Energy Efficient Light Bulb
Energy efficient light bulbs use 70-90 percent less energy than traditional bulbs. As a result, switching your lightbulbs can help you save $30-$80 per bulb. According to Energy Star, energy efficient light bulbs last 10-25 times longer!
Unplug Your Electronics
According to Mr. Money Mustache: Every watt of constant drain, costs you about $12.63 per decade in lost wealth. He breaks it down further with some examples: A tiny 2-watt seashell nightlight in your guest bathroom can cost you roughly 25 bucks. A forgotten incandescent porch light that never turns off can run you up to $758.00.
Try plugging all of your electronics into a power strip that you can easily unplug when you leave for the day.
Wash in Cold Water
According to the Environmental Protection Agency, the average family washes 400 loads of laundry each year. Yes, you read that correctly 400 loads of laundry. You can save $136 each year by switching from hot to cold water. Money Crashers gives lots of additional tips on how to save on your laundry costs.
Use Dryer Balls
This great laundry hack, adding dryer balls to your laundry saves time and money. Wool dryer balls can reduce drying time 25-50% and they eliminate the need to buy dryer sheets. This is another tip that requires you spend money up front, to save money on the back end. This is the true definition of mindful spending, because you’re considering a purchase with a plan in mind!
Schedule an Energy Audit
Most utility companies have rebates and incentives to help encourage you to reduce your energy consumption. Take a moment and visit your utility company’s website to see how you can save even more.
There are a multitude of ways to save money on your utilities. By trimming back your utilities, you’ll have more money each month to put towards financial freedom.