A Penny Saved is Two Pennies Earned
Finding ways to manage expenses is one of the cornerstones of a sound financial strategy. This modern twist on the Ben Franklin maxim reflects the multiplicity of taxes to which earnings are subject in today’s world.¹
Here are some simple and inexpensive energy-saving tips that may help you save money.
Honk If You Like to Save Money
For many, the cost of running their automobile(s) can be higher than the cost of running 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, speeding - and the fines that may come with them!
- Eliminate weight — empty that trunk!
- Shop your car insurance rates, sometimes having a higher deductible can help save you money on a monthly basis - but only consider this if you have an emergency savings fund set aside for the higher deductible in the event you have to use it.
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. These are usually offered to you at little to no cost and can save you money over time.
Consider these do-it-yourself ideas that may offer immediate savings at very little cost.
- Install a programmable thermostat to automatically handle your air conditioning (or heating) because—let’s face it—you forget to do it.
- Devices that offer “instant on” or continuous display (e.g., TV, cable box, and recharger) use energy non-stop. Consider a power strip to reduce their electrical use by shutting off the power strip at bedtime.
- Plug up air leaks through weather stripping or caulking; install door sweeps to block drafts.
- Be sure to have your air conditioning serviced yearly to ensure maximum efficiency and change your filters monthly to also help with proper air flow.
- Turn the water heater 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 when you leave for vacation.
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- Brainyquote, 2016
- The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2020 FMG Suite.