A little bit here and a little bit there – it all adds up. Whether it’s spending too much for coffee or your monthly electric bill, little changes can create big savings in the long run. Here are 10 spending habits to break.
1) Switch out those old-school incandescent bulbs. MSN reports that the annual cost of lighting your home could go from $264 to $66 just by switching from incandescent bulbs to compact fluorescent bulbs.
2) Turn off those surge protector strips when they’re not in use. TVs, DVD players, computers, printers and more can be plugged into surge protector strips and when you’re not using them, switch the surge protector off so that no phantom power goes to the devices. According to Energy Star, the average U.S. household spends $100 a year powering devices that are turned off or in standby mode.
3) Forego the fancy coffee shop coffee. Buying coffee at a coffee shop on a regular basis adds up. The Los Angeles Times reports that you can save $25 per every 31 cups of coffee by going with a popular brand available at the grocery store versus a popular coffee shop chain.
4) At the grocery store or convenience store, don’t just look at the total price, look at the price per unit. The price per unit or unit price tells you the breakdown per ounce, liter, pill, etc., to help you truly distinguish the best deal.
5) Make biweekly instead of monthly mortgage payments. This method is the equivalent of making an extra payment a year and can reduce the term of your loan and save you a significant amount of interest. Read this article by MSN Real Estate to learn more.
6) Weatherize your home and make it more energy efficient. According to Energy.gov, having a home energy audit and following the suggestions of the auditor can save you between 5 and 30 percent on your energy bill.
7) Buy used instead of new. Buying anything from cars to appliances to clothes used can save big money. Places to shop used include garage sales, thrift and consignment stores, Craiglist.org and Freecycle.org.
8) Read books for free. Amazon.com and other sources offer millions of books you can download absolutely free. If you prefer hard copies, make regular visits to your local library.
9) Use a gas app or website to save on gas. Ever fill up, drive two blocks and see gas for a lower price? Never again. Click here to find apps for your phone that will tell you where the cheapest gas is before you fill up – many apps have corresponding websites that will give you the same information.
10) Don’t waste money on credit card fees and interest. These days, many credit cards come with rewards such as cash back or travel. You can take advantage of these rewards while still using your credit cards responsibly by paying your bill in full each pay cycle.
Saving money can be easy with tips like these. Read the links below for even more ideas!
Resources:
25 Solid-Gold Ways to Save – Oprah.com
42 Ways to Cut Everyday Costs – Family Circle.com
10 Bad Spending Habits – AARP.org