Financial fragility is a very real thing across America – even one unexpected expense can cause hardship for many families. Therefore, it’s imperative that households adopt solid saving habits to avoid falling into a financial burden. With that in mind, here are three saving habits to get you started on the road to financial freedom:
1. Develop a Budget
Developing a budget for your household is crucial in your journey towards saving money. The first step is determining how you are spending, and what areas of your finances — housing costs, utilities, food, transportation expenses, entertainment, etc. — are concerning or ramping up unnecessarily. Once you’ve reviewed your budget, you’ll have a clear idea as to where you can cut back or compromise. You can then create your budget, keeping in mind what you can do without. Maybe you can ditch that Amazon Prime subscription but keep Netflix, or vice versa. Do you need that bigger TV? Or, you might want to maintain your life but just do it in moderation. Another simple but useful tool you may want to consider when budgeting is taking advantage of your savings account. Many banking institutions now offer email or phone notifications that give daily, weekly, or monthly savings account updates; keeping you on track with your budget. Generally using less is the most effective change you can make to save money and natural resources.
2. Take Charge With DIY Maintenance
The average American family spent over $9,000 on home improvements in 2018. To counter the high costs of upgrading your home, DIY maintenance and repair work can save hundreds or even thousands of dollars. In fact, there are simple things you can do monthly, seasonally, or annually to save money in the long-term, such as
- Making sure your drains are clear
- Checking for small leaks
- Cleaning or changing filters in heat and air-conditioning systems
- Unclogging gutters
- Inspecting for insect damage
- Cleaning dryer vents
- Touching up chipped paint
- Checking for cracks in your foundation, walls, and floors
However, there is an important caveat: Stick to DIY projects that are either within your skill set or those you can easily learn. Plumbing, electrical work, and other intricate specialities are best left for professionals. Otherwise, you run the risk of messing things up, which could cost you more money in the long run.
3. Conserve Energy Use
Conserving power is one surefire way to reduce your electricity bill – and it’s a lot simpler than you think. Besides the old-fashioned ways like turning off lights, limiting appliance usage, and washing clothes in cold water, how can you cut your energy usage? The following actions promote energy efficiency and long-term saving habits in your home:
- Sealing gaps near windows and doors
- Switching to Energy Star products
- Keeping your refrigerator temperature at least 35 degrees Fahrenheit
- Getting your HVAC system inspected
- Letting in more natural light
- Unplugging unused devices and appliances to reduce vampire power
- Replacing your air conditioner and furnace filters
Besides simply conserving energy use, switching to a renewable energy source like solar will save you even more. Electricity from the grid is dirty, expensive, and inefficient for both the planet and your household budget. The average return on investment for solar in Massachusetts is five to six years, and the savings continue for decades after that. Our customers save hundreds of thousands of dollars by producing their own clean energy without relying on their utility company.
Plan a Better Household Budget
Whether you’re wondering if solar would work for you or you’re ready to book an assessment, the next step is reaching out to us. No commitment or pushy sales reps – just trusted partners on your journey towards financial benefits.