Home Savings Tips

Homeowners could save a bundle when they take advantage of these thrifty savings tips.

1. Comparison shop for homeowner’s insurance. Before renewing your existing homeowner’s insurance policy each year, check out the rates of competing companies.
2. Refinance your mortgage. Explore the option to refinance your mortgage to a lower interest rate. On a 15-year $100,000 fixed-rate mortgage, lowering the rate from 7 percent to 6.5 percent can save you more than $5,000 in interest charges over the life of the loan. Plus, you will accumulate home equity more rapidly, thus increasing your ability to cover those pesky unexpected home repairs.
3. Audit your home energy use. Ask your local electric or gas utility for a free or low-cost home energy audit. The audit may reveal inexpensive ways to reduce home heating and cooling costs by hundreds of dollars a year. Keep in mind that a payback period of less than three years, or even five years, usually will save you lots of money in the long-term.
4. Weatherproof your home. Caulk holes and cracks that let warm air escape in the winter and cold air escape in the summer. Your local hardware store has materials, and quite possibly useful advice, about inexpensively stopping unwanted heat or cooling loss. Consider a Home Equity Loan to finance your home improvement needs.
5. Keep the sun out. Keep your blinds or curtains closed during hot summer days. Blocking the sunlight really does help to keep your house cooler.
6. Use less water. Install low-flow shower heads and faucet aerators to reduce your water usage and water costs.
7. Cut laundry detergent use in half. Many laundry detergents on the market sold today are highly concentrated. Be sure to use the smallest suggested amount. Making laundry detergent is said to be relatively cheap and easy, especially if you prefer to use greener, natural products.
8. Go natural. Speaking of making your laundry detergent, using everyday items you already have around your home to clean works for many. You’d be surprised what you can do with vinegar and lemon!
9. Lower the temperature on your water heater to 120 degrees. For every ten-degree reduction in temperature, you can save up to five percent on water heating costs.
10. Ditch the paper. Cutting out paper towels and using cloths and napkins that you can simply wash and reuse is a simple way to save.
11. Become a Coupon King or Queen. We all know that couponing can save you lots of dough! Even simply couponing for those essential household staples like toilet paper and cleaning supplies can add up quickly (and so will your stockpile!)

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