If you’re one of the many people who have been financially affected by the coronavirus you may be looking for ways to save money. That may be especially true if you’re looking to take advantage of current historically low rates to purchase a home. Saving for a down payment can feel daunting even at the best of times. With the current health crisis, you may think it’s impossible, but that couldn’t be more wrong.
One great way to save extra money is to cut the cost of your electric bill. Chances are you’ve been overpaying by not taking advantage of some simple tips! Consider some of the following tips to cut the cost of your monthly electric bill.
Switch Over to Energy Efficient
There’s a saying that you have to spend money to save money, and in this case, that may be true. Switching your light bulbs to energy-efficient bulbs can help you save money on your monthly electric bill. Energy-saving light bulbs are seventy-five percent more efficient than traditional incandescent bulbs. For the average person, that can amount to saving almost $200 per year. The cost of switching isn’t too bad either. With LED bulbs becoming more popular, it’s easier to find them at reasonable prices. So while you may have to spend money to save money, you don’t have to break the bank with this money-saving tip!
Keep the Air In
During the summer months, you’re probably keeping your AC units and fans running to help keep temperatures cool. Running either of these can cause a spike in your electric bill, but there are ways to manage that. The same sealant that helps keep your heat in the house in the winter can help keep your home cool in the summer. Attach seals to the base of your door frames and windows to make sure that cold air isn’t seeping out.
Also, take the summer months to inspect your insulation in the house to make sure it is still doing its job. According to The Department of Energy, a well-insulated attic can save 10 to 50 percent off your heating and cooling bill. All of these things can help you save money now, while also preparing you for the winter.
Unplug When Not In Use
It’s a given that if you’re not using your electronics to turn them off to save money, but did you know that even when powered off, electronics can still be drawing energy? The reason for this is many electronics continue to draw electricity from wall sockets for “stand by mode”. While you may think it’s only a nominal amount of energy drawn, according to a study by The Natural Resources Defense Council a quarter of all residential energy is used on electronics that are off or in stand by mode. That can add up quickly on your monthly electricity bill!
Small Changes
These are just a few simple tips that can help you save money during the current health crisis. You may have felt like your dream of owning a home was further away than ever, but by implementing some small changes you may be on your way to reaching your homeownership goals!
About Oakland County Lender, Julie Krumholz
Julie Krumholz, is an Oakland County mortgage lender at Superior National Bank. With over 35 years in the mortgage industry, Julie’s goal is to provide the best possible mortgage experience and the most competitive rates. Julie has vast experience in FHA loans, VA Loans, USDA loans, portfolio loans, MSHDA loans and more.
