The present economic status in the United States, as in other countries too, is prompting people to become more inventive in finding ways to save money on monthly personal bills. In the past, many people have not given much thought to where the monthly budget is spent or if there was, in fact, a way to save money on bills without too much effort. Here are five easy ways to save money on electricity, banking, personal finance and household services that will save money over the course of a year.
Consolidation of Loans and Credit Cards
Today, interest rates are at the lowest that they have been for a long time, in comparison to the high interest rates of the past. Although this is not good news for savers, people who have substantial credit card debt and loans can save money by consolidating high interest loans and credit cards.
Payments on a single loan and/or credit card are easier to manage and to make than monthly payments on several loans and credit cards with varying interest rates. Check with several lenders on current interest rates and terms and be aware of any penalty clauses for early pay-off of a previous loan or credit card debt. In the long run, efficient, on-time payments of loans and credit cards will help establish a good credit history and rating.
Energy Efficient Light Bulbs Save Money on Electricity Bills
The initial cost of energy efficient light bulbs is more than regular light bulbs. However, the advantages of an energy efficient light bulb are:
- it will pay for itself in six months
- it uses 75% less energy than a regular light bulb
- it will last about ten times longer than a regular light bulb
- it will save about $30 over the course of its life when compared to a regular light bulb
- nine billion pounds of greenhouse emissions per year could be saved if every American used just one energy efficient light bulb in place of a regular one.
Laundry Money Saving Tips
According to the Consumer Energy Center web site, heating water in a washing machine accounts for up to 90% of the cost of washing clothes. Wash clothes in cold water and wash only full loads of laundry to reduce electricity costs. In addition, use only the required amount of laundry detergent as too much detergent forces the machine to work harder. Consider switching to a more efficient washer too.
Comparison of Annual Insurance Rates to Save Money
Most people secure a good rate for home and car insurance in the first year. However, a lot of insurance companies raise rates in subsequent years and many people do not take the time to re-negotiate rates or switch to an alternative insurance provider. With a little bit of time, effort and research, it is possible to reduce annual insurance bills.
The Hidden Costs of Internet, T.V. and Telephone Services
Many internet, T.V. and telephone service providers add in “extra” services that may be discounted or free in the first year but return to the regular price in subsequent years. Check household service provider bills for services that are not used or do not justify the monthly charge and cancel them out to save money on bills.
More Ways to Save Money on Bills
There are lots of additional ways to save money on personal bills, including grocery and personal care costs. With a little bit of thought and time, some significant savings can be made over the course of the year by making different choices with regard to banking, household services and personal finance options.
References:
- Energy Star web site, Light Bulbs (CFLs), accessed July 15, 2010
- Consumer Energy Center web site, Clothes Washers, accessed July 15, 2010
Sharon Falsetto - Sharon Falsetto is a business owner, certified clinical aromatherapist & professional writer with a life-long interest in plants.
