These days saving money here and there is a welcomed result. You might be surprised to learn about the ways you can do so around the house that saves money now and in the future. Some require an investment in money or time on your part. Others are things you can do yourself without much effort.
While your actual savings are dependent on a number of factors and I’m loathe to quote savings figures because they can vary wildly, you can and will save money on these tasks that in most cases will save you into the future, too.
Close off unused rooms in your house
If you have unused rooms in your home, closing the doors and turning down the heat or closing off the air returns to those rooms will concentrate heat in the winter and AC flow in the summer to other rooms in your home that are actually being used. This can help to lower your heating and cooling costs.
If you have an older house or have doors that leak air at the bottom of the door, you can roll up a towel and shove it against the bottom of the door to block air from escaping.
Use a time of use electricity plan
Many jurisdictions are moving to a time of use electricity plan that (for example) charges you more money for using electricity during peak hours (weekday evenings) and less money during off peak hours (overnight, weekends, early mornings, holidays). By scheduling things like dishwasher and washing machine/dryer usage on weekends and other off peak periods, you can easily save money by really only slightly adjusting your usage habits.
You’re not doing anything less, you’re just changing the way you do it, in order to save money. Some dishwashers have a delay feature where you can turn the dishwasher on but delay the start for 3 hours so that it doesn’t actually turn on until a later time ie. during off peaks hours.
Replace your water heater
If you have a rental water heater, check to see how old it is and then check with your provider to see what age it has to be to request a free replacement. Once a water heater is around 10 years old, you’re at the point where it could die at any time and at a minimum certainly isn’t near as energy efficient as a newer model.
Plus, if you haven’t rinsed your water heater ever, it’s likely to contain sediment and other debris inside that is inhibiting its ability to function properly and in the most energy efficient way possible.
Consider a tankless water heater if you fit the profile for one, too.
Adjust your water heater temperature down
Older style water heaters are more difficult to adjust as they may have fewer dials and features. Our 10+ year old rental water heater had a dial with On, Off and Holiday settings (when on vacation) but our replacement water heater makes it easier to adjust the water temperature up or down.
If you have your water temperature set at more than 120 degrees, you’re likely wasting heating costs and run the risk of burning yourself with hot water too. Higher than 120 degrees, you’re probably just adding more cold water to your showers to cool the water down. You can lower the temperature to one that suits your needs and save money in the process with absolutely no work on your part.
Switch to low flow shower heads
Shower heads can’t be manufactured to use more than 2.5 gallons of water per minute but many newer models use even less. Switching to low flow shower heads is something that on the one hand will save both water costs and energy (water heating) costs but in all likelihood won’t be noticed by people using the shower in any way.
You can switch your shower heads to low flow models yourself in a few seconds as it just involved unscrewing the old head and installing the new one.
Switch to low flow dual flush toilets
You can either do this work yourself like I did – it does take time and effort – or you can pay a plumber to do this. If you’re not handy or don’t have the time, hiring a plumber costs extra money but if you’re still using toilets that use 3 gallons or more per flush, switching to low flow toilets that may used as little as 1.1 gallons per flush will dramatically drop your water costs overnight.
I couldn’t believe how my water bill dropped overnight – literally – when I changed 3 toilets over to low flow dual flush toilets. I can quantify this as our water bills dropped by around 30% after this switch.
Replace your furnace filter as required
Typically a furnace filter should get replaced every 3 months so four times per year. A furnace filter can be had for anywhere from $5 – $30 each depending on the quality and MERV-rating. You can buy a single filter each time or buy a multi-pack with up to 10 filters to save money and for convenience.
The longer you wait to replace your furnace filter, the less clean your air is and the more likely your furnace has to work harder to work efficiently. Remember too that your furnace filter actually protects your furnace from damage from debris entering the motor.
It takes seconds to replace your furnace filter and it ensures your air is cleaner and your furnace protected.
Check the deductibles on your insurance policies
The deductible is the amount of money that you will pay if you make an insurance claim. So if your insurance claim is $1,000 and your deductible is $150, you will receive $850 as the first $150 is covered by you. If your deductible is raised to $300 your insurance premium will go down but your deductible is clearly twice as high. This is only a concern if you actually make a claim. As long as you aren’t making claims, a higher deductible will save you money on your insurance premiums.
Check with your insurer to see how much you can save by raising your deductible or for other ways you can save ie. Do you qualify for discounts due to your age or because you belong to an association or club?
Also check with your driver’s insurance company to enquire about lowering your yearly mileage if you are overstating how much you drive each year. With COVID lockdowns and more staff working from home, people who normally drive to work each day aren’t commuting nearly as much.
Get rid of appliances you don’t need
Do you need the old fridge in the basement to store a few bottles of soda or bottled water? Do you really need the old style freezer to store some excess frozen food?
You can sell the old fridge or freezer or you may find a local company will pick it up for free to recycle it. And you’ll save on electricity costs too.
Get your furnace serviced yearly
Having your furnace – or boiler or AC unit – serviced yearly can pay for itself when the appliance operates more efficiently. You may also find necessary repairs before they need to be corrected so you don’t have a furnace breakdown in the middle of winter like I’ve had on several occasions.
So while an inspection costs money it can save you money in the long run. If a furnace inspection costs $100 – $200 per year, it’s an investment that can easily pay for itself.
Get a water collection barrel
Using a water collection barrel saves money on watering your garden and grass by using rain water that has accumulated than otherwise goes into your town’s sewage system. A heavy rainfall can easily fill a 60 gallon barrel, water that can then be used to water your plants and lawn rather than using your hose at a cost.
A rain barrel may cost $120 – $180 for a decent commercial option but your local town may offer them for a discount or for free and some new home builders include them in a new house purchase (ours did). You can also make a rain barrel yourself.
Use a water filtration system
As opposed to buying bottled water. In North America, bottled water is a huge business that produces a great deal of waste. It also adds up when you consider how much money you spend and the fact that many popular bottled water brands are just tap water and say so right on the label.
Whether you switch to a Brita-style water filter or something more expensive like a reverse osmosis system, over time you will save money.
Review your property tax assessment
When home prices fall, property tax assessments often don’t go down accordingly and may in fact continue to rise. Most people don’t even consider appealing their property tax assessment but those who do often save money not only currently but in the future and every year they pay the taxes on that property.
The National Taxpayers Union Foundation suggests that 30% – 60% of properties are over assessed which means home owners are paying too much for property taxes but only a very small fraction of people bother to appeal the decision. Your savings could be in the hundreds of dollars per year.
Look for free incentives in your local area
When I switched to low flow toilets as mentioned above, I got immediate discounts on the replacement toilets when I paid for them at the cashier and got a bigger mail in rebate from my municipality on the same toilets. So I actually got two rebates that reduced the cost of each toilet by about 75% from memory.
Switching to water efficient toilets, shower heads and other water-saving parts can lead to big saving on your water bill and your local government may additionally offer incentives to buy them.
Financing for energy efficient homes. Incentives for using ENERGY STAR appliances. Renewable energy credits for using heat pumps and other energy-saving equipment. There are many such incentives that you can take advantage of if you know where to find them.
Check the ENERGY STAR
website to start with and your local municipality’s website.