Increasing the amount of money you put into your savings can be very difficult. This is especially true now, when post-COVID-19 inflation seems to be leaving money out of bank accounts faster than ever before.
Fortunately, in most cases, you can make some changes to reduce your spending. Finding them may require you to think outside the box. Here are four money-saving techniques you may not have thought of.
1. Lower the water heater temperature
It’s helpful to have hot water, but it’s not necessary. get burned water. Unfortunately, many people set their water heaters to a higher temperature than necessary, which can be costly.
Manufacturers typically set the default temperature on water heater thermostats to 140°F, but setting the heater to 120°F is fine in most homes unless you have a dishwasher with a booster heater.
If you can lower your hot water temperature to 120°F, you could potentially reduce your electric bill by $36 to more than $61 per year just by avoiding standby losses. By making this one simple change that has no real impact on your quality of life, you could end up saving more than $400 a year because you’ll be using cold water for showers, laundry, dishes, etc. there is.
2. Join a “don’t buy anything” group
The Buy Nothing project aims to help people save money and reduce waste. You can find a local group and ask for anything you want and give away anything you don’t want.
My local “Buy Nothing” group donates everything from children’s Halloween costumes to entire dining sets. In many cases, posting a request will satisfy your needs (as long as it’s reasonable). You can also satisfy your “shopping” urge by browsing these free items instead of at a store where you have to pay. .
It’s free to join the group, so why not give it a try and see if you can save money?
3. Bartering for goods and services
Swapping goods and services with friends and family is also a great way to reduce spending. For example, in my local mothers’ group, we swap babysitters regularly. Taking turns watching each other’s kids is much cheaper than paying a babysitter, gives the kids someone to play with, and is fun for everyone. Also, trade in baby clothes and toys that your kids have outgrown instead of buying new ones.
If you have a talent or skill to share, you may be able to barter all sorts of goods and services with friends and professionals in your social circle.
4. DIY cleaning supplies
Finally, making your own cleaning products is another way to reduce costs. While most DIY cleaners can be made for less than $1 using simple ingredients you have at home, cleaning supplies can cost between $5 and $15 if purchased at a store, and those store-bought products can cost $5 to $15. are often full of chemicals.
There are tons of recipes online for making products that can clean everything from bathrooms to granite countertops to stainless steel appliances. Search sites like Pinterest to see if you can DIY.
Start trying as many of these tips as possible today and you might be surprised at how much you can save.
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