Home + Family Tips

4 Ways to Save Money on Your Utilities

A popular New Years’ resolution for many people is getting credit cards and interest rates under control. Equally important, however, is home improvement, or getting their monthly bills under control, starting with home utilities. Luckily, there are many ways for a homeowner to cut down on electricity. Here are common ways to save on those utility payments, as well as the pros and cons of those solutions.

Washing Laundry with Cold Water

As many electricity providers will tell you, aside from doing fewer loads of laundry, washing your clothes on the coldest water setting can make a steep difference in both your electric utility, resulting in a lower rate of usage. Without the need to heat up the water, you can save approximately 50 cents per load, which adds up quickly if you do multiple loads for the whole family.

Electronics and Smart Power Strips

img

Almost all business and daily activities are dependent upon computers and gadgets that can be just as impactful as the heating system and washer-dryer, even if you have a low rate. In many homes, multiple TVs and computers are never turned off, resulting in higher rates and affecting internet speed. A great way to lower your monthly payments is to install a smart power strip in the rooms using the most electricity. As many customer service reps and energy providers will tell you, new customers are often in-line for a lower price on monthly fees.

Attaching a smart power strip can lower power costs immediately. Likewise, using the same type of strip for DVD players and video game consoles can equal savings. This is a particularly good idea if family members often forget to turn off the electronics or lights when they leave the room, especially to internet access. In homes where consistent internet service and mobile hotspots require a router and modem for faster speeds to remain in use around the clock, the cost to run those numerous devices will drop immediately, which is as effective as finding a way to save money on internet bills.

Using the Dishwasher Wisely

img

Similar to the rules regarding the laundry and utility use, mastering the art of “smart” dishwashing can cut the water and electricity bill tremendously on a monthly basis. Running a dishwasher uses up to four times greater the amount of water than washing by hand. If the electricity bill is your biggest incentive over the water utility, however, drying those dishes manually can be the best compromise.

Home Improvement Loans

Now might also be a good time to learn how home improvement loans work. Sometimes, the best way to select your electric company is if you’re in line for a home renovation or home improvement project. If you have good credit, there’s no need for a second mortgage or personal loan merely to make ends meet for your utilities, as you may have eligibility for a lower interest rate within a home improvement loan through a reputable financial institution specializing in this type of loan.

In the long run, you could get the best rate from a lender on a secured loan through a credit union, finding a better deal or the best option against the value of your home and home equity. Often, a good option for electricity providers can be part of your decision-making. A monthly credit report of your credit history may surprise you with how much you’re in line to receive, and the best offer could be right in front of you. Even in a competitive market, an applicant has different options regarding the life of the loan, late payment fees, variable interest rates (or better rates), and loan types.

The new year could be an option for a new loan or loan terms. The good news is that loans can not only assist with home repairs and your home’s value (and your overall credit history) but can provide a lump sum for home-based small businesses and residential customers alike. Such expenses covered can include high-speed internet service and internet connection for social media outreach, your own modem and your own router, an office remodel, a business credit line or home equity line of credit, leverage with your repayment period, and other perks.

Your credit score can often dictate the loan amount or a higher interest rate, so it’s always worth keeping an eye on your progress!