While we talk a lot about ways to make money here, another important component of being a Penny Hoarder is saving money. Combine the two strategies–making extra money and saving money, and you’re well on your way to a comfortable financial life.
Just as there are hundreds of ways to make extra money, there are hundreds more ways to save money. Sure, we all hear about skipping the lattes, but what if you’re not a big latte drinker? What if you’re already conservative with your money and skip the biggies like eating out and visiting your favorite coffee shop? What if you already negotiated a lower cable bill?
Rest assured, there are plenty more ways to save. Here are some of my favorite ways to save around the house:
1. Install thermal curtains. Thermal curtains have a dual purpose–they keep out the cold in the winter and keep out the heat in the summer. Then, you can have your heat a bit cooler and your air conditioning a bit hotter, saving you dollars.
2. Repair your appliances instead of replacing them. When an appliance suddenly stops working, your first instinct is probably that you’ll need to go out and buy a new one. However, that is not always the case. You can often save money by having the appliance repaired, especially in the case of major appliances like refrigerators, dishwashers, and washing machines.
3. Install a programmable thermostat. When you’re tucked under the blankets at night, you can probably handle a room temperature that is a few degrees cooler than you like. Install a programmable thermostat and have the temperature increase to the one you prefer an hour before you get out of bed. Then set it a few degrees lower when you’re at work. What is the sense of heating an empty house? This strategy alone can save you a few hundred dollars a year.
4. Don’t buy more house than you need. If you buy a house that is just right for your needs, you’ll save money on property taxes, house payments, and utilities. Don’t forget furnishings and decorations. Though it’s tempting to buy the biggest house you can afford, resist the urge.
This blog is all about finding ways to make extra money. Everyone loves extra money, but make sure that you’re also curbing your expenses so that extra money doesn’t get spent on unnecessary expenses. Do both, and you’ll find yourself a lot richer.