Savings start at home…

A recent report released in the US once again confirmed that the biggest amount of household savings can be orchestrated within the home. The Consumer Reports Authority outlined 4 strategies that once implemented could save the average household $1,500, the equivalent of £915 per year. The simple message coming from the CRA is energy efficiency. Homes lose hundreds of pounds each year due to poor energy efficiency, a quick upgrade to your insulation can rectify this and will end up saving you thousands in the long run. As my parents used to say ‘it’s always better to have the money in your savings account, than in someone else’s’. Bob Markovich from the CRA suggested “Some of the simplest projects, such as adding insulation and, sealing cracks and ductwork, can yield the biggest savings”. In the study, only 12% of those polled admitted to improving insulation in their homes within the last 3 years. Energy efficiency is one of the greatest investments you can ever make to your home, especially when it comes to your monthly utility bills. The report highlighted 4 areas which can provide the biggest amount of yearly savings; these were heating and cooling, water, recycling and electricity.

Heating and cooling

Insulation is the key to making savings on your household heating bills. The study suggests that dealing poorly insulated ducts could potentially save your household $400 or £244 each year. Having a programmable thermostat that lowers heating during the day when the house is empty is also a great way of reducing costs

Water

Water is quickly becoming one of the most important commodities of the 21st century due to its increasing scarcity. By insulating pipes, stopping drips and installing water efficient technology like hippos and new showerheads could save your average household another £244 each year.

Electricity

A quick switch and save when it comes to energy efficient electric appliances can end up saving your household almost £200 each year. Ensuring that all your light bulbs are energy saving can also help keep your electricity bills down. Running your household with a totalitarian fist and making sure that everyone turns off lights and unnecessary appliances will also save you money, but this can often cause an atmosphere of stalin-esque resentment with your housemates so be careful.

Recycling

A large majority of companies are now offering a ‘cash for trash’ recycling scheme, by taking the effort to sort through your trash and sell it to the appropriate vendor, you can now make a decent amount of money from recycling. The CRA have suggested that a further £150 can be made from recycling household waste.

These savings often require a bit of effort and an initial lay-off of cash to get started, but once these energy saving features have been implemented, the benefits are soon shown.

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