6 Summer Money-Saving Ideas for Homeowners
Whether you’re a first-time homeowner or have been living in your “forever home” for some time, these money-saving tips can help cushion the monthly summer (and beyond):
1. Switch Out the Filters
Switching out your home’s air and furnace filter approximately every three months can save some dollars on utility bills. For new homeowners, if you’re not sure when the previous homeowners changed these filters it may be a good idea to purchase new ones sooner than later.
Average cost: $12-$50 per filter
Average savings: Up to $45 per month on energy costs
2. Learn About Household Electricity Peaks
Did you know there are peak hours for using electricity? When households utilize electricity during off-peak hours, it can improve energy efficiency and reduce the electric bill. The U.S. Department of Energy’s Energy Saver Booklet suggests reducing the peak power in ways such as timing the dishwasher for 2 a.m. or using an advanced power strip to control items plugged in, but idle.
Average cost: $29-$44: Advanced power strips
Average savings: $100-$200 per year. Combined savings for electricity peak efficiency.
3. Hang Clothes to Dry
Drying a small load of clothes for 45 minutes will cost about 36-45 cents. Depending on how much laundry is done in any household, hanging clothes to dry can be a major cost-saver. There are many methods for hang drying laundry: from putting up a clothesline outside, purchasing a drying rack, or by using extra clothes hangers.
Average cost: $19-$40
Average savings: $50-$200 per year. Based on household size.
4. Use Fans to Cool Down a Room
Installing ceiling fans add circulation to any room and make it feel about 5-7 degrees cooler…all while saving on the cooling and heating bills. This may help especially in the beginning and end of summer months to keep the temperature down in the home without even turning on the air conditioner.
Average cost: Free if you already own ceiling and/or standing fans
$39-$250 (Depending on standing versus ceiling fan purchase)
Average savings: $35-$53 per year
5. Adjust the Thermostat with Day and Night Settings
If you’re planning to update your home with a smart thermostat, you can automate the temperature while no one’s home. Or, you can write a note on the thermostat, reminding yourself to simply adjust the temperature before leaving for work and coming home. Adjusting the thermostat to match your occupancy can mean significant savings in utility bills.
Average cost: $0-$250 per thermostat
Average savings: $150-$200 per year
6. Shop for Homeowners’ Insurance
Homeowners’ insurance is an important piece to the homeownership puzzle. For new homeowners, do not feel pressured to purchase the first homeowners’ insurance presented to you.
Average cost: $300-$1,000 per year
Average savings: Varies
Just beginning the house hunting process? We’re here to help. Your credit union is here to help you through the process. You can find the right agent, search for the perfect home, and possibly earn cash rewards at closing with our HomeAdvantage program.
Questions about homeownership? Whether you’re shopping for a new home or just thinking about homeownership and have questions, you can contact one of our helpful, experienced mortgage loan officers.
What are some tips, tricks, or suggestions you have for saving dollars with your home? Share your ideas and comments in the section below!