Improving Your Home's Energy Efficiency Can Save Money
November 2009
Even though the economy is showing signs of improvement, most consumers are still looking for ways to save money. Making improvements to save energy around your home may cost some money now but produce savings now and in the long-term. This month we’ll look at various ways to improve the energy efficiency of your home, ranging from simple, low-cost strategies to more extensive improvements. Some improvements may qualify for tax credits and help you save even more.
Where Is Your Home Losing or Using Energy?
Where is air likely leaking out of (or into) your home? Is there adequate insulation in your attic or crawl space? Can you feel drafts around your doors or windows or see cracks of daylight? How old or efficient is your furnace or air-conditioning system? Making a home energy audit to answer these questions and more is the first step in planning the most effective improvements for your home. You can do a simple energy audit yourself using the energy audit instructions from the U.S. Department of Energy (DOE). Some utility companies also offer home energy audits for free or at low cost.
Okay, this article is packed with ways to prioritize your spending and save money creatively. But what if you’re reading those articles too late? What if you’re already in deep trouble when it comes to money?
And let me define “deep trouble”— you’re so broke you’re thinking about singing for change on a busy street. Being 30 days late on some payments, a shutdown phone, bounced checks, or lights being turned off in your pad also describe “deep trouble.”
If any of this sounds familiar, you’re not alone. People our age mess up all the time, and many ruin their credit in the process.
Overall in 2009, we Americans are saving more money. That’s one positive thing, at least, that the current recession has prompted us to do. According to the latest figures from the U.S. Bureau of Economic Analysis, the savings rate is over 4% (as a percentage of disposable income). A few years ago our relative savings rate was essentially zero. So this is a great trend—a positive for personal finances that I hope everyone will continue to do even after the economy recovers.
Getting in the habit of saving regularly, however, is not easy for most people. There are so many temptations to spend. It’s a little like resolving to eat in more healthful ways—you do great for a couple of days until a co-worker brings in delicious sweet treats for the break room. Nevertheless, you are determined to start saving and build up at least the recommended emergency fund equivalent to six months’ living expenses. A worthy goal.
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Sure, credit cards can be a great way to have a financial safety buffer in your pocket, and they build credit pretty quick, too.
November 2009
Okay, this article is packed with ways to prioritize your spending and save money creatively. But what if you’re reading those articles too late? What if you’re already in deep trouble when it comes to money?
October 2009