Whether you are trying to make sure your retirement money will last you your whole retirement, or you’re just trying to save a little money for your retirement or anything really. You can make sure that you don’t have to come out of retirement late in your years just to have money to keep yourself going. Use our tips for saving money each month on your bills to get out of the paycheck-to-paycheck lifestyle.
Refinance Your Mortgage
A mortgage can cost you a lot of money over the years, and sometimes it can help to look into refinancing. If you’re a veteran, you can save so much more money with a veteran loan over a conventional loan. Differences of half a percent in interest rates may not seem like that much, but over the course of your whole loan will add up to a lot of money. It reduces your monthly payment, even though it will take the same length of time to pay off, making this a money saving opportunity you don’t want to pass up. If you aren’t a veteran, take a look at other options that will help you save money on your mortgage. Current mortgage rates are at an all-time low in 2015, making it an ideal time to refinance your home loan, or pull out a home equity line of credit.
Improve Your Home’s Energy Costs
If you really want to save money you need to work on making your home more efficient. Insulation is a big part of this; you lose so much cool air in the summer and warm air in the winter through your own walls. With good insulation you can keep your house a much nicer temperature and reduce how much money you pay out toward heating and cooling costs.
Check on the weather-stripping around your home. Do you have all of the windows and doors properly sealed off? If you don’t it is time to consider replacing the weather-stripping since the air can leak out of the home. Walk around the outside of your home and check for things that need to be upgraded. You may quickly find that there are simple little fixes to do around the windows outside. Sealing up any leaks or cracks outside the home will also help to reduce your energy bill since the cold air won’t be able to get into the home during the winter.
When you replace your appliances, shop for the new energy-efficient appliances. This will save you a lot of money on your utility costs. They usually focus on using less energy but they also use less water (as is the case with the new dishwashers and washing machines). Run your appliances at night to conserve energy. Most homes consume the energy during the day hours and running your appliances at night actually does help with energy conservation.
A great way to reduce your monthly bills is to conserve your money. Instead of buying everything at the same grocery store, take the time to actually look through ads and find out which stores are running the best deals. You want to clip coupons from these stores as it gives you a chance to move some of the savings back to your CD account or online savings account. Coupons are great ways to save money on everyday purchases!
Carpool to Work
While gas prices were low in February 2015, the trend is already moving back toward $3 or more per gallon. Do yourself a favor and try saving money on gas expenses. Carpooling to work is a great way to make sure you can get to and from work without the weekly gas bill. Public transportation is great as you can sit back and read a book or do some work instead of worrying about navigating traffic.
Stay tuned next week for additional ways to save money on your monthly expenses!