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Automation

Budgeting is Hard, But Here Are 8 Tips to Make It Easy!

By //  by Ruddigar Simpson

[The following post has been brought to you in conjunction with Credit Sesame.]

Sticking to a specific budget is not always easy. From holiday spending to emergencies to everyday purchases, the household budget can easily fall to the wayside. If this sounds familiar, you’re not alone. Simply relying on willpower and discipline for your budgeting is hard.

What really works is automating what you can and getting smart about where you spend your money. Here are 8 tips you can try to help yourself stay on track.

8 Easy Budgeting Tips You Can Use TODAY

8 Easy Budgeting Tips

Use an App to Track Spending

If you already have your phone in hand, why not download an app to track all of your spending? Many banks offer free budgeting tools, based on debit card transactions. Log in to your account and take a look.

Free apps like Mint can also show you exactly where your money goes, separating transactions by category in easy to understand tables and graphs. You can visually see where you spend too much and make adjustments.

Auto-Pay Your Bills

It can be tempting to pay a bill late in order to buy something else. However, putting bills first by auto paying them can eliminate that temptation and keep you on track. Even if you normally pay your bills on time, it is easy for one to slip through the cracks. Then you might think you have more money than you do, and you could get hit with late fees and service interruptions.

Schedule an auto-payment date that works for you and sign up for electronic receipts (a notification or an email that the transaction occurred).

Automate Savings

Set up your direct deposit so that a portion of each paycheck goes straight to savings before you even see it. You can do this through your employer’s payroll service, or through your bank.  If you manually deposit your pay, it’s up to you to put the allotted amount into savings each time.

Save on Entertainment

Do you have expensive cable service but you rarely have time to sit and watch anything? I used to spend around $100 per month on cable but switched to Netflix for $10 per month.  You can also pick up movies, magazines and books at the local library for free rather than buying or renting them.

Also, check your local newspaper, the coupons that arrive in your mailbox and online deal sites for free or low-cost concerts, movies, and other events. A little bit of effort can lead to huge savings and an easier time budgeting.

Plan Meals

Food is often one of the most frequent, necessary, and expensive items in the budget. The temptation to swing through the drive-through can be strong. If you’ve already got a delicious dinner planned at home, the temptation is easier to resist. You can, of course, eat out sometimes. But it should be the exception, not the rule.

Google recipes. Start on your favorite recipe site or by typing in the ingredients you’ve got on hand, followed by the word “recipe.” (If you’re on a tight budget or new to cooking, we love this free cookbook.) Buy staples in bulk (olive oil, butter) to save money. Shop according to a list, not whim. Another word of advice: don’t shop when you are hungry or stressed. The key is to experiment so that you find recipes you and your family like.

Save on Gas

Gas is another expense you can cut down on by planning ahead. First, get the cheapest gas in town by downloading an app like GasBuddy that lets you search the city you live in for the best prices. Then think out all the errands you need to run and how you can do them most efficiently during the week.

When you know where you need to go, use Waze to find out about any problems on the road so you don’t find yourself stuck in traffic or taking a detour. Don’t forget about carpooling with friends when it makes sense. There’s even an app for managing your carpool schedule!

Negotiate Services

Are you paying monthly fees for your phone, car insurance, credit card interest, and bank accounts? In our competitive market, companies frequently change their offers and run promotions. They want to keep existing customers, which gives you leverage.

When paying my monthly phone bill, I asked about getting a discount on my services and learned they offered 15% off for AAA members. Just by asking I cut over $20 from my monthly bill.

Also, check your credit report to find out if you have improved, as better credit can help you get better rates, especially for products like insurance and credit cards. Credit Sesame is a great resource for getting free credit report cards.

Create Goal-Oriented Savings Accounts

Lastly, if you have a specific goal you want to save for like a vacation, the down payment on a house or an emergency fund, you can make that goal more tangible with a goal-oriented savings account. Put a name on the account and separate it from your other savings. Goal accounts can be strong motivators.

Sticking to a budget, repaying debt, and saving money can be hard, especially if you have never done it successfully before. Don’t get down on yourself about it. Instead, take action using tips like these to support your efforts and relieve some responsibility from your willpower.

Filed Under: Budgeting Tagged With: automate savings, Automation, budgeting app, meal plan, spending app, tips

Energy Saving Myths: What You Think You Know Can Cost You BIG!

By //  by Khaleef Crumbley

As many of you already know, I love to look into commonly held beliefs and see if they are actually true or nothing more than popular myths. Our local energy provider recently sent out a list of some of the most common energy myths. Here are the ones which I found most interesting:

Common Energy Saving Myths

Energy Saving Myths

Setting the thermostat higher or lower will heat or cool your home faster. Homeowners often set the thermostat higher or lower than necessary, thinking it will warm or cool their home faster, but furnaces and air-conditioners work at the same speed, no matter what the thermostat setting. A home will warm up to 70ºF just as quickly if the thermostat is set at 70ºF as it will if it is set at 80ºF. In fact, more energy may be wasted as the heating or cooling system continues to run to reach the higher set point.

I have always believed this myth until we had someone come to service our central air unit. When he was testing the temperature of the air coming out of the vents, he explained to me that it takes the same amount of time to reach the desired temperature no matter how high/low you set the thermostat.

A heating and cooling system works harder to reach a comfortable temperature after setback or set forward. Many homeowners do not adjust their thermostat at night or when their home is unoccupied because of the common misconception that the heating or cooling system must work harder or use more energy to reheat or re-cool the house, but this is not how thermostats work. The system turns on to reach a set level and shuts off when that level is reached. It operates more like a switch that shuts on and off than a car that accelerates when you step on the gas pedal.

This is another one that I believed until talking to the same serviceman. I always thought it was the same as a car, so I’m glad they specifically mentioned that analogy.

Energy efficiency and energy conservation are the same thing. Efficiency refers to using less energy to perform a specific task. For example, compact fluorescent lamps (CFLs) can light your home using less energy than conventional incandescent bulbs. Conservation involves reducing your need for energy through behavior changes, such as setting your thermostat lower.

I never really paid any attention to this, but I do think that those buying appliances should take note when analyzing products/plans using these terms.

When an appliance is turned off, it is off. Many appliances and home electronic devices continue to use power after they have been turned off—sometimes as much as if they were on. This is known as standby power or phantom load. The only way to stop the drain of power from these devices is to unplug them.

My wife and I are always unplugging the chargers for our cell phones and other electronics. In fact, we purchased a couple of surge protectors that allow us to shut off the power to all but 2 predetermined outlets, so we don’t even have to unplug the chargers from those areas.

CFLs are more harmful for the environment than traditional bulbs because they contain mercury. CFLs do contain a trace amount of mercury that can be emitted into the atmosphere if the bulb is broken. However, mercury is also emitted into the atmosphere through electricity generation. Using CFLs will help to reduce mercury emissions because they are more efficient and use less electricity. According to the U.S. Environmental Protection Agency, a typical 60-watt incandescent bulb will result in 5.8 milligrams of mercury emissions over its lifetime, while a comparable CFL bulb will emit only 1.8 milligrams—even if it ends up in a landfill. Recycling CFLs can further reduce emissions.

I never heard that CFLs contained mercury, so this is new to me.

Leaving lights and electronic devices on uses less energy than turning them on and off. In most cases, the small surge of power needed to start a device is much less than the power that is wasted by leaving it on when it is not needed.

I’ve never heard this one either, but I can see someone believing this since you hear the same thing about the thermostat (see above) and allowing a car to idle.

Duct tape is the best choice for sealing ducts. Duct tape has very low durability when used to seal ducts. Over time, it will fall off as the adhesive dries out and the tape starts to wrinkle. Mastic or metal-backed tapes—available at your local hardware or do-it-yourself retailer—are better choices for duct sealing.

Ummm…it’s called duct tape, right? Who here didn’t think that was because it is perfect for sealing ducts? Yes, I have seen it dry out, but I always assumed that it was still the best option.

Purchasing an efficient air-conditioner or furnace will automatically reduce energy bills. This is true to an extent, but optimal savings will not be achieved unless the system is sized and installed correctly. Installing an efficient, but over-sized, system may negate much of the potential savings, while a poorly designed duct system will also impact efficiency and comfort. Windows, doors, and insulation also affect heating and cooling efficiency.

Things are never as easy as they seem. There are so many variables when it comes to reducing energy costs.

Dimming lights by 50% will cut lighting costs in half. In reality, the relationship is not quite direct and the savings may be less than expected. Dimmed lights do use less power, but when lights are dimmed, the voltage drops and the filament becomes cooler. This causes a loss in overall efficiency.

Again, a case where the simple assumption isn’t as accurate because of other factors.

Closing off vents will help to lower heating and cooling costs. Closing or covering up vents is typically not a good way to save on energy costs. Heating and cooling systems balance their load throughout the duct system. If one vent is closed off, it throws the system off balance. Pressure can build up in the ductwork, causing leakage and reducing the amount of air circulating in your home. This reduces system efficiency and home comfort.

My wife and I will do this under the assumption that this will just increase the airflow to the remaining open vents. We won’t be doing this any longer!

As you can see, these misconceptions and myths about home energy use are not merely interesting facts, but use can cost homeowners in the form of higher energy bills and can lead to unnecessary home maintenance and reduced comfort.

photo credit: Freedigitalphotos.net

Filed Under: Housing Tagged With: Air Conditioner, Automation, Compact Fluorescent Lamp, Duct, energy, energy bill, energy costs, energy efficiency, Energy Saving, furnace, Gas Discharge Lamps, home energy, Maintenance Cost, Radiator, Reduce Energy Bills, Reduce Energy Costs, Temperature Control, Thermostat, Your Energy Bill

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