How Little Acts of Frugality Can Add Up to Thousands in Savings
You don't need to give up everything you love to save money.
Here are some little acts of frugality that could add up to pretty big savings over time.
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Turning Off Lights
If you leave a 60-watt bulb on for an extra five hours a day, that's 9 kilowatt-hours (kWh) per month. At an average electricity rate of 18 cents per kWh, according to Electric Choice, you're wasting $1.62 every month or almost $20 a year for just one light bulb. If you have a big home with multiple rooms and many light bulbs, you could easily save over $100 a year just by flipping switches off when you leave the room.
Unplugging Devices
According to the U.S. Department of Energy, standby power accounts for 5% to 10% of residential energy use and could cost the average U.S. household up to $100 per year. So make sure to unplug your devices when they're not in use.
Brewing Your Own Coffee
A $5 coffee doesn't feel like a big deal in the moment. But if you buy one five days a week, that's $25 a week, or about $1,300 a year.
If you switch to home-brewed coffee, each cup could cost you only around 50 cents to $1. So if you drink a cup every day, you're spending somewhere between $182.50 and $365. That means you're saving around $1,000 a year.
Lowering Your Thermostat
According to the Department of Energy, you can save as much as 10% a year on heating and cooling by simply turning your thermostat back seven to 10 degrees for eight hours a day from its normal setting.
So if you spend $1,500 a year on heating and cooling, you could expect to save around $150 just by being a little more mindful of your thermostat settings.
Small Habits, Big Impact
None of these habits will make you rich overnight. But if you stick to them year over year, you can potentially save a significant amount of money without making major lifestyle changes.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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