Infrared image of a house

A penny saved is two pennies earned

Share

You’ve likely heard that Benjamin Franklin adage, “A penny saved is a penny earned.” But in today’s modern economy a penny saved opens up investment opportunities Mr. Franklin never considered. And that, in turn, makes finding ways to manage expenses a cornerstone of a sound financial strategy.


One place to start gathering pennies? Home energy costs. Here are some simple and inexpensive energy-saving tips that may help you save money.

Audit first…

To better understand where opportunities may exist for improving energy efficiency, consider an energy audit. You can perform one yourself by purchasing a home energy monitor, which tracks your energy use, and a handheld air leak detector to identify windows, doors, and other areas of the home that are drafty.

Also, your local power utility may offer in-home energy audits or related services that can help identify remediation opportunities.

…Then act

Consider these do-it-yourself ideas that may offer immediate savings at very little cost:

  • Install a programmable thermostat to automatically lower the heat or air conditioning because—let’s face it—you forget to do it.
  • Devices that offer “instant on” or continuous display (e.g., your TV, cable box, or recharger) use energy non-stop. Consider a power strip to reduce their electrical use by shutting off the power strip at bedtime.
  • Plug up air leaks through weather stripping or caulking, and install door sweeps to block drafts. Close the fireplace damper when it's not in use.
  • Be sure to have your heating system serviced to ensure maximum efficiency.
  • Install a water heater blanket and turn the heater down to 120 degrees; not only is a higher temperature wasteful, but a lower temperature is a safety precaution for younger children. Lower it to a minimum when you leave for vacation.

Honk if you like to save money

For many, the cost of running their automobile(s) can be higher than the cost of running their home. Here are ways to save:

  • Tune up your car.
  • Check your tires for proper inflation.
  • Drive sensibly by eliminating excessive idling, aggressive driving, and speeding.
  • Eliminate weight — empty that trunk!

Need more insight? Let us be your guide.

Our national network of experienced financial advisors can help you create a personalized plan to help you identify financial goals and get you where you want to go in life.

Find an Advisor

Related Insights

clock

Investing to Save Time Boosts Happiness Returns

The more money you make, the more valuable you perceive your time to be — and the more time-strapped you may feel, according to University of British Columbia psychology professor Elizabeth Dunn.

Read More
Calculator and graphs image

10 tips to master personal finance

Personal finance is an important, and sometimes tricky, subject. There’s more to know than the average credit-card-swiping, online-bank-account-monitoring, stock-market-checking individual can keep track of. We’ve put together some of the top tips and best practices to help navigate your personal finances.

Read More
Student Loan payoff

Should I pay off my student loans early or contribute to my workplace 401k?

For young adults with college debt, deciding whether to pay off student loans early or contribute to a 401(k) can be tough. It's a financial tug-of-war between digging out from debt today and saving for the future.

Read More

Associated Tags: Budgeting, Strategies

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2018 FMG Suite.

Market Data powered by Wikinvest. Data is provided as-is, delayed, and subject to Terms