25+ Ways Homeowners Can Save $1000s Every Year

Benefits: Reduces Wasted Energy
Est. Savings: $100+* / Monthly

When the quarterly electricity bill arrives, it’s difficult not to be taken aback by the high prices. In order to help lower those ridiculous fees, have a look around for any cracks where warm air in the winter (or cool air in the summer) might be seeping out.

Don't Let Money Escape, Seal All Air Leaks ©Africa Studio/stock.adobe.com

Time is money, so if there’s the slightest chance that air’s escaping through loose caulking around the doors or window frames, don’t hesitate to seal them. A caulking tube can be found at any store that sells home renovation supplies. If you’ve never caulked before, it’s easy as can be. However, if you do run into some trouble, Google should have all the answers you need.

Benefits: Reduces Energy Output
Est. Savings: $10-$10* Per Bulb

LED, or light-emitting diodes, are easier on the eyes and better for the environment. Although those might have been two of the reasons some people have switched from the hotter and harsher bulbs, they aren’t the only ones.  

Switch Your Bulbs To LEDs ©Tutatamafilm/Shutterstock.com

Aside from the fact that switching to LED lights will save you money because they last (on average) 15-20 times longer than your usual light bulb, they also use a significantly less amount of energy. Homeowners might not notice a huge difference in their wallets. However, they’ll be saving $2-$4 a day for every incandescent bulb that’s been swapped out for an LED.

Benefits: Reduces Water Usage 
Est. Savings: $250+* / Annually

There is nothing wrong with enjoying a long and hot shower at the end of a tough day, but there is something wrong with not making the most out of every drop. Thousands of gallons of water are being wasted every year by people who haven’t yet made the switch to a low-flow shower fixture.

Install Low-Flow Fixtures ©Jin Odin/Shutterstock.com

Each person in a household uses approximately 7,250 gallons of water every year. With a low-flow showerhead, that number can be reduced by 40%. Depending on the number of family members, that could mean a new Apple device for the family every year.

Benefits: Reduces Energy Costs  
Est. Savings: 3%-5%*

There’s no denying the fact that after a long and tiring day, a hot shower can be the perfect remedy. What if there were a way to save money by reducing the temperature of the household’s water heater without missing out on any of that much-needed therapeutic hot water?

Adjust Your Water Heater Temperature ©Andrey_Popov/Shutterstock.com

At installation, most water heaters are set to temperatures that are much hotter than anyone would ever need. By lowering the heater’s temp by just 10°, homeowners will see up to a 5% drop on their monthly hydro bill. By the end of the year, that could add up to quite a nice vacation that’s paid for by savings.

Benefits: Better Rates That Lead To Long Term Savings
Est. Savings: Varies Depending On Current Rates*

A common misconception about mortgages is that when one has signed it, its terms must be adhered to for the duration of time that has been agreed upon. In reality, you can actually move your mortgage, but it’s usually not worth the hassle.

Refinance Your Mortgage ©CrizzyStudio/Shutterstock.com

“Usually” being the keyword. By the end of 2021, mortgage rates in the United States were almost at historic lows, making it a fantastic time for opportunistic homeowners to start looking into refinancing their mortgages and save thousands of dollars in the long run.

Benefits: Reduces Energy Use
Est. Savings: $100+* / Annually

Before leaving for a trip, many travelers make a conscious effort to eat and drink as many of the items from their fridge as they can in order to limit the amount of spoiled food that will be left to fester. It’s a great idea on paper, but there’s something that they’re forgetting.

Keep Your Fridge Full ©Mikel Dabbah/Shutterstock.com

An empty fridge actually uses more power to stay chilled than a full one does. As an alternative to keeping food in the fridge simply to save money on power, try filling the fridge with bottles of water or even empty boxes. Or, empty it of perishables and unplug the fridge altogether.

Benefits: Reduced Energy Usage  
Est. Savings: 50%-70%*

Over the past few years, a lot of people have turned to cooking most of their meals at home. As a result, more and more of us are eating healthy oven-cooked meals as opposed to fast and easy fried foods. Unfortunately, using it frequently can send power bills sky-rocketing.

Use A Toaster Oven ©Darryl Brooks/Shutterstock.com

If someone has the option to use one, a toaster oven uses 50%-70% less energy than the larger conventional or convection ovens. That could be hundreds of dollars every year that is spent on something a lot more fun than paying the power bills.

Benefits: No More Squeaky Floors 
Est. Savings: N/A*

As great as hardwood floors are, there are a few downsides to having them as well. Most notably, a floor that makes noise with every step one takes. A squeaky floor is enough to make any house — no matter how new it is — come across as a little run down or, dare we say it, not up to par. 

Get Rid Of Squeaky Floors With Talcum Powder @The Master's Craft/Youtube

It’s nothing that some Johnson &Johnson baby powder won’t fix. When dusted onto hardwood floors and brushed into the floor where the culprit boards meet, the talc found within the powder helps reduce (and sometimes eliminate) the squeaks that have resulted in so many teens being caught when sneaking back into the house after curfew.

Benefits: Maintains Property Value  
Est. Savings: $10,000+*

Due to the amount of money it will cost to add an extension to one’s house, it’s truly only a good idea if there are no other options. The addition won’t add much (if any) value to the home’s resale price, but it will cost tens of thousands of dollars and result in months of having workers around your home. 

Don't Extend Unless Absolutely Neccessary! ©Lilly Trott/Shutterstock.com

If the decision to add a room (or an entire level) has already been made, Home Depot is a great place to go for great prices on large amounts of lumber and other home renovations materials.

Benefits: Lowers or Eliminates Monthly PMI Payments  
Est. Savings: $40-$80* Per Month For Every $100,000

Once signing a mortgage and agreeing to its terms, most people “go the course” and make their payments until their mortgage has been paid off in full. However, after several years the value of the property is bound to increase. When it does, the loan-to-value ratio should, eventually, fall below the 80% PMI cancellation threshold. 

Check Your Mortgage PMI ©88studio/Shutterstock.com

According to the Federal Home Loan Mortgage Corporation (Freddie Mac), the amount of money that a homeowner needs to pay (on top of their monthly mortgage payment) is somewhere in the range of $40-$80 every month for every hundred grand they’ve borrowed. Keep checking on that mortgage PMI, cancel it as soon as possible, and enjoy an extra few dollars a month.

Benefits: Never Late On Bill Payments
Est. Savings: Unknown*

The older we get, the more bills we have to pay. Some are due once a month, while others arrive quarterly. There are even some bills that need to be paid just once a year. With all of these different bills, it’s hard to keep track of exactly when each one needs to be paid. And if we’re late (by just one day), late penalties will also have to be covered.

Use An App For Monthly Bill Reminders ©Doucefleur/Shutterstock.com

Chime is one of the apps that helps to simplify all of the bill-paying confusion. It helps to organize payment schedules and notify homeowners when they need to pay their hydro, electric, or mobile phone bills, but it also acts as an online banking system through which the sums could be paid. 

Benefits: Longer Lasting Refrigerator
Est. Savings: $500-$5,000*

A large amount of crud can build up in the coils of a refrigerator. If not taken care of, the best-case scenario in this situation would be the crud causing the fridge’s fan to work harder than it should and an expensive electric bill eventually showing up. On the other hand, it could also result in the fridge overheating and breaking down.

Avoid Costly Refrigerator Repairs ©sophiecat/Shutterstock.com

Picking one day a month to vacuum out the back of the refrigerator (and give it a good wipe down) is the best way to keep it running for as long as possible.

Benefits: Saves Water
Est. Savings: $100+* / Annually

Rinsing the dishes before putting them into the dishwasher is a practice that families have used for decades. Double washing all of one’s dishes wastes a lot of water. 5 gallons every 2 minutes, to be exact. And all because dish soaps of the past haven’t held up their end of the bargain.

Don't Rinse Dishes ©Ana Blazic Pavlovic/Shutterstock.com

The time to put one’s faith in modern-day detergents is now, unless, of course, something has been cooked into the foundation of a pot or pan. Then it’s best to soak and scrub, not rinse. These days, many of the dish cleaning products that Procter & Gamble produce are well-equipped to lift (and remove) grease and food stains of all kinds. 

Benefits: Saves Needless Work From Being Done
Est. Savings: $7* / Square-foot

Not to blame children or anything, but they sure do have a way of making messes and creating stains in some of the most unlikely places. From food spots on the ceiling to that mystery stain on the driveway, nothing is impossible when the little ones get going.

Use Drano To Remove Stains From Concrete ©DCStockPhotography/Shutterstock.com

Although the food on the ceiling is harder to reach, it’s always been easier to remove than pavement stains — but not anymore. Don’t bother calling someone to have any major work done because those (formerly) impossible to remove stains on the concrete walls or driveway will be gone in minutes after applying Drano to the afflicted spots.