Reducing Your Energy Costs
This post is part of a 30-day series focused on achieving financial independence. A significant portion of your income likely goes towards energy expenses, including gas. Cutting back on these costs can free up money for your financial independence fund and benefit the planet as well—a win-win situation.
How to Lower Your Energy Bill at Home
– Use heating or air conditioning only when necessary. On hot or cold days, adjust your windows to leverage the weather. A thermostat can help by automatically lowering the heat or shutting it down when you’re not home and reheating an hour before you return.
– Make sure you’re on the best energy plan by using comparison sites and switching providers if needed. I use sites like energyhelpline.com for this. Currently, I’m on an EDF (UK) plan that alerts me if another plan is $1.50 cheaper per week, allowing me to switch without penalties. My three-bedroom flat, which houses four people, spends about $50 monthly on energy, which is quite low.
– Ensure your home is well-insulated. You can have your energy provider send an expert for free since they often face government fines for wasting energy. Some providers might insulate your home at a significant discount or even for free.
– Install low-flow showerheads and tap aerators. You’ll quickly recoup your investment through water savings, and it’s beneficial for the environment.
– Turn off the tap while brushing your teeth. Use only what you need to avoid wastefulness.
This list continues, which will be covered in a more detailed post. The key is to avoid waste and ensure you’re paying a fair price for your consumption.
How to Lower Your Car’s Gas Bill
Reducing gas expenses can be challenging since cars often seem essential. However, it’s not always necessary. I’ve only owned a car for six months in my entire life and managed just fine by walking, taking public transport, cycling, and now owning a motorcycle. Run nearby errands on foot, or if you live far out, try to consolidate trips. For example, stop by the post office on your way to work or pick up dry cleaning after school drop-offs. Make a grocery list to avoid extra trips.
– Drive slowly and avoid sudden acceleration or braking. Regular maintenance, timely oil changes, and properly inflated tires can prevent your car from consuming more gas.
– Carpool with friends or colleagues for work or shopping trips. Organize rideshares for the kids. This money saved can be added to your early retirement and financial independence fund. Many people manage well without owning a car, instead opting for services like Zipcar when needed, which is much cheaper than having a car all the time.
