ESTATE• Read Time: 4 min
A Penny Saved is Two Pennies Earned
The famous saying from Poor Richard's Almanack is frequently misquoted. It was published by founder Benjamin Franklin in 1737: "A penny saved is two pence clear." Finding ways to manage expenses is one of the cornerstones of a sound financial strategy.1
Here are some simple and inexpensive energy-saving tips that may help you save money.
To better understand where opportunities may exist for improving energy efficiency, consider an energy audit. 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.
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., TV, cable box and recharger) use energy non-stop. Consider a power strip to reduce their electrical use by shutting off the power strip at bedtime.
- Plug up the air leaks through weather stripping or caulking; install door sweeps to block drafts. Close the fireplace damper when not in use.
- Be sure to have your heating system serviced to ensure maximum efficiency.
- Install a water heater blanket and turn it 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 temperature 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 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 observing the speed limit.
- Eliminate weight-empty that trunk!
1. The Franklin Institute, 2020
The content is developed from sources believed to be providing accurate information.The information in the material in 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 professional for specific information regarding your individual situation. The opinions expressed and material provided are for general information, should not be considered a solicitation for the purchase or sale of any security.