5 Ways To Save On Home-Related Expenses
Q: I recently bought my first home. I budgeted for my mortgage payments but the other home expenses are higher than I expected. Angel, Bayonne, NJ
A: Congratulations on your new home, Angel. Unlike other assets, real estate is an expense-generating asset. Here are 5 ways to save on home-related expenses: 1. Install a smart thermostat. A smart thermostat allows you to better control the temperature in your home throughout the day and night which will reduce the cost of both heating and cooling 2. Install Ceiling fans. I personally prefer ceiling fans myself to air conditioning. Ceiling fans use 10% of the electricity air conditioners use, which will save you money on your electric bell 3. Insulate your tank water heater: Insulating your tank water heater can reduce standby heat loss by more than 40% (water heating is usually the 2nd highest cost of all home expenses) 4. Use a microwave when possible in lieu of an oven: microwaves draw 80% less energy than an oven does and a microwave unlike an oven does not require pre-heating, which reduces your energy costs 5. Identify then fix home water leaks: Eliminating water leaks can reduce your water bill by at least 10%. Thanks for your question, Angel.
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