REDUCE YOUR ENERGY FOOTPRINT
This article is part of a 30-day series called the 30 Steps Program to Financial Independence.
A significant portion of your income likely goes towards energy costs, including gas. By cutting down on these expenses, you can save more money, helping you move closer to financial independence. Additionally, reducing energy consumption is beneficial for the environment, making it a win-win situation.
How to Reduce Your Energy Bill at Home
Only use heating or air conditioning when necessary. Instead, open or close windows to let the weather regulate the temperature when possible. Invest in a thermostat to automatically lower the heat or turn off the AC when you’re not home, and have it reheat or cool your space about an hour before you return.
Ensure you are on the right energy plan by using comparison sites and switching providers if needed. Websites like energyhelpline.com can assist with this. I currently use a plan with EDF (UK) that alerts me if a cheaper plan is available, allowing me to switch without penalties. With this plan, my household, consisting of four people in a three-bedroom flat, spends about $50 a month on energy, which is quite low.
Make sure your home is properly insulated. You can often get your energy provider to send an expert to assess insulation for free, as they face fines for wasting energy. Some providers even offer substantial discounts or free insulation services.
Install low-flow showerheads and aerators on your taps. These small changes can quickly pay off through the water savings they provide, which is also beneficial for the environment.
Always turn off the tap when it’s not in use, such as while brushing your teeth. Use only the amount of water you need to avoid wastage.
Stay tuned for a more detailed post on other ways to reduce energy consumption. In general, the goal is to avoid being wasteful and to ensure you’re paying the right price for your energy usage.
How to Reduce Your Gas Bill for Your Car
Cutting down on car-related gas expenses can be challenging because many feel they need their vehicles for various tasks. However, it is possible to manage without one. I’m 32 and have only owned a car for six months in my entire life. I walk, take public transportation, cycle, and now own a motorcycle. For short errands, consider walking, or if you live in an isolated area, try to consolidate your trips. For instance, drop by the post office on your way to work or pick up dry cleaning when bringing the kids home from school. Making a grocery list can also prevent unnecessary trips to the store.
When driving, maintain a moderate speed, avoid sudden acceleration or braking, and ensure your car is well-maintained with regular oil changes and properly inflated tires. Poor maintenance can lead to higher gas consumption.
Carpool with friends or colleagues for commuting or running errands. Organize a shared ride for your kids’ school runs. The money saved can be directed towards your financial independence fund. Many people successfully live without owning a car, using services like Zipcar when necessary, which is far cheaper than owning a car full-time.
By following these tips, you can significantly reduce your energy and gas expenses, aiding both your financial goals and environmental sustainability.