5 Ways to Improve Your Financial Situation in 8 Minutes or Less

July 30, 2008 By Debbie Dragon

Controlling out of control finances is a challenge for most of us, to say the least!  Often, the thought of even TRYING to make changes in how you spend or save money is overwhelming, and so we do nothing different… and no improvements are made. 

What if you could improve your financial situation in 8 minutes or less?  Try the following:

Set a Timer

If you tend to take long, thoughtful showers (hey, some of us do our best thinking in the bathroom!), save water and energy (used to heat your water) by turning a timer on before you get in the shower.  It’s easy to lose track of time when you get lost in thought, but the ringing of a kitchen timer will jolt you awake and remind you not to be wasteful.

Consider Your Appliances as Vending Machines

If you’re like many people, when your appliances break, you end up needing to use a credit card to repair or replace them.  Set up a jar or container near each of your appliances, and each time you run a load of laundry or the dishwasher, put in some change.  Make it a small amount, perhaps 10 cents per use or something, but the idea is when you need to replace or repair your appliances, you’ll have saved some money without really realizing it or hurting your wallet.

Unplug/Power Down

Did you know that most of your electronics pull electricity even when they are not in use?  Consider the wall clocks on microwaves and dvd players - you may not be using the item, but you’re paying for the electricity to keep it plugged in!  Consider some more unique wall clocks which use less energy. There are also some fancy clocks which use no electricity at all.The average cost of these electronics, when not in use, is $20 per year.  You don’t think much of $20 a year for your microwave, but how many of these items do you have drawing electricity around your house?  Radios with flashing lights, computers in sleep mode… homes with a lot of electronic equipment could be spending an extra few hundred dollars a year just keeping their belongings plugged in.  Unplug when not in use; or use powerstrips and hit the “off” button when not in use and see if you start noticing savings on your electric bills.

Cold Water Washes

Washing your clothes in cold water can save you around $100 a year, believe it or not.  It’s an easy way to save money, since all you do is turn the knob to “cold” on your washing machine.  Their are detergents especially designed for cold water washing, but I just use whatever is on sale and my clothes come out clean every time.

Keep a Spare Towel

You can reduce the amount of time required to dry clothes in the dryer by tossing in a dry towel with your wet load of clothes.  The towel actually helps absorb the moisture from the wet clothes as they spin around in the dryer, and the time required to get the clothes dry is reduced by about 10%.  If you can’t hang  your clothes outside to dry, this is a great way to save some money when drying your clothing!

Posted in budgeting, family, financial plans, frugality in motion, home improvement, lifestyle, miscellaneous, personal behavior, savings

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