Paying Less At Home

Top 5 Money Mistakes We Make with Utilities
Kodak spokesperson and author of Money & Happiness Laura Rowley

We all make stupid money mistakes. Find out if you're making bad money decisions with this advice from Kodak spokesperson and money expert Laura Rowley.

1. Get Burned on Heating Bills
A programmable thermostat costs about $30 but can save as much as 25 percent on your energy bills by turning down the heat (or air conditioning) when you're away from home or sleeping, according to the Energy Department. For the average utility payer, that works out to about $250 a year. Boost your savings even more by setting your water heater at 120 degrees or below.

2. Paying for 200 Channels You Don't Watch
The cost of cable television has risen 77 percent since 1996, double the inflation rate! Americans pay an average of $60 for cable, but only watch 15 channels, according to a Consumers Union study. If you pay for premium cable services—extra channels, HBO, etc.—call your cable company and put your service on "vacation mode." You'll still receive basic service but save temporarily on the premium channels. If you don't find yourself missing those extras after a month or two, call and make the change permanent.

3. Not Realizing That Talk Can Be Cheap
Mobile plans are complex and ever-changing. Make sure you're getting the best deal at the web site letstalk.com. Services such as Billshrink.com and Validas.com analyze your cell phone bill for a small fee and show you where to find savings. Billshrink says its clients save up to $300 a year. Alternately, switch to one of the new pre-paid services from Sprint or Virgin Atlantic, which offer unlimited voice, text, web browsing and more, for just $50 a month.

4. Washing Money Down the Drain
You can reduce your water bills 25 to 60 percent by replacing your old showerheads and faucets with low-flow aerating models for $10 to $20 each. Look for fixtures marked 2.5 gpm (gallons per minute) or less. The average household spends about $475 a year on water, so savings can range from $120 to $285 annually. (To determine how much water your household uses each day and how much you might save, see this government site.)

5. Getting Bitten By Energy "Vampires"
Appliances and electronics in "standby mode"—turned off but still plugged into the wall—suck up power. One study found vampire power consumes 5 percent of U.S. electricity and costs $3 billion. To avoid the loss, plug all of those items into fuse-protected power strips that don't guzzle energy from the wall when turned off.

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Read more: http://home.ivillage.com/homeoffice/budgeting/0,,ffth10tx-1,00.html#ixzz0REMuXjKV