If you’re someone who is lucky enough to be a retired homeowner, and are also looking to save some money, then this is certainly an article that you should read. In addition to listing out the most beneficial strategies and advice on exactly how you can start building up your savings account whilst not having to work, this article will also give detailed instructions on each step. That way, you can fully execute each of the strategies listed, and also have a good time doing so. So, without any further ado, here are the top 5 money saving tips for retired homeowners!
1. Insulate Your Attic
Although this may be something that virtually no one ever thinks about when looking to save money, it certainly works. In fact, by just adding a few layers of extra insulation to your attic, you can reduce the amount of heat you’ll need and save up to 20% on heating/cooling costs. Even if you’re attic is already insulated, adding more will only help to hold the heat there, not allowing it to escape into your home as easily. So, if you’re like most people, and you have an attic in your house, be sure to add some extra insulation to it!
2. Adjust Your Insurance
Another factor that is often overlooked by long time homeowners, is insurance. While of course everyone needs insurance, it is unlikely that you need as much as you think (especially if you’re currently retired). So, why not look over the current insurance plans you have, and see which ones you could possible either eliminate or reduce? All this takes is a simple call to your current insurance providers, and it should be extremely beneficial!
3. Run Your Kitchen Appliances During Off-Peak Hours
Serving as perhaps the weirdest and most surprising tip (one that I’m sure most of you have never heard of), running your kitchen appliances during peak-hours is very beneficial and can save you a fortune. In fact, by simply researching the different times and rates at those times, you can save up to 25% on your power running costs. Fortunately, these times/hours are easily researchable online, and are fairly similar from city to city. So, unless you’re wanting to overpay while using your washer/dryer, be sure to use this tip!
4. Set Your Water Heater To Exactly 122 Degrees
Much like the preceding tip, this is a strategy that not many people have heard of before. However, it is very, very true! By simply setting your water heater to 122 degrees, you could save significantly on heat loss (almost 50% to be exact), helping you to not spend nearly as much as you normally would. Fortunately, this tip works on both newer and older water heaters too. So, no matter what year yours is, you too can benefit from it.
5. Start Your Own Business
While of course starting your own business is not the easiest thing in the world, it can certainly help you put away a lot of money. And fortunately, since you’re a retiree and won’t need to use this business as your main source of income, you can take it slow. In other words, even just setting up a side business that makes a few small transactions a month can help. This will not only provide a fun hobby for you and your significant other, but after a few years of consistent sales, it will really thicken your saving accounts.