How to Save Money at Home During a Global Pandemic
Families across the US have been affected by Covid 19 due to unemployment and the economic downturn resulting from recent events. We understand saving money is now more critical than ever.
What saving money means
All of us want to save money for the things that matter. Saving money could be about preparing for retirement or paying for your children’s college tuition. For others, it might be about saving for the future. No matter what your goals are, we want to inspire homeowners to begin thinking about how they can save more and use less.
There are many ways to reframe how you look at saving money, and setting more consumer-based goals is just one of them. What do we mean by this? Exploring how you pursue your goals as a consumer and how your pursuit changes over time can significantly impact how quickly you can achieve your desired savings.
No matter your goals, you can cut your spending in subtle but important ways that will make a significant difference to your savings goals. These include reducing your overall consumption, and below, we’ll show you how you can get started.
How to Start Saving Money
It's been a tough year and a half for homeowners across the US. But in this time of economic turmoil, a few ways can help you begin to save and see the returns accumulate over time.
Understanding your current spending habits is a vital part of saving money. This means examining your spending patterns and making adjustments to reach your financial goals. You can begin to save more each month by changing your purchasing behavior. Here are a few things to consider:
- Map out major purchases: waiting for the last minute to purchase necessary items like furniture, electronics, and appliances can cause a considerable dent in your wallet. Do your research and save a little each month well in advance to make the purchase a little less stressful.
- Try a spending freeze: This means for the next month or so, you should not buy anything except what's necessary. You'll be amazed at how quickly the savings will add up!
- Utilize apps meant to help you save: There are dozens of applications out on the market to help you look at your current spending across multiple areas. PowerX Terra is one of them, and it helps by optimizing the utilities in your home by creating usage goals, identifying waste, and monitoring spending.
Saving Money at Home
There are many ways to save money from the comfort of your own home. The following tips could help homeowners get a jump start:
- Lower your utility bills: installing a whole-home utility monitoring system can help lower your monthly utilities and optimize your home. Lowering utilities can also help with reducing electrical and water waste wherever possible.
- Make a household budget: Sitting down and working on a budget can help trim the fat, see where any hidden expenses might be, and examine where your money is going. Building a budget can help homeowners prepare for unexpected costs, including repairs, healthcare emergencies, and more.
- Repurpose instead of buying new: Transforming old items and repurposing them for new uses can help you save over time. This includes updating cabinets with fresh paint or hardware, sanding and repainting old furniture, and even using old glass bottles as shelf decor.
- DIY home products: Many products around your home could be costing you four times as much money merely because they are sold in stores. Making your own cleaning products using things like lemon juice, vinegar, baking soda, and other everyday household items can help you save while keeping your family safe from harmful chemicals.
- Buy Generic: Generic products can often cost significantly less than household name brands. Usually, generic brands options turn out to be just as good, if not better, than some of the pricier name brand ones. You’d be surprised to learn that many stores or “private label” brands are manufactured by the same companies that make the name brands. Next time you’re at the store, swap a few items out and think twice about what you’re purchasing.
- Make more of the things you love at home: Everyone enjoys a morning trip to your local coffee shop for a warm cup of coffee, but that means paying significantly more when you can make it at home. Becoming your own barista can save you hundreds of dollars per year. Making more meals at home and eating out less is another way people can start to see the savings rack up over time.
Saving Money with PowerX
At PowerX, we’re committed to helping people save. PowerX can help you save money no matter where you live by monitoring your home’s utilities consumption!
Our utility monitoring products help homeowners identify overspending across all utilities and helps reduce consumption and identify waste. This means that while other people are feeling the squeeze during these challenging economic times, you'll be able to breathe a little easier knowing that you're saving money each month with PowerX.
PowerX makes it easy to monitor your home utilities consumption with the help of our app PowerX Terra on any mobile device. Terra helps you supercharge utilities through machine learning and enables you to feel like you have a personal home assistant keeping an eye on things when you don’t always have the time.
You'll be able to see how much electricity and water is used around your home and compare those figures against the same day last month or from previous years, saving even more money over time while helping take care of the longevity of your appliances.
In addition to keeping a close eye on your electricity and water, Terra can help make suggestions for adjusting your water heater temperatures resulting in even more savings on gas or electrical costs. With our PowerX Water heater product, homeowners can rest assured they won’t be overspending in areas where it’s not necessary, including their daily hot water consumption.
The PowerX smart home monitoring system is an affordable way to begin saving money at home while protecting the things you love most. It’s also one of the few ways you can reduce waste and keep safe without sacrificing convenience.
The impact of the global pandemic and the economic downturn has created a new reality for families across America. They are looking to save money, which can be difficult during times like these. However, it is not impossible!
In this blog post, we’ve provided you with some easy ways that will help limit your spending while also protecting your family and home. We hope many of them enable you to increase your savings over time. To learn more about our products and how PowerX can help you save money on your home utilities, visit us here.