CMW Electric
Wednesday, October 18, 2017

7 Money Savers for Fall

  1. Set back your thermostat. Don’t set the thermostat more than 5 degrees cooler than the ‘normal’ rating. Call us to get a programmable thermostat that’ll adjust the temperature while you’re away or sleeping.
  2. Clean warm air registers, baseboard heaters and/or radiators.
  3. Get a heating tune-up! This can save money, spot a danger and make you more comfortable. What else could you want? Call us today.
  4. Have your ductwork checked for leaks. If you’ve got split or leaky ductwork, this can save you a bundle!
  5. Change your return air filters. This is so simple; we’re going to be mad at you if you don’t do it monthly!
  6. Consider storm windows or more efficient windows. Although sometimes expensive, these can pay for themselves.
  7. Lower your dishwasher and washing machine temperatures. They use hot water from your house supply and drain it in a hurry!

What Do Lenders Know About You… That You May Not?

If you’re seeking a loan to purchase a house or car, or signing up for a credit card, your credit report will determine whether or not your request will be accepted – and at what interest rate you can borrow. By periodically checking your credit report, you can check to make sure the information lenders see is accurate.

Before You Spend This Month, Plan Your Money

  1. How much are you bringing in? Project your income. Remember to keep these figures realistic.
  2. How much are you sending out? Account for your set expenses first, then divide these into “mandatory” and “discretionary” expenses.
  3. What’s the difference? Subtract #2 from #1. Hopefully #1 is larger.
  4. What else is coming up? One of the most basic budgeting tips is, “pay yourself first.” Investing in savings and retirement will pay off in the long run. Something else always comes up!
  5. Is it positive or negative? If your budget ends up in the negative, go over your expenses again.

Avoiding Hidden Fees

Saving money and avoiding extra expenses are important in this economy, but if you’re not careful, a home equity line of credit (HELOC) may give you an unpleasant surprise with a hidden fee.
 
  • What It Costs You: 1% (usually $250-$500) of the outstanding balance on your HELOC, depending upon your loan agreement.
  • Why You’re Being Charged: Your lender may offer to pay the closing costs, which includes the appraisal and any document-handling fees. While this offer may sound appealing, don’t accept too quickly. Financial institutions expect that you’ll keep a HELOC open for 3-5 years at minimum, and that they will profit from interest charges. So if you close your line of credit too soon, the bank may ding you with this fee to recover its expenditures.
  • How to Avoid It: Keep your HELOC open until you are past the fee period, even if you have zeroed out the balance.
 

Money-Saving Tips