As a lifelong resident of Boston, I’ve lived through a lot of frigid winters. Most notably was the “snowpocalypse” of 2015, when the city got a record 110.6 inches of snow and the last snowbank didn’t melt until July.
If you live in a cold climate, you know your energy costs can shoot up in the winter months. According to the Department of Energy, oil and natural gas heat prices have gone up by over 20 percent in 2016. What can you do to keep your utility bills low without turning into a human popsicle?
Check out these 11 household hacks to save money and keep warm all winter long. With these winter life hacks, you can stay cozy while keeping your energy bills low.
1. Install a smart thermostat
If you live in a cold climate, you know that you should turn the thermostat down when you’re at work to save money. In fact, turning the heat down seven to 10 degrees for eight hours a day saves you 10 percent on heat, according to the U.S. Department of Energy. But have you considered a smart thermostat that adjusts the temperature automatically?
Smart thermostats are connected to Wi-Fi, allowing you to set a heating schedule from an app on your phone. One popular smart thermostat, the Nest, learns your preferences and adjusts the temperature on its own. According to independent studies, Nest saves people 10 to 12 percent in heat usage.
2. Weatherproof your windows
Can you feel the winter winds coming through your windows? If you have drafty windows, then you’re losing a ton of heat. Homeowners should consider investing in energy efficient double pane windows. Alternatively, you can apply shrink and seal wrap to your windows. It will be well worth the effort when you feel the temperature increase and see your heating bill go down.
3. Use humidifiers
The air gets seriously dry in the winter, and dry air tends to feel even colder than it is. To trap heat, add moisture to the air with a few humidifiers. Who knows, you might even save money on moisturizer, too.
4. Reverse your ceiling fans
In the summer, most ceiling fans rotate in a counterclockwise direction. If you have the option, you should switch them to clockwise in the winter. This direction pushes heat down and helps your home stay warm.
5. Choose your heat source
According to NPR, gas heat is the cheapest heating option and oil heat is the most expensive. People with gas heat paid an average of $635 in the winter of 2016. Those in the Northeast paid closer to $900. Households with oil heat paid more than twice that.
From personal experience, I’ve found oil heat to be very expensive. I briefly lived in an apartment with oil heat, and it was the priciest winter of my life. Propane is also an expensive option, while electric heat costs less. If you can, opt for an apartment with a more affordable heat source.
6. Change the filter in your furnace
If your home has a forced-air heating system, then you should change the filter at least once a year. The filter collects dust to make the air clean and fresh. When it gets clogged, the system has to work harder to heat your home. With a clean filter, the furnace can heat your home faster and use less energy.
7. Seal the space under your doors
You know how you want to cover any bare skin before going outside in January? Treat your home the same way. If there are open spaces, heat can go out and the cold will get in. Seal off any spaces under doors with a draft stopper or an extra towel.
8. Block off rooms you don’t use
Another way to save money on heat is to block off unused rooms. There’s no point spending money and energy to heat spaces that you don’t occupy. Keep the door closed and revisit that room once spring rolls around.
9. Don’t let your water pipes freeze
Have you ever had your pipes freeze and burst overnight? Broken pipes can set you back hundreds of dollars in repairs and water damage. Plus, you’ll have to do without warm water in the cold winter months. To prevent freezing, set the faucet to drip on especially frigid nights.
10. Take advantage of the sun
Don’t forget about nature’s heat source. To warm your apartment or house, open the blinds to enjoy some direct sunlight. But don’t forget to close them again in the afternoon and evening. That way, you can collect and retain heat from the sun’s rays.
11. Embrace the Danish concept of hygge
The Danish concept of “hygge” (pronounced “hooga”) suggests coziness, warmth, and comfort. With long winters and short days, Danish people have embraced candlelight, wool socks, and fuzzy blankets. By embracing “hygge,” you might enjoy the winter more — and save money on your utility bills.
What to do with the money you save from these household hacks
To become a master at personal finance, you need to take control of your budget. Examine your spending, and look for places to save. With these household hacks, you’re already saving by reducing your utility bills in the winter months.
According to US News, energy bills average $183 per month in the winter. Simple winter life hacks, like closing off unused rooms, can save you up to $200 each year. And turning your thermostat down for eight hours a day can save you about $20 a month.
With an estimated $400 to $500 a year in savings, you could easily pay off your student loans more quickly. If you make automatic deposits to a retirement savings account, for instance, you could raise the monthly amount. Anyone paying off student loans could increase their monthly payments.
Whatever winter life hacks you try, you should see a significant decrease in your energy bills. For more frugal tips that will help you pay off student loans, check out this guide.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.97% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
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2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate|
|2.57% – 6.97%1||Undergrad & Graduate|
|2.51% – 8.09%4||Undergrad & Graduate|
|3.02% – 6.44%2||Undergrad & Graduate|
|2.50% – 7.24%5||Undergrad & Graduate|
|2.79% – 8.39%6||Undergrad & Graduate|