We'd all like to save some money by reducing our expenses. Act on any one of these tips today and you could save over $100 over the next year!

Check Your Water Heater

Spend 15 minutes figuring out your water heater. Even if you are in a rental, you'll want to know where your water heater is, how old it is, and how to shut it off if necessary. There's two main things you'll want to know about your water heater in order to save you money.

First, what temperature it is set to? If you turn on your hot water to the absolute max (say, in the shower), can you stand to take a shower in it, or is it too hot? If it is too hot, then consider turning your hot water heater temperature down. You'll save energy by letting your water tank rest instead of maintaining a temperature you don't require.

Second, take note of what date your hot water heater was installed. If it is over 10 years ago, consider starting to save for a new one, and replacing it when possible. New heaters are much more energy efficient, and all water heaters will eventually fail. In this case, as new models are far more financially friendly, you'll want to be proactive about replacing the heater rather than waiting for it to fail. Not to mention, if the hot water tank goes out swinging, it could cause damage to your home, costing you even more money.

Pay Upfront

Lots of the things that you have to pay for throughout a year come in one of two options. You can either pay a monthly fee, or you can pay for the year upfront. Garbage pickup, car insurance, utilities, gym memberships and more often offer multiple payment plans.

Whenever possible, pay upfront. Often you'll save money on interest, or get a discount by prepaying in advance for all of your monthly services.

If you're smart, you'll set up an automatic withdrawal plan to pull that money out of your bank every month up until the annual due date, meaning that you're both saving money and not being hit with a massive fee every few months.

Invest in Freezer Space

If you don't have a standalone freezer, you are throwing away money. You can freeze almost all food products, allowing you to save money by reducing waste, taking advantage of bulk purchasing, and stocking up on discounted proteins.

Frozen food, when dealt with properly, is just as good and far less expensive than purchasing fresh food and allowing it to slowly spoil in your fridge. With a large amount of freezer space, you can cook and bake in bulk as well, allowing you to save time and energy throughout your work week.

Add in the advancements in energy efficiency, and having a home without a lot of freezer space is just asking for a higher grocery bill.

What's your quick tip of the week?

About Alan Schram

Alan Schram writes about personal finance and his encounters with it in his everyday life. Alan is recently married and is looking to save money on expenses and reduce his debts.

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