How To Trim Household & Company Expenses
Everyone likes to cut costs for themselves and their company and there are tons of ways to do it. The question is, what is the most effective and least time-consuming way to cut costs from both personal and company expenses? The answer probably varies amongst different people, but the tips below are a good guide to help find the best money-saving strategies for you.
Drive Smarter, or Take Public Transit
Transportation is a department where most people waste a lot of resources. Improvements of around 33% can be made to most household’s transportation expenses. The good news is, you don’t have to buy a brand new hybrid car in order to hit that 33% savings. Simple tricks like accelerating and braking smoothly and maintaining a steady speed will improve your gas mileage and help you save as much as a dollar per gallon. Included is the added value of reducing greenhouse gas emissions and vehicle wear-and-tear. Another way to save money on transportation is looking into public transportation. Depending on the area and availability of public transportation, taking the subway can save time, stress, and money.
Monitor Your Energy Usage
A couple of household expenses that are easy to cut down is your electric bill and your drinking water expense. Turn off the lights and television every time you leave a room. Even if you are just going upstairs to use the bathroom and you plan on coming right back, because we all know from past experiences that we don’t always come right back. We have all walked into a room where we have left the lights or TV on before, sometimes for hours or an entire day, so make it a strict habit to turn everything off in a room before you leave.
Retain Manpower, Use Technology to Improve Efficiency
For many years, large businesses have chosen to cut costs by laying off numerous employees. But this strategy has proven to put the company’s in a bad competitive position, and is very detrimental in the long-run. Laying off people makes other employees swamped with a two-person load of work. This leaves no room for creativity and growth within the company. Many economists now agree that creativity and innovation are what America has to rely on in order to be competitive with other countries that are catching up, like China and India. When business layoff employees, they stifle innovation within the company, which sets them up for failure amongst competitors. Large companies can look at CMMS (Computerized Maintenance Management Systems) to improve efficiencies. Let a computer do the grunt work for your employees in order to free up human efforts for more progressive ideas which can help move the company forward. CMMS programs are one of the best ways to help a business save money.
Small business always have room for improvement. Save money on office supplies by using as little paper as possible. Almost everything can be done online these days. And it’s usually more efficient and more organized on a computer compared to paper. There are even companies that are dedicated to making small business run smoothly that offer specialized services for all the needs a little local store has. Take advantage of this help.
Make Your Home or Business Energy Efficient
An easy way to save money over the long-term is to install more energy efficient fixtures or appliances in your home or business. A leaky faucet or toilet can waste thousands of GALLONS of water every year if left alone. Energy-efficient washer/dryers and refrigerators can pay for themselves within a year or two just because of the reduced power draw they require.
But perhaps the best opportunity for homeowners comes from simply investing into window replacement. Replacing old windows in a home can be a triple threat:
- Better energy efficiency is provided through double pane windows that keep insulate the indoor climate from the outside elements in both hot and cold weather.
- The Energy Information Administration estimates that over 1/3 of heat loss in residences can be attributed to heat loss via windows and doors (source: AAA Windows and Doors)
- New windows can make a home more aesthetically pleasing, resulting in higher property values which can in some cases help reduce mortgage interest rates, leading to a lower monthly payment.
How Windows Save You Money
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