Posted On: November 5, 2024 by Prevail Bank in: Banking
With inflation driving up costs, many people are struggling to prepare for winter and the holiday season. Here are tips to help you save money and stay financially secure:
Lower Your Heating Costs
- Lower the thermostat: Dropping it by 1°F can cut 3% off your bill. A bigger drop (10-15°F) for 8 hours daily can save 5-15%. Use a programmable thermostat for convenience.
- Turn down your water heater: Lowering it to 120°F can reduce costs by 4-22%. Shortening showers saves even more.
- Use ceiling fans: Run fans clockwise to push warm air back down.
- Change air filters: Clean filters help your system run more efficiently.
- Insulate: Proper insulation can save up to 15% on energy bills.
- Seal air leaks: Stop cold drafts by sealing windows, doors, and cracks.
- Close unused vents/rooms: Less space to heat = lower bills.
- Use heavy curtains: They trap warmth. Open them during sunny hours, but close them at night.
- Consider an electric blanket: A cheaper way to stay warm without blasting the heat.
- Call your power company: Some offer lower rates during off-peak hours.
For those struggling, the Wisconsin Home Energy Assistance Program (WHEAP) may be able to help with utility bills. Learn more and apply here.
Smart Holiday Gift Strategies
- Set a budget: Agree on a spending limit with family or create budget categories for gifts.
- DIY gifts: Use your skills to make something meaningful (e.g., baked goods, crafts).
- Offer your time: Gift a homemade certificate for babysitting, house cleaning, or pet sitting.
- Create themed gift baskets: Keep it simple—think pasta kits or a s’mores bundle.
- Draw names: Fewer gifts, less expense.
- Family gifts: Give one gift for the entire family to enjoy, like a game or food item.
- Go in on a group gift: Pool funds with others for bigger gifts.
- Regift thoughtfully: Give unused items a new home—just make sure it’s appropriate!
- Say no to random gift exchanges: Skip unnecessary holiday stress and expenses.
Something to Consider
If you’re struggling to build savings, you could set up a direct deposit to a dedicated savings account. Start small—even $10 a week adds up. Prevail Bank can help you establish that, or you could enroll in our Savings Makes Cents Program.
Finding ways to save during tough economic times is challenging, but with the right strategies, you can ease the burden. We hope these tips help you prevail this winter and holiday season.
