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Six Core Principles For Managing Your Personal Finances

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Personal finance pertains to managing, budgeting, saving, and investing money at an individual level or within the family unit. The process involves assessing your financial situation by monitoring your income statements and balance sheets. Then, you set your short-term and long-term goals, and create a plan to accomplish them.

Knowing how to manage your financial resources properly is a crucial life skill. It should be taught early to kids who already have basic knowledge in mathematics. Most essential is knowing how to save money so that it won’t be much of a chore when they become young professionals with their own income.

It’s good to keep on monitoring and reassessing your financial situation as you grow older. Here are some things you need to know about managing your personal finance:

  1. Practice Self-Control

A lot of people have the misconception that they should reward themselves during payday. While there’s nothing wrong with splurging on food or other luxuries that are within your budget sometimes, falling to the impulse buying pattern regularly is a problematic thing.

Giving in to temptation all the time can significantly harm your financial well-being, especially when you don’t even really need the item that’s on sale. You should delay these types of purchases for a day and think about whether that pair of shoes you’re eyeing will be useful and won’t just add to the clutter in your closet.

  1. Make Lifestyle Adjustments

Reduce frivolous spending by living contentedly. If you can’t afford a new house yet, you shouldn’t stretch your finances just to purchase one. According to Moneytaskforce.com, this type of thinking is prevalent in the younger generation because they believe it’s a good investment. However, one should also consider the depreciation in the property’s value, as well as other costs such as maintenance and repairs.

Also, you don’t have to live in a two-bedroom apartment just because you can. It’s better to accustom yourself to living simply in a pad rather than keeping up with the Joneses or the Kardashians.

These are a few other life changes that you can do to help you save money and become healthier at the same time:

  • Bike or Walk to Work – If you’re fortunate enough to work near your place, invest in a bike or walk to the office. Not only will you save on maintaining a car or paying for an Uber, but you’ll also get your daily dose of exercise. If your office is far from your home, you can still save money by using public transit.
  • Stop One Bad Habit at a Time – Tracking how much you spend each month can be eye-opening, but it’s also overwhelming when you think about where you should begin. Ditching vices such as smoking or drinking liquor can be an excellent place to start. For instance, if you spend 10 USD a day on cigarettes, you’ll end up saving 3,650 USD per year. Plus, you can allocate the amount for your savings to motivate you to kick the habit.
  • Make Everything at Home – It can be tempting to order takeout after a hard day’s work. However, buying food frequently can quickly add up, and you end up wasting your money, which could have been used for your nest egg. It helps to make your lunch and dinner in batches so you always have meals that you can reheat when you don’t feel like turning on the stove, as well as washing pots and pans. Plus, home-cooked meals are way healthier than fast food.
  • Create a Grocery List – When you decide to get cooking, you have to note down the ingredients that you’ll need. The list helps in lessening the time you spend in the grocery looking at products on the aisles, which reduces the risk that you end up buying more than what is in your budget.
  • Review Your Employee Health Benefits – Reread your contract again and check if your company offers employee health benefits. This can come in the form of discounts on gym memberships, rewards for reaching fitness milestones, and free programs that will help you quit vices or lose weight.
  1. Know Your Net Worth and Track Debt

Your net worth refers to the combined value of your assets, both non-financial and monetary, minus all your liabilities. In theory, it’s the cash that you’ll end up with if you sold everything you had and paid off all your debts. While there’s no specific number that you should aim for, you must be able to track your progress yearly and see improvements over time.

This number is crucial because it allows you to view your current financial situation at a glance. There are three factors that you need to calculate first before arriving at your net worth:

  • Assets

Your assets include the value of your home, real estate properties, and vehicles. If you have a business, your company is also considered an asset.

You also need to collect the latest statements of other liquid assets, such as the funds in your checking and savings accounts, as well as other investments.

List your other valuable possessions like jewelry, heirlooms, and rare collections. Items worth 500 USD and above are considered assets.

Add the figures to get your total assets.

  • Liabilities

It’s also important that you track your debts because these are considered liabilities. The balance on your mortgage and car loans are examples of this financial aspect. List down their current balances.

Other types of liabilities at a personal finance level include credit card debts and student loans.

As with your assets, you need to add the balances of these debts to get your total liabilities.

  • Net Worth

After doing the tedious task of calculating your total value and debts, you can simply subtract your liabilities from your assets.

You shouldn’t worry too much about the number that you end up with, whether it’s small or large or negative. Think of this figure as a reference point for your future assessments.

Do a yearly check on your financial situation by repeating the process of calculating your assets and liabilities to get your net worth. Comparing it with previous numbers can help you monitor your progress and validate that you’re doing things right.

  1. Stay Updated on Your Credit Score and Report

Your credit report is a comprehensive document that contains information on your past and current credit agreements. It gives lenders an idea of your total debt, the age of each account, and your consistency in making repayments.

Meanwhile, you can think of your credit score as a grade given to you based on the data in your credit report. It makes it more straightforward for lenders to evaluate the risk of allowing you to borrow their money. Typically, it’s a three-digit number that ranges from 300 to 850.

Three credit bureaus give you a credit score: Equifax, Experian, and TransUnion. When you ask for this financial score, you actually get three different numbers from these reporting agencies.

It’s crucial that you have a copy of your credit report and you know your credit scores. This way, you can assess your current financial situation and make remedies as well as adjustments on your lifestyle to improve your score.

  1. Set a Budget

Creating a budget can help you stay on top of your finances. You should note down your regular expenses each month, such as your utility costs, rent, insurance payment, and your daily allowance to get a snapshot of how much income you need to stay financially stable.

Plus, you should also prioritize setting money aside for your short- and long-term goals. Dedicate a portion of your salary for your travel funds, but don’t forget about your retirement nest egg as well.

  1. Know Different Saving Methods

Find the best money-saving ways for your financial situation. The same method won’t work for everybody, so you should educate yourself on the different techniques to find what’s best for you.

Here are some popular money-saving tactics that you can try out:

  • Figure Out the Percentage – A well-liked way to save a portion of your salary is to divide it by percentage. The 50/30/20 budgeting rule of thumb splits up your income into three parts. You allot 50 percent for your monthly expenses for necessities like your rent, groceries, and utilities, among others. Meanwhile, you set aside the 30 percent for luxuries, such as shopping, eating out, and your hobbies. Lastly, you put 20 percent of your money into your savings.
  • Set a Dollar Amount – For some, spelling out a specific amount is more helpful in keeping them on track with their financial goals. This is ideal for those on a tight budget because of its flexibility and customizability.
  • Collect Loose Change – This technique is perhaps the slowest way to save, compared to the other methods. You just have to keep the change that’s left in your pocket after each day. It may take some time to buy that particular item you’re eyeing, but it’s a start.
  • Join a Savings Challenge – You can find lots of savings challenges online. One of these is the 52-week money challenge where you pick a number among a list and attempt to save the specified amount for that particular week until you complete an entire year’s worth of savings.

Conclusion

Managing your personal finance doesn’t need to be an extravagant affair. You just need to have the right mindset and live within your means. You also have to determine your net worth, credit score, and credit report so that you have a holistic idea of your current financial situation.

Lastly, set a budget and stick to it. Educate yourself on the different money-saving methods and find the right one that works for you.

Combined Grinder Coffee Makers vs. Separate Grinder and Coffee Maker vs. The Benefits of A Keurig?

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Benefits of a Keurig

Coffee consumption is on the rise in the US. In a recent survey, 64 percent of Americans age 18 and up stated they had at least one cup of coffee the previous day. Based on data from the US Census Bureau, that means that around 150 million people had a cup of joe.

When it comes to making your own coffee, there are quite a few options. You can grind your own beans, buy ground coffee, or opt for convenient pods. But, when it comes to getting a quality cup of coffee, which option is most cost-effective? Are certain coffeemakers better than others?

With so many options on the market, you have a lot of choices for controlling your costs and creating an ideal cup of coffee. Here’s how you figure out what’s right for you.

Ground vs. Whole Bean Coffee

Your biggest ongoing expense when you brew coffee at home is the coffee itself. Typically, outside of pod form, you have two options: ground and whole bean.

Ground coffee has already been through a grinder and is ready for use. You simply place it in the area of your coffeemaker designated for grounds (usually in a coffee filter), and there’s no extra work.

Whole bean coffee must go through a grinder before use. Many people attest that grinding your own coffee creates a fresher, more flavorful cup of coffee.

Usually, whole bean and ground coffee have similar prices per pound, though the exact cost varies by brand and size. Store brand coffees in either form may be only $3 per pound. However, specialty or rare coffees can run much higher.

For example, Kopi Luwak whole bean coffee, often considered the most expensive in the world, can run almost $400 per pound.

While coffee prices vary, you can typically find similar prices for ground and whole bean variants. However, if you choose whole bean, you’ll need a grinder.

Combined Grinder Coffee Makers

A combined grinder coffee maker has a bean grinder built into the machine. That means you don’t need two separate appliances to enjoy freshly ground coffee.

The cost of these coffee makers tend to be a little higher than regular drip models since they are more complex. However, that doesn’t mean they are unaffordable.

For example, you can find a Hamilton Beach Grind and Brew Single Serve Coffee Maker for under $100. This can be a great option for individuals or couples that don’t need an entire pot of coffee at a time.

The Krups Grind and Brew Automatic Coffee Maker, which can make a full carafe, is often available for less than $140.

If you want more features, the Breville BDC650BSS is a great option. You can choose from eight strength settings and hold up to ½ pound of coffee inside the machine. However, it does come with a nearly $300 price tag.

Regular Drip Coffeemakers

For those who use ground coffee or prefer a separate grinder, then a regular drip coffee maker is the direction you need to go.

Prices for a drip coffee maker can vary, with some available for less than $20, like the Black+Decker 5-Cup. Low-cost machines don’t have the bells and whistles of their more expensive counterparts. Options like setting an automatic brew time typically aren’t available. However, they can still produce a reasonable pot of coffee.

If you want additional features, like delay brew or larger capacity, you usually need to spend between $50 and $100 to get a quality machine. The Mr. Coffee Optimal Brew 10-Cup Thermal fits right in that price area, and it brews up to 20 percent faster than certain competitor units.

When you cross over $100, you get even more options. The Cuisinart DCC-3200CPAMZ PerfecTemp 14 Cup Programmable Coffeemaker gives you the ability to control the brew strength and adjust the warming temperature.

Separate Grinders

If you use a drip coffee maker but want to freshly grind beans, you will need a separate grinder. You can find many to choose from for under $15.

The Mr. Coffee 12-Cup Electric Coffee Grinder offers a large capacity and multiple settings. This makes it not only cost-effective but also pretty high-quality.

If you want additional grinding options, spending over $40 isn’t uncommon. The Cuisinart DBM-8 Supreme Grinder is just below $45 but offers 18 different grind settings. Plus, you can set it to grind for the equivalent of anywhere between 4 and 18 cups of coffee brewed, giving you a lot of options.

Benefits of a Keurig Coffeemaker

Keurig quickly took the world by storm once it hit the market. These machines provide a quick and convenient way to brew a single, fresh cup of coffee at any time. So what are the benefits of a Keurig.

From a cost perspective, you can find Keurig coffeemakers at a variety of price points. For example, the Keurig K15 is an entry-level model. You can easily find it under $100, though, at times, you can buy one for less than $60. In many cases, it’s still noticeably more expensive than the cheapest drip coffeemakers. However, the brand has a strong reputation, so you should get enough use to justify the price.

The Keurig K475 is on the higher end of the price scale, usually coming in around $250. For that price, you do get additional features. Along with a bigger water tank, you have options like strength and temperature control. If you have a multi-person household, you can also brew an entire carafe at a time, as long as you have the right pods.

Overall, the price range of Keurig machines isn’t unlike other coffeemakers, so you aren’t necessarily spending more to enjoy the convenience.

Where Keurig gets expensive is the pods, called K-cups. One estimate showed that if you use K-cups, you pay the equivalent of around $40 per pound of coffee, though the exact amount varies by brand and whether you buy in bulk.

If you want to keep the cost of your coffee down, you do have options. One of the easiest is to buy reusable K-cups. These mesh containers allow you to put any ground coffee into the basket and brew your beverage using the Keurig. This is another great benefits of a Keurig Since you can get a 4-pack of reusable K-cups for around $10, that is a cost-effective option.

Which is Most Cost-Effective?

When it comes to machine costs, it depends on whether you use ground coffee or whole bean. If you like to grind at home, then a combined coffee maker or drip version with a separate grinder can come in around the same price point.

Keurig machines start at a higher price than drip coffee makers but aren’t outside of the usual range by much. However, if you use K-cups, you could spend a lot more on coffee than if you use beans or grounds.

If you want to keep your Keurig costs low, opt for the reusable K-cups and purchase ground of whole bean coffee. Otherwise, just make sure the additional expense fits in your budget.

 

What kind of coffee maker do you use at home? Tell us in the comments below.

 

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Most Americans Don’t Have a Financial Plan But Should

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Most Americans Don't Have A Financial Plan, But Should

Do you have a financial plan? A real, written plan with goals, targets, and timelines, not just “I plan to stay out of debt this year?” If you have no such plan, well, at least you have plenty of company.

According to Charles Schwab, only 25 percent of Americans have a written financial plan. The good news: Schwab’s 2018 Modern Wealth Index survey shows that investors with a written plan tend to have greater fiscal discipline and better money habits.

A written financial plan is the monetary equivalent of an exercise buddy who works out with you, motivates you to stay on track, and occasionally swats Oreos out of your hand.

It serves as a template to remind you of your financial goals and keeps you from frivolous spending (the monetary equivalent of Oreos).

Why You Need a Financial Plan

The Schwab poll finds that, compared to non-planners, planners are far more likely to pay bills while still saving money every month (75 percent to 33 percent).

They are also more likely to have an emergency fund (65 percent to 24 percent), life insurance (62 percent to 39 percent), and an overall feeling of financial stability (62 percent to 32 percent).

Conversely, only 38 percent of planners live paycheck to paycheck, as opposed to 68 percent of non-planners.

Unfortunately, financial planning is perceived to be a rich person’s tool. Approximately 45 percent of non-planning respondents believe they don’t earn enough money to warrant a financial plan.

Comfort Versus Wealth

Given that respondents define financial comfort as $1.4 million on average and wealth as $2.4 million, many Americans look at their accounts and conclude that financial planning is not for them.

That premise couldn’t be more wrong. If you have less money, isn’t it even more important that you plan and use your money wisely?

Financial planning doesn’t have to be complicated – and it doesn’t even require professional services. While it’s best to consult with financial professionals, and low-cost options are available, just under half of survey respondents created their financial plan without professional financial assistance.

Other Roadblocks

Other survey roadblocks to financial planning include a lack of financial understanding or lack of confidence. It never occurred to 20 percent of non-planners to make a financial plan, and another 20 percent claimed to not know how to make one.

If you’ve read this far, you know the importance of a written financial plan – and if you don’t have one, we can provide a simple guide to starting one.

Start by defining your goals. Are you saving for a home? Planning to send kids to college? How about retirement and emergency funds? Do you plan to pay down debt? Once these goals are written down and quantified, you can prioritize your goals and start funding them.

Create a Budget

To allocate money to any goals, you need a budget that provides a surplus. Lay out your monthly income and regular expenses. Don’t forget to include annual expenses, such as property taxes.

If you don’t have enough of a surplus to meet your goals – or you don’t have a surplus at all – look for places you can trim your spending and ways to increase your income. Reconsider your goals if they don’t seem realistic.

Now comes the tricky part – executing your plan. It takes willpower and financial discipline to avoid overspending and create savings. Use your written plan to remind you that you have greater goals. Plenty of online resources are available to help you adjust budgets and plans.

If you need more help with financial planning or executing your plan, seek the assistance of a qualified financial professional. They aren’t just for millionaires.

This article was provided by our content partners at MoneyTips. Photo ©iStockphoto.com/gpointstudio

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Where to Find the Best Deals on Beach Towels

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<img src=" Best Deals on Beach Towels.jpg" alt”blueandwhitebeachtowelswithsunglassesontop">

Roughly 60 percent of Americans plan to take a summer vacation this year, and a lot of them intend to go to the beach. Throughout the year, about 58 million people visit the beach, according to the U.S. Census Bureau.

Although not everyone considers beach towels a necessity, they certainly serve a purpose. They’re larger than the ones you keep in the bathroom, so there’s room for lounging on them.

Since beach towels are usually seasonal items, getting them at bargain prices is ideal — here are a few pointers on how to do that.

Don’t Buy Them from Tourist Traps

Any store that looks like a magnet for tourists headed to the beach probably won’t save you any money. You pay more for their convenient location than the actual quality of the beach towels you might find there.

Try other types of retailers located away from beaches and resorts. Better yet, shop for beach towels before you leave for vacation and you’ll probably get more reasonable prices.

You should find some of the best prices on beach towels at large chain retailers: Right now they start at about $6 at Walmart and Target.

If you can wait until the end of the summer and hit Dealslands, you might get them even cheaper on clearance.

The Best Deals on Beach Towels

Otherwise, you might find even lower prices by shopping online, especially at Amazon, where the prices tend to be low year round. The site is currently offering packs of two beach towels for less than $13 and free shipping with a membership in Prime.

Almost as good: Overstock has packs of two beach towels for just over $20 and four-packs for about $42.

In many cases, free shipping means you might be able to have the beach towels delivered to your vacation hotel.

Wherever you decide to shop for beach towels, you’ll find better deals if you comparison shop first.

Readers, where have you found the best deals on beach towels and other summer items?

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Insurance For The Underinsured, Ethos Insurance Review

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https://www.getethos.com/?ref=savingadvice

No other financial product provides the kind of security you get from life insurance. It helps beneficiaries during truly painful circumstances. Sadly, most adults either don’t have life insurance or have insufficient coverage for all of the things that arise in bereavement and its aftermath.

There is a new player in the life insurance arena. The name of the company is Ethos and their goal is to get you insured quickly, affordable and easy.

Is Ethos Reliable

Many people worry about the reliability of new insurance companies. The following industries have put their faith in this company:

  1. Munich RE
    Reinsurance Partner
    Reinsurer ranking: #1 globally
    In business: 137 years
  2. AON
    Business Partner
    Insurance broker: #1 globally
    In business: 35 years
  3. RGAx
    Business Partner
    Life insurance in force: $3 trillion
    In business: 44 years

With these type of industry partners, you should feel pretty safe giving Ethos an opportunity to cover you as well. The have very strong coverage. Check out who they’ve partnered with to ensure you will always be covered.

Strong Coverage

Ethos also derives strength from a partnership with Assurity, a leader in the life insurance space. Assurity has been in business for over 100 years.

Underinsured? Ethos Life Insurance to the rescue.The partnership enables Ethos to cover a wider range of applicants.

Ultimately, getting a policy through Ethos is simple. You can get covered in as little as 10 minutes, giving you the ability to secure your loved ones’ finances.

Plus, there is never any commitment to buy simply because you request a quote. Ultimately, it gives you the power to find the right policy for you, whatever that may be.

If you have anyone depending on you financially, you owe it to them to not be underinsured. Ethos can help. Find out more about how you can close this gap by clicking here.

Underinsured? Ethos Can Help.

Ethos has been breaking down the barriers that made it hard for families to secure life insurance, especially the tedium of the application process. It used to take weeks before an applicant could find out if they qualify for coverage in the first place.

“Applying for life insurance is a cumbersome experience,” said Richard Hu, vice president of partnerships at Ethos. “Weeks of back and forth with an agent, doctor’s appointments, and paperwork are the norm.”

Ethos uses modern technology and an intuitive user interface to drastically reduce the time to apply for coverage: as little as 10 minutes.

Substantial Coverage at Lower Prices

Ethos provides term life insurance, which is ideal for people who want substantial coverage at low costs, according to Investopedia; these policies tend to have lower premiums and more generous coverage amounts than other types of life insurance.

You can get a $25,000 policy for as little as $6 per month through Ethos. For those who require more coverage, policies are available up to $10 million.

The typical Ethos customer is in their 30s or 40s. Usually, this is the time when people are raising children and paying a mortgage, so having sufficient coverage is a must.

However, even people in their 50s can benefit from term life insurance. As Hu points out, “If they are taking care of an elderly parent, then they may need some life insurance to provide some security for them.”

Additionally, life insurance can be used to pay for final expenses, such as funeral costs. This allows the customer to ensure that there is no burden on surviving family members.

Matching Customers to Policies

When a potential customer contacts Ethos for a quote, the price is often a big concern.

“Most people are price sensitive. Their budget helps determine their policy amount,” said Hu.

Ethos gathers basic information, such as age and gender, and then recommends three different policies at various price points.

Name Your Price

“You can also name your own price,” he added. If a customer chooses that option, a policy is created based on those requirements.

So, how much life insurance should you opt for? Hu said that you don’t necessarily need to buy as much as salespeople used to suggest, which was seven to 10 times a person’s salary.

It can certainly be less than that, since the customer’s budget and life circumstances are more important considerations.

For example, individuals over 50 without children and who have a paid off their mortgage might not need much life insurance at all.Underinsured? Ethos Life Insurance can help.

Instead, they may only need to cover final expenses and any other costs they don’t want to offload onto their families after their passing.

Families First

A driving principle at Ethos: Customers’ families comes first. That’s why the company goes out of its way to make its insurance accessible, easy to understand and honest.

Ethos prides itself on providing top-notch customer service — made possible by different management strategy than what other insurers use.

Like Hu explains, “Our staff isn’t paid by how many policies they sell or how much the policy is worth. Once the incentive is removed, you free the employee to offer great advice that can really help the client.”

“They can focus on making the customer happy and ensuring they don’t feel like they are being taken advantage of.  The customer success agent is empowered to help families find the right policy for them, no matter what that may be,” he said.

 

Readers, do you have any life insurance, would you consider Ethos? Let us know in the comments below

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5 Summer Home Improvement Projects

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<img src=" 5 Great Summer Home Improvement Projects jpg" alt”alargehome">

Investments in residential remodeling will increase by 4.9 percent over the course of the year, according to the National Association of Home Builders.

Many of these projects take place in temperate weather — so outdoor tasks are easier — but before it gets too hot.

Which home improvement projects you decide to take on depends on your unique situation. However, there are specific options that are worth exploring, especially if some maintenance has fallen by the wayside.

1. Air Conditioner Servicing

Having your air conditioner serviced before summer really heats up is a smart choice. After all, if your air conditioning goes out during scorching temperatures, you’re going to get uncomfortable quickly.

Ideally, you should have your air conditioner inspected, cleaned and serviced every year.

This ensures optimal efficiency, which can keep your utility costs down, and gives you a chance to address problems before they become catastrophic.

2. Clean Gutters and Downspouts

Many homeowners only think to clean their gutters and downspouts in the fall. However, if you live near flowering trees, falling petals can also cause clogs.

Begin by inspecting your gutters and downspouts. Make sure they are firmly attached to your home and fill any gaps with silicone-based caulk.

Then, gather debris out of the gutters and check the base of the downspouts for obstructions. Remove any built up material to ensure water can flow through with ease.

3. Maintain Sprinklers

If you have sprinklers, now is the ideal time for some maintenance. Passing over sprinkler heads with a lawnmower or weed trimmer might cause breakage, so you want to examine them all closely.

Check the sprinkler heads for broken ones that need replacement. Take care of that now so they’ll all be working when you need them most.

You can also clean out clogged sprinkler heads. Just remove the head and basket and rinse both thoroughly with clean water. Then, simply reattach them.

4. Replace Your Thermostat

Installing higher-tech thermostat — also known as a smart thermostat — before summer can be a wise move. Programmable options can help you save big on utility costs, especially if you adjust the temperature for when you’re not at home.

During the summer months, increasing the inside temperature by 7 to 10 degrees when you’re away can result in a savings of around 10 percent.

If you invest in a programmable model, you can set it and forget it. Just choose a higher temperature for when you leave for work and select a cooler one for right before you arrive back home.

Many smart thermostats connect to your home Wi-Fi network. Then, you can access it through an app, giving you the ability to make changes even when you’re away.

5. Clean Dryer Vents

Debris lingering in dryer vents create fire hazards. Nearly 3,000 dryer-related fires occur each year, resulting in a total of $35 million in property loss. Failing to clean the dryer is the leading cause of these fires, accounting for about 34 percent of them.

When you clean your dryer, you need to look beyond the lint trap: The vents in the back can also clog, so check those as well. Additionally, examine your dryer hose and remove any buildup from there as well.

If your dryer hose is damaged, purchase a replacement. Usually, you can find one for just $10. Plus, the replacement process is easy and usually only requires a few basic hand tools to do it right.

Ready Your Home for Summer

All of the summer home improvement projects mentioned above are fairly simple and generally inexpensive, putting them well within reach for most homeowners.

Ideally, you should consider handling them all, ensuring that your house is as ready for the summer as you are.

Have you recently completed any summer home improvement projects? Tell us about them in the comments section beneath this post.

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