Need Advice - Not a Novice

[Ima saver]

I turn off the hot water heater practically all day long. My electric bill is much lower by doing that.

[leggzz66]

hey ima, does it matter if u just turn off breaker? or is putting in a switch different, better?

[Coleroo]

I would suggest getting a visa backed debit card (most major banks offer those) - I know of no purchase nowadays that HAS to have a credit card. Its way too easy to make higher priced purchases when you have a comfort zone of a credit card. Only pay cash - period. In the 6 months since we stopped using credit cards, hubby & I have found many many purchases we could cut back on because we thought twice about spending the cold hard cash (we found out those purchases weren't truly "necessary" at all).

I would also suggest paying the $50 towards your credit cards instead of mortgage - especially if you have a high interest rate (have you checked on having the rates reduced??). Unsecured debt should be gotten rid of first and foremost.

Do you have ceiling fans? Ceiling fans make a place cooler with less electricity. Do you have an automatic / programable thermostat? The 39$ one we got at lowes last summer was the best purchase we've made for our house by far (for winter and summer savings).

Have you examined any unecessary fees? Bank fees, ATM fees, miscellaneous fees, late fees, maintenance fees, over the limit fees, overdraft fees, unneeded cell phone service add ons (i.e. unlimited text messaging), electronic phone voice mail for land line fees.... all of this stuff is uneeded and can save you a bundle!

[Aleta]

I would really need to see what your balances, interest rates, and minimum monthly payments are before knowing which payment to pay off first.

I have a sister that tried paying a little on a few debts and she never felt like she was getting anywhere. Something would always creep up. I agree with the other posters that to forgo paying on the mortgage now would probably be best. Find one debt and concentrate on it solely. Meanwhile, your other debt balances will be lower each month just because of the minimum payments.

I would suggest that you look at your credit cards and see what items keep reappearing on your cards For instance, it might be car repairs. In that case, later on after you are out of debt, you might want to allocate money to a car repair fund so you won't have to use a credit card.

I like the book ALL YOUR WORTH by Elizabeth Warren. You can pick it up at your library. Good luck!

[Ima saver]

legg, we used to turn the hot water heater off at the breaker. Now, my husband puts a switch in the kitchen in all the houses he builds. So, you just flip the switch!!

[Aleta]

FPl told me not to turn it off at the breaker because it could damage something. They put a switch on my water heater for me because I'm on the on-call program.

[Dave Rowtree]

The heater thing depends, it may take more energy heating the water tank back up to temperature than you saved by switching it off. If you're heater is well insulated this could be the case.

A few more money saving tips - drive a diesel car and persuade a local chip shop to give you their old cooking oil - use in car.

Check every month for good deals on personal loans: these may be better than paying off the credit cards high rates of interest.

[dreamweaver]

I understand the psychology of prepaying the mortgage. I tell myself that I get a 100% return on that money I have "invested" that way. But....when you get it into your mind you are going to be debt free and pay off your credit cards you stand a good chance of remaining debt free. And that is better in my mind. Most persons don't live in their current homes all their lives, and that is where the prepayment makes the most difference, over the long term. No credit card debt makes a difference in your life today.

[leggzz66]

legg, we used to turn the hot water heater off at the breaker. Now, my husband puts a switch in the kitchen in all the houses he builds. So, you just flip the switch!!

did it make alot of differences? cost or ease?

[Ima saver]

No it is just easier to flip the switch. When I lived in florida we had to go and turn it off at the circuit breaker, but we still saved a lot of money doing that!

[SnoopyCool]

Ima, how early do you have to flip the switch before you take a shower?

[Aleta]

We do it about 20 minutes before we want hot water.

[Aleta]

I'm not sure about the temp, but I do know that whatever the dishwasher needs is what the temp is and no higher. I have heard that you can't use this on a gas heater, but don't quote me. I would ask around and maybe someone here has more knowledge about gas heaters.

[kristieburke30]

ok everyone got my attention here with the water heater. I'm always a little worried about messing with stuff like the breaker tho lol. i live in an apartment would it be ok to turn the water heater off at the breaker ( not that i know any other way ) will it blow a fuse?
i love the idea of saving more on my electric bill ..wow.. ya that would be nice.
thanks you all in advance

[Aleta]

I believe that it is a 30 gallon size. It is half the size of the tall one which I think is at least 40 gallons.

Also to the other person asking about turning off the water heater at the breaker: I would first call the electric company before doing it. People could have done this probably safely years ago, but we're now into computerized modes now. I was told by an FPL person to not turn it off at the circuit breaker because it could eventually break it. If in doubt, always ask. They had no problem installing a switch for me on my water heater and it was free. Also, see if your electric company that offers on call. I have had it for years, and I've never noticed an interruption in my service.

$4.50 is deducted from my bill in the winter time and $9.50 in the summertime. It is a way of savings.