Early retirement hopeful, blogger and all-round nice guy Stealthy Wealth understands the easiest way to save money is to reduce his cost of living.
He recently installed a geyser blanket that ended up saving him a fortune. You can read the full article here.
“…When it comes to saving on electricity (or anything else for that matter), I want the biggest bang for my buck. I want to target the stuff that will give the most benefit for the time, money and effort spent. After reading some stuff on the interwebs, it became apparent that the geyser is king of the electricity bill.”
Following extensive research, he decided to turn down the thermostat on his geyser and install a geyser blanket. For a very reasonable R150, he managed to reduce his electricity consumption by R600 per year – a 300% return on his R150 investment.
Why we like it
Most of us focus on the future when it comes to money. We tend to think a raise, a bonus or an inheritance is the way out of financial difficulty. We resist accepting the boring truth – the best way to ensure that we have money to save is to spend less than we earn.
Each decision that reduces your cost of living in the long term is an indirect investment towards your financial independence. Small savings make big difference over time.
Each week, we receive incredible money hacks from a growing audience. In this blog, we share our favourites and why we love them. If you are a financial Master of Efficiencies, share your money tips with us by sending an email to firstname.lastname@example.org.
Click here to meet the Just One Lap team at one of our live, free events.