Money… it seems to be the main driving force that built civilization. It also seems to be what people are most worried about. The phrase “death by a thousand cuts,” describes many people’s financial burdens by over extending credit, which our society in America has made all too easy to do. However, the phrase can work both ways. We can destroy our debt by chipping away at it in small ways until eventually we have control again. If you feel like your life is out of control, then making the move to gain control is the very act of being in control.
One simple way is to learn trade skills for yourself. Over the years, I have bought both used and new books on plumbing and electrical skills. If I saw a book that looked helpful, I would try to check it out in the local library first. If it were a great resource, I would buy it used or new if I knew it would save me money in the end. I taught myself how to change electrical fixtures and plumbing fixtures when updating an old house we once owned using the books I found. I also watch DIY programming like This Old House (watch an episode) and the birth of the DIY Network during the time. Since then much has changed, but the DIY spirit hasn’t.
By saving money on doing your own home repairs, you can take that money and put it into buying a better system that will save you more money in the long run. And, those extra savings can be freed up to go into paying off debt or to create a rainy day fund.
When looking at the propane tankless hot water system, I installed. I saved probably a little over $300.00. If I was on the grid and had an electrical tankless system, I would be saving a lot more because my electric bill would drop between 27% -50% or more depending on my hot water use in the home (See EnergyStar’s White Paper: “Electric Tankless Water Heating: Competitive Assessment”). If you could have 27% (on the low end) of your electric bill reduced every month, what kind of savings would that be? What would that look like in 10 years?
Before you purchase your tankless electric water heater, I would highly recommend reading EnergyStar’s white paper on the subject. For my home’s application a smaller unit works just fine since our home’s water flow rate is between 2-3 gallons per minute. This allows me to purchase a smaller unit for the home. I also live in a home with a single bathroom and there isn’t much competition for hot water. The reason I mention this is because if you have a home in which accommodates more people and has a higher hot water demand, you may need to purchase a larger tankless hot water unit. The warning EnergyStar states is some of these units require a home to have over 200 amps of power supplied to the home. For newer homes this should not be an issue, but older homes may require an update to the electricity service supplied to the home. Just be careful and be well informed before making any purchases.
In closing, what would you do if you could save between 27% -50% of your monthly electric bill? Think about of turning that statement “death by a thousand cuts” to your advantage when it comes to saving money whether it is DIY projects or just cutting costs.