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Everyday Cheapskate: When in Doubt, Turn It Out
Mary Hunt
Dear Mary: Does one save more electricity by turning an appliance off
and starting it up again when needed versus simply leaving it running?
I am thinking about my computer, the long-life light bulbs in our
light fixtures, and the TV. Thanks. -- John B., e-mail
Dear John: Funny you should ask. I've been doing a lot of research on this topic and will be writing more in depth in the near future. The simple rule of thumb is to turn it off -- the computer, the peripherals, lights and all other appliances and devices that draw electricity -- when you're not using them. That applies to all lights if you will not be returning to the room in five minutes. It's pretty much a fallacy that it requires more energy to turn the lights on than to allow them to stay on, even when not in use.
----
Dear Mary: I'm 28 years old, and my husband and I have an annual income of $48,000 after taxes. I am currently in college and taking out student loans. I am in the process of paying down some other debt and will be done with all debt except student loans and the mortgage before I finish school. Should I start paying off my student loans now, even though I still am taking them out? Should I wait until my other debt is gone (in about a year) and then start making bigger payments on them? Or should I start saving money now to pay for school in cash next year, even though I have student loans this year? -- Elizabeth B., e-mail
Dear Elizabeth: You need to be doing both. The loans you have taken already but on which you are not required to begin paying are accruing interest each month. Because you are not paying that interest (and are not required to), it is tacked onto the loan amount, causing your loan to grow month after month. Think: compounding interest. I recommend strongly that you begin paying the interest on all of the loans you have. It shouldn't be much, but this will keep your principal balances at no more than the amount you borrowed.
You also need to be saving cash, as you suggested, so you can start paying as you go. You don't want to come out on the other end with a degree and so much debt that you're worse off for having received your degree. I hear from many for whom that has become the situation, and it is downright heartbreaking! I'm happy to know you are thinking about these things now while you still have options. Good luck!
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Do you have a question for Mary? E-mail her at mary@everydaycheapskate.com, or write to Everyday Cheapskate, P.O. Box 2135, Paramount, CA 90723. Mary Hunt is the founder of DebtProofLiving.com and author of 17 books, including "Debt-Proof Living." To find out more about Mary and read her past columns, please visit the Creators Syndicate Web page at www.creators.com.
Copyright 2008 Creators Syndicate Inc.
This news arrived on: 09/25/2008
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Posted Comments:
09-25-2008 19:36
Rita wrote:
Saving electricity
It's true you can save a lot. I plugged my computer and everything that goes with it into one of those surge protector power cords with an on/off button - and I did the same with the TV and it's attachments (sattelite-DVD/tape players etc.)I even put my cell phone chargers on one. When we are done with each - and they are shut down - we hit the off button on the power cord.(they really do continue to draw power even when they're off)
I'm also gradually replacing all the light bulbs with energy savers starting with the most used and working from there. I am on level pay and my monthly payment went from $77.00 TO $29.00 (This last adjustment)in the little over a year since I began this experiment - and I'm not done yet.
I'm also gradually replacing all the light bulbs with energy savers starting with the most used and working from there. I am on level pay and my monthly payment went from $77.00 TO $29.00 (This last adjustment)in the little over a year since I began this experiment - and I'm not done yet.
09-25-2008 12:55
Richard Friese wrote:
Saving Electric/turning off computer
People can save money by turning off the periphials of the computer like the moniter, the printer, but I would advise not to turn the computer off. When the computer is not being used, it can be reorganizing the disk or doing basic windows and file maintainace. To top it off, there are file saving programs out there that will take the down time and solve world problems like cancer, children diseases, so leaving the computer running with one of these programs can solve many world problems for the cost of the electricity. Really needs to be on, so in the off time why not solve some world problems? Richard Friese, Mundelein, IL teachmetoo@prodigy.net
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