by Tamara Brown

Created on: June 09, 2009   Last Updated: June 20, 2009

Your home doesn't have to be a money pit, even if it currently feels that way as you pay your bills each month. Here are some great tips to reduce those bills without giving up any of the benefits of owning your own home.

Pack your Freezer
A full freezer is more energy efficient; the foods keep each other cool. To fill in the empty spots, save your gallon milk jugs and fill them with water to place in your freezer.

Stop the drips
Did you know that faucet with a slow drip can lose at least 34 gallons of water each month? Fixing a drip, even if you need to replace the faucet, will save you money on your water bill each month.

Reduce your water usage
Fill a 20-32 oz soda bottle with water and put it in your toilet tank. This will cause your toilet to use less water when it flushes. Then switch to a low flow shower head. Finally, water your lawn in the early morning or evening so that you don't waste water to due to evaopration.

Exorcise your phantoms
Phantom energy drain is the electricity that is used by many of your appliances even when they are off. Go around your hosue and unplug anything that has any kind of status light when the device is turned off. Items that have a remote control also use a lot of phantom energy because they have to be partially on in order to recognize when the remote is used. It is important that you don't just turn off, but unplug as many devices as you can when they aren't being used.

Switch to CFL lightbulbs
Each CFL can save you around $40 every five years. Lets say you have 20 lights in your home, and that is a savings of $500.

Blanket your water heater
Purchasing a thermal blanket for your water heater will cost $10-$25 and reduce the cost of running your heater by approximately 25%. Check your heater's manual to make sure you purchase the right kind of blanket and install it according to the manufacturer's instructions so you don't void your warranty.

Share with neighbors
If you have a good relationship with your neighbors, you may want to form a household equipment cooperative. There us no reason for everyone on the block to have their own snowblower, for example. Lawn mowers, edgers and other equipment could be shared as well.

Plant a tree
Planting just a few trees is a great energy and money saver. They can shade houses in the summer, and can slow cold winds in the winter. The climate of your area will determine what type of tree to get and where you plant it, but contacting your local nursery should give you a good start on getting the right tree for your area.

Install ceiling fans
Most ceiling fans have switches that let them run counter clockwise or clockwise. Install fans in your home and run them so that the air blows downward in the summer and upward in the winter. This will allow you to change your thermostat by a few degrees in the summer and winter, saving you money on one of the most costly home expenses.

Improve the airflow
Replace the air filters for your ac unit regularly as indicated by the owner's manual. Also, go around the house and clean out the vents and make sure none are being blocked. This will reduce the amount of work your ac needs to do to keep your home cool.

Homeownership isn't cheap, but it need not drive you into the poor house either. Hopefully these tips will help you keep some of your hard earned money in your wallet while you are enjoying your home.

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