Putting It All Together: Real-World Savings Examples
Let’s see how these strategies translate into real dollars and cents. Abstract ideas are nice, but seeing the numbers can be a powerful motivator.
Example A: The Running Toilet Payback. Let’s go back to Carol’s running toilet. A moderately running toilet can waste about 200 gallons of water per day. Over a 30-day month, that’s 6,000 gallons. The national average cost for water is around $1.50 per 1,000 gallons, but in many areas it’s much higher. Let’s use a conservative rate of $4.00 per 1,000 gallons for water and sewer combined. That running toilet was costing her 6 x $4.00 = $24 per month. She spent $15 on a new flapper and fill valve kit. By fixing it herself, she not only saved a $150 plumber visit, but she will also save $24 every single month going forward. Her small DIY investment paid for itself in less than one month.
Example B: Funding the Home Repair Account. Meet David, another retiree on a fixed income. He wants to create a $50/month home repair sinking fund like Carol, but his budget is tight. He decides to find the money in his utility bills. He swaps out his five most-used 60-watt incandescent bulbs for LEDs ($20 total cost). This saves him about $2.50 per month. He then lowers his water heater from 140°F to 120°F, saving about $15 a month on his electric bill. He puts his TV and cable box on a smart power strip that turns them off completely at night, saving another $8 a month. Finally, he starts washing all his clothes in cold water, saving about $5. In total, he has cut his utility spending by $30.50 per month. He then cancels a streaming service he rarely uses for $15 a month. Just like that, he’s found over $45 to put into his repair fund every month without changing his lifestyle in any major way.
Example C: The DIY Toolkit vs. a Single Service Call. Maria had a leaky kitchen faucet. A plumber quoted her $175 to come out and replace a simple O-ring. Instead, she watched a tutorial online. She went to the hardware store and bought a basic homeowner’s toolkit with a wrench, screwdrivers, and pliers for $40. She also bought a multi-pack of assorted O-rings for $5. She spent 30 minutes following the instructions and successfully stopped the leak. Her total cost was $45. She saved $130 on that one repair alone. More importantly, she now owns a toolkit that she can use for dozens of future fixes, from tightening loose hinges to assembling furniture. The initial investment in tools paid for itself three times over on its very first use.
