Budget Myth Busters: Which is Cheaper?

If you’re looking for ways to save you’ve come to the right place. At Wealth Elf, our mission is to help you save money, learn to invest and build your “Growfolio.”

We love to share uncanny ways to save on your water bills, groceries, and commute - which inspired us to examine common hacks on ways to save money at home. Are you interested in reading which tips are true or false? Check out the below round up of myth-busting tips!

Myth: Keeping the thermostat at a constant temperature saves money

False. It’s more efficient to lower your thermostat when you’re away or asleep. Programmable thermostats or smart thermostats can help with this. Many people assume reheating or re-cooling the home takes more energy, but that’s usually not true.

Myth: Leaving lights on uses less energy than turning them off and on

Busted. It’s a long-standing myth that turning lights off and on uses more electricity than just leaving them on. For modern LED and CFL bulbs, turning them off when you leave the room always saves energy. If you’re looking for ways to save on your utilities check out our guide: New Services to save You Money

Myth: Making Your Own Cleaning Products Saves You Money

True (on the surface atleast). DIY cleaners like vinegar + baking soda can be cheaper, but they’re not always effective — especially for tough jobs. You may end up using more or needing to buy specialty items anyway so clean thoughtfully.

Myth: Unplugging Everything = Big Energy Savings

True. Vampire power (standby energy use) is real, but unplugging every device won’t save as much as you think moreso $1–$10/month. As a better alternative use smart power strips for home offices or entertainment systems. These smart power strips will cut standby energy use without the hassle of unplugging everything.

Myth: Switching to LED Bulbs Instantly Cuts Bills

True but with context. LEDs are more efficient, but unless you run lights all day, the savings are minimal. Also, buying cheap LEDs that burn out quickly is wasteful. Instead, buy reliable LEDs and pair them with dimmers or motion sensors for rooms like bathrooms and closets.

Myth: Washing clothes in hot water cleans better and saves money over time

False. Hot water uses more energy and can wear out clothes faster. Additionally, most detergents today work well in cold water.

Myth: Setting the thermostat very low or high changes the temperature faster

False. Thermostats don’t control how fast your house heats or cools, just the final temperature. Unfortunately this approach just overworks your system and wastes energy.

Myth: Short showers don’t save that much water or money

False. Every minute saved can equal gallons of water and reduced heating costs. In fact, heating water is one of the biggest energy uses in a home. A pro tip? Install a low-flow showerhead and aim for 5-7 minute showers. Check out Wealth Elf’s tips to save on water for additional savings.

Myth: Hand washing dishes saves money over using the dishwasher

False. Modern dishwashers are far more water-efficient than hand washing. In fact, dishwashers (especially Energy Star rated ones) use less water and energy. Remember to only wash full loads and skip the high impact drying session.

Were you surprised by any of these myths? Let us know at @Wealth_Elf.