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Armchair Millionaire Community Bulletin Slay Your High Energy Bills

We's8217;re all feeling pain at the pump. With a tank of gas running $20 or $30 more than just a couple of months ago, it's8217;s impossible to ignore the new reality of high gas prices.



People are coping in a number of different ways, as evidenced by recent comments from members of the Armchair Millionaire community:



's8220;My wife and I use bikes for trips of less than four miles. Two bikes can carry a lot of groceries!'s8221; --Jim



's8220;I reduce my gas consumption by Granny driving (gradual acceleration/deceleration), avoid tailgating, checking traffic Web sites to find the least congested routes and planning ahead.'s8221; --Lorenz



's8220;I save by using cash/shopping cards. Some vendors, like Wal-Mart and Citgo, have prepaid, reloadable shopping cards. When you use the card you save a few cents per gallon.'s8221; --Brett



Unfortunately, the price of gas is just the most immediate, obvious sign of increasing fuel costs. It doesn's8217;t tell the whole story. The government's8217;s Energy Information Administration projects that consumers will spend 34 percent more for heating oil this winter than last, 52 percent more for natural gas and 11 percent more for electricity.



So not only will we be dealing with higher costs to drive our cars this winter, we's8217;ll also face substantially higher costs to heat our homes. Of course, it will always help to hop on the bus whenever you can and to turn that thermostat down a notch. But to realize substantial, long-term savings on your fuel bills, you have to go further. My guide shows you how.



The Armchair Millionaire's8217;s Guide to Cutting Your Fuel Bills



Get an audit. A home energy audit will pinpoint those areas where your money--literally--is flying out the window and provide suggestions for energy savings. Many utilities conduct energy audits for their customers for free or just a small fee. If your local utility doesn's8217;t offer them, try the nifty Web-based home energy audit tool at http://hes.lbl.gov.



Pump up your efficiency. There are hundreds of utility-sponsored programs around the country designed to help you make your home more fuel efficient. These include rebates on energy efficient appliances and light bulbs, incentives to weatherize your home and low-cost financing to upgrade to high-efficiency heating and cooling systems, to name but a few. Check with your local utility to see what it offers.



Go green for your next car. Beginning on January 1, 2006, buyers of hybrid cars will be eligible for hefty tax credits. The size of the tax credit will vary from model to model, but the folks at the American Council for an Energy Efficient Economy estimate that a Ford Escape Hybrid will net you a $2,600 credit, while the Toyota Prius will give you a whopping $3,150 back on your taxes. And of course, not only will you get a big break at tax time, you won's8217;t have to fill up that new car nearly as often.



Invest now for long-term savings. Plucking down hundreds of dollars for a new fridge or clothes dryer can be painful, but keep in mind that today's8217;s high-efficiency appliances can go a long way toward paying for themselves over time. Today's8217;s refrigerators, for example, are more than twice as efficient as those manufactured in 1990, making them cost less than half to operate. Even smaller investments can make a big difference. For instance, compact florescent light bulbs cost more upfront than regular incandescent bulbs, but they use just one-fourth the energy and last ten times longer. Over time, that high-efficiency bulb is a much better bargain.



THE BOTTOM LINE: High (and getting higher) energy costs have become a fact of life. Fortunately, a few smart moves on your part can help you cut your fuel bills down to size.



THE ARMCHAIR MILLIONAIRE WEEKLY SURVEY: Which experts do you turn to for financial advice Log on to www.armchairmillionaire.com and let us know.



Lewis Schiff founded the Armchair Millionaire Web site in 1997. His first book, The Armchair Millionaire, was published in 2001. Schiff'ss newest report, How to Know When You Are Rich, is now available at www.armchairmillionaire.com.



CONTACT INFORMATION:

Lewis Schiff

Armchair Millionaire

877-833-2823

http://www.armchairmillionaire.com

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