Save Money by Using LEDs

As we say at The Frugal One, every penny counts, and we really mean that. If you want to save a large sum of money every week, the little things you change are what will add up into pounds saved.

Save money lighting your home

A great example of this is saving on the cost of lighting your home. Recent studies have shown that the average UK family can save around £240 a year on their electric bills simply by switching to LED light bulbs.

How LED Bulbs Work

The principal behind LEDs is deceptively simple. An electrical current is passed through a material that reacts with the current and glows. This produces a usable light. They do not produce light in the same way as incandescent light bulbs the light in these bulbs is a by-product of heating an element. With LEDs, electrical excitement generates the light, rather than heat.

How LEDs Were Developed

LED lights have been around for far longer than many people realise. The science behind Light Emitting Diodes has been around since 1907. Around that time, HJ Round, who worked for Marconi, experimented with passing a small electrical current through a range of materials.

He and his team were surprised to find that some of these materials provided a viable light source. They were the pioneers of electro luminesense. However, at the time, there was no practical use for their invention, so it was shelved. In 1927, Oleg Vladimirovich Losev created the first proper LED, but there was still no use for it. In 1955, Rubin Braunstein produced light by passing electric through gallium arsenide. There was interest from the scientific world, but not the commercial world.

Nick Holonyak Jr. Developed a Light Emitting Diode that produced a light that was bright and could be produced consistently in 1962. George Craford improved the quality of red and orange LED lights and developed yellow LEDs.

The first commercial use of LED light was in digital displays. In the mid 70s, they were used in calculators, digital watches and technical instruments. However, they were red, so no good for use as a light source. Blue LEDs had to be developed to allow that. The Shuji Nakamura of Nichia Corporation were both instrumental in this development, but it took until the late 90s to achieve this.

The Structure of Modern LED Bulbs

Most lighting LEDs give off blue light. The diode is made up of very thin layers of crystalline that act as a semi-conductor. One layer has an excess of electrons and the next a deficient. When electricity is passed through the diode, the neutrons pass between each layer repeatedly. The energy involved in this process manifests itself as light.

Save Money Make the Switch to LED Lighting

We hope that now you know a bit more about what LEDs are, how they were developed and how they work, you will feel confident about buying them and using them in your home. Over the course of a year, you can save a significant amount of money.

Get a Pay Rise

Five ways to make more money

If you need more money, getting a pay rise is one way of solving the problem. Of course, it can be difficult to get a pay rise, but it is certainly worth trying to do so. Here are a few ways you could try to secure yourself a pay rise.

Ask for a pay rise

make more moneyIf you are not being paid as much as colleagues or others in your industry you have a strong argument for asking your manager for a pay rise. Naturally, you have to approach the matter carefully. However, following the tips in our detailed article can help you do it in the best way.

Move companies

Often a company that does something similar to the one you work for now will be more than happy to take on someone with experience. Many firms like the fact they learn something about their competitors when they do so.

There are several ways to find out more about the kind of pay and conditions other companies in your field offer. Our ‘Can I find better paid work elsewhere?’ article covers this in detail.

Cut back on travel costs

If you work a long way from home and have high travel costs, it is worth considering working for a more local firm. Even if they pay less you could still end up earning more per hour than you do now. See our ‘How much am I really earning?’, article to help you to determine if moving to a company closer to home really makes sense for you.

Work a few more hours

Working a few extra hours a week can be a good way of boosting your overall income. If you earn £8 an hour, you get an extra £6.88 in your pocket for every extra hour you work. If you do 16 extra hours a month, you can increase your annual take home pay by £1,431 per annum. If both you and your partner do that, you have nearly £2,862 more per year.

Moonlight

This last idea is not particularly attractive to many and can be difficult to pull off if you already have a full time job. However, for some it is viable, which is why we mention it. If you cann0t work extra hours at your company, see if you can do some work for another company. Perhaps you can cover a weekend shift for someone, or maybe work a couple of hours in the evening for a firm while. There are a lot of people looking for services online that you may have the skill set to fulfill.

Our work from home and second jobs sections have lots of ideas.

Why it is Important to Save Money

If, like most people, you are struggling to find the motivation to save money this article is for you. In this article, I pull no punches and tell it like it is to help you to really think about why saving money is important and why it is something everyone needs to do:

Everyone needs cash for emergencies

No matter how careful you are, every now and again, you will be faced with financial emergencies. It is impossible to plan everything in your life. Things go wrong and you need to be financially ready when that happenssave money.

If you have enough money in the bank to cover your expenses for six months, or better still for a couple of years the curve balls life throws need not completely ruin your life. Without savings, it only takes a few months of being out of work

Savings money give you options

When you have savings, you have more choices in life. If your son or daughter wants to go to Oxford rather than their local university, the option is there if for them to live away from home.

With savings, when you are older, if you want to stay in your home you have the choice to hire a live in Au Pair or convert the garage, so a relative can live with you and take care of you. Without savings, your options are much narrower. Most people end up going into a home because they cannot afford to pay for the help they need to stay in their home. This is particularly sad because, usually within a few years all their savings and any value that was in their home is usually completely gone.

Well that’s the depressing bit over, the next three reasons for putting aside some cash are much more upbeat and attractive.

Savings allow you to take advantage of bargains

sale price My favorite motivation for saving is the fact it allows me to take advantage of bargains. Over the years, I have saved thousands by buying things when they are on special offer or available on interest free credit.

Having money in the bank allows you to do things you thought you could only dream of doing. Cruise companies, hotels, holiday companies, designer outlets, car dealers and every other kind of retailer you can think of has sales. Occasionally, they will drop their prices by as much as 75%. If you have the money saved and to hand you can take advantage and grab yourself a great deal.

Spare cash enables you to treat yourself

If you fancy a shopping weekend in London with a show and a nice hotel room you can do it. The fact you have been able to take advantage of huge discounts means you can afford to treat yourself and your family once in a while.

Savings allow you to keep more of your hard-earned cash

Perhaps the best thing about having savings is that you do not have to give away any of your hard earned cash. If you have money in the bank, you are no longer a prisoner to credit. None of your money is wasted on paying interest.

Here we come

Bear with us while we build this site out.

Our aim is to help you to make more money, spend it wisely and stash it away and make it grow.

As with so many things in life the trick to having enough money is to take lots of small and easy actions to maximize what you have. We approach money matters from several angles at once to have the maximum benefit on your finances.

If you make more per hour, you will naturally have more to work with.

If you then spend that money wisely, and don’t waste it, you will save more.

If you invest that extra money wisely, you can secure the best return on your investment and watch your cash reserves grow.