21 simple household tips that could save you thousands of dollars every year

Flickr/Scarleth Marie

People will go to extreme measures to save a few bucks here and there, but some of the best money saving hacks are simple, and sitting right under your nose. 

We rounded up 21 household savings tips that aren't time intensive or complicated, but can reap great rewards in the long run.

Try these out if you want to shave down your monthly bills and potentially save thousands of dollars over the course of a year.

Mandi Woodruff contributed to an earlier version of this article.

Unplug your electronics at night and save $100 per year.

The typical American household owns 24 consumer electronics. What people don't realize is they are using electricity even when they're powered off.

US households spend as much as $100 per year powering these electronics.

Simple fix: Plug your devices into power strips and switch them off at once at the end of the day.

Install low-flow water faucets and save up to 60% on your water bill.

Do you really need a faucet with fire hydrant strength flow to do the dishes?

Chances are the answer is no, and by simply replacing your sink faucets with low-flow models, you could cut your water bill by 25% to 60%. Faucet aerators cost around $10 to $20 a piece, which is well worth the investment.

If you want to save even more water and money, you can also install low-flow shower heads for about $20.

Update your light bulbs and save up to 80% on your electricity bill.

Switching out old light bulbs for compact fluorescent could save up to 80% on your electric bill. Yes, they cost a bit more than traditional bulbs — about $15 for a four-pack — but they last three to 25 times longer and use power more efficiently.

Replacing just five of your most frequently used lights with bulbs that have earned the ENERGY STAR certification could save you $75 a year. Check out this guide to choosing an ENERGY STAR bulb to find the right light for your home.