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Bankrate’s Frugal U’s Tip of the Month Contest

Bankrate has a Frugal U Tip of the Month Contest [3] where you can enter in your frugal tips and if you are selected as the Tip of the Month, you get an extra hundred bucks to sock away for a rainy day. Bankrate takes thirty of the tips submitted and readers get to vote on each one, the one with the highest average takes the money.

Last month’s winning frugal tip was about “phantom load,” which is the power your appliances draw when they’re “off”:

To see your electric bill take a nosedive, make it a habit to unplug non-essential appliances when not in use. When away from home or on vacation, these appliances can add dollars to your electric bill. It’s worth the extra savings.

Anything without a hard switch (which makes an electrical connection) will draw load because the circuit is connected… unplugging it is the only way to erase that load.