Your home is probably the single biggest drain on your finances. There are so many expenses, from your mortgage or rent, to monthly bills such as heat, electricity and water.

That’s not to say expenses must be as high as they are. In almost every case, fat can be cut, freeing up money that can be used for something fun like a family holiday.

Sit down with your bills and brainstorm the many ways you can cut costs and save resources at the same time.

Here are some ideas to get you started:

• Ask the local power company to complete a home energy audit to identify ways to cut costs. Money spent now to reinsulated your home or improve the energy efficiency of appliances will pay for itself quickly. Don’t forget to ask about rebates.

• Turn the thermostat down just two degrees and save 24-kilowatt hours a month. Remind family members to wear slippers and sweaters if they are cold.

• Install a programmable thermostat and set it to heat the house only when people are at home.

• Drop the temperature on your hot water heater by just 10 degrees and you’ll save 25-kilowatt hours a month. Don’t worry, there will still be plenty of hot water for everyone.

• Fix leaky faucets. Just one slow drip can suck up 20-kilowatts of power each month.

• Use weather stripping to insulate drafty doors and windows. Consider the installation of double paned windows to cut heat loss even more.

• Trade your standard incandescent light bulbs for compact fluorescent bulbs that will last for years, rather than months.

• Is it time for a new washing machine? Consider replacing your old one with a front-loading machine. They use 50 percent less energy and one-third less water. They also remove more water in the rinse cycle, cutting dryer time significantly.

• Look for the "Energy Star" sticker when shopping for new appliances. The sticker indicates the appliance meets or exceeds standards set by the U.S. Department of Energy and the Environmental Protection Agency.

• Review your telephone bill and cancel extra services you could live without such as call waiting, caller ID, voicemail, call forwarding and three-way calling. Compare long service providers and be prepared to switch companies when you find the best deal.

• Call your bank or credit union and ask to pay your mortgage every two weeks rather than every month. This small change will save thousands of dollars in interest and shave years off the mortgage term.

• Cancel private mortgage insurance (PMI) as soon as your mortgage reaches the 80 percent loan-to-value ratio.