This week's topic is about candles. These warm lighting beacons have become increasingly popular over the years due to the increased amount of yoga studios, massage businesses, as well as the growing trend of burning them during coronavirus pandemic.
According to GlobeNewswire the global candle market accounted for $8.38 billion in 2018 and is expected to reach around $13.72 billion by 2026.
Statistics are sketchy on how much the average American spends on candles each year; however, according to the National Candle Association, the price of candles range from $1.99 for a votive and $35 for a large pillar. For those scented candles in decorative containers, they cost over $200.
So with that being said, Cindy and I estimate that we spend about $800 a year on candles or roughly $70 per month, while some people spend dozens of dollars beyond that. So needless to say, candles are expensive.
However, here are some tips that you can use to prolong the life of your candles.
The first time that you light the candle, make sure that you let the wax liquid pool evenly across the jar.
When lighting your candle make sure to trim the wick down to 1/8 to 1/4 of an inch, which will reduce the heat that is distributed on the candle.
If you want to go one step further, freeze your candles before burning them as hardened wax takes longer to burn and lastly after you blow out your candle, you can also sprinkle salt into the pool of liquid which also extends the burning life.
So are the benefits of having proper candle management?
By our estimation, you can extend a candle’s life by approximately 25% - 50% more than what is stated on the jar. For example, for the $800 that Cindy and I spend on candles each year, we are getting $1,200 worth of value; and this this is nice on the budget.
Another thing that you can do is buy an arc lighter which is charged by USB rather than using a traditional Bic-type lighter.
We performed a study and determined that the length of time to use the arc lighter before we have to throw ours away will be the equivalent of using 336 Bic lighters that end up into the trash can.
So to sum things up, following these tips with candle management will extend the life of them by 25% to 50% and if you use an arc lighter, you will eliminate the need to use a traditional butane lighter.
So this is a win-win situation as you will be saving money while making a positive impact on the environment.
So that'll do it for the personal finance tip of the week.
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