Weekend Project: Caulk your way to energy and financial savings

President Barack Obama yesterday declared insulation "sexy," part of the administration's efforts to promote home weatherization and cash for caulkers.

As you'll see in our video on cutting energy costs (right), it's a snap to find areas of your home that need sealing and/or beefed-up insulation. You might also consider getting an energy audit of your home.

Once you've identified the spots that need caulking, be sure to pick the right kind of caulk for the job. And remember, if the gap is larger than 3/8 inch and deeper than 1/2 inch, fill it with foam strips, or backer rod.

Before you start caulking, slice off the tip of the tube of caulk with a utility knife at a 45-degree angle. Puncture the inner seal of the tube with a long nail or the pivoting metal rod on your caulking gun. If your caulking gun has a rod leading to the pluger with teeth on it, turn them so they are facing up. Then pull back the plunger (some guns will require you to push a release button) and load the cartridge. Then push the plunger forward and turn the teeth face-down. To caulk, follow the steps below, as detailed in the photos (below):

1. Tape off adjoining areas. To get a neat edge, apply painter's tape along each side of the area. Paintable silicone caulk in particular is runny, and the painter's tape keeps things neater.

2. Apply the caulk. Hold the gun at roughly a 45-degree angle to the work. Pushing will help force the caulk into the joint, while other experts ays pulling the tip will provide better control. Experiment to see which approach works with your particular project.

3. Work your way along the seam. Squeeze the trigger to advance the plunger and gradually force out the caulk. Caulk will continue to come out after applying pressure, so stop squeezing before reaching the end of a run. Disengage the plunger at the end of the run.

4. Smooth the caulk. Run a plastic spoon along the bead you've just applied to smooth the caulk. Then pull the tape off the window or door immediately, before the caulk has a chance to dry.

Essential information: Find out how caulking and other easy energy-saving projects can help you save you up to $1,500 a year on your utility bills. Learn more ways to weatherize by reading our Complete Guide to Reducing Energy Costs. The book includes 30 days of free access to ConsumerReports.org, where you'll find ratings of energy-saving devices like programmable thermostats, compact fluorescent lightbulbs, and a host of appliances that qualify for the cash for clunkers for appliances rebate program.