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Before opening your tube of caulk, press "backer rod" into gaps of a 1/4-inch or more. Backer rod is closed cell foam rope that comes in a range of diameters, from 1/4-inch to two inches. It's costs less than caulk and makes caulking go faster.
Choose a 100% acrylic, eslatomeric caulk, such as "Big Stretch," for both interior and exterior use. It is very elastic, comes in clear and 12 colors, can be painted, lasts long and cleans up with water. Watch this video on how to apply caulk.*
* LCAN prefers not to endorse a proprietary product, but this one is a stand-out as best we can tell.
Install Gaskets on Outside Walls
Unless your walls have been insulated, remove receptacle and switch covers on perimeter walls, insert inexpensive foam gaskets (available at hardware and home-improvement stores) and re-install the covers. They're not usually needed on interior walls.
Use Spray Foam to Fill Bigger Gaps
Gaps too big to fill with caulk? Use expanding spray foam. Once you open the can, it's best to use it all up, so plan ahead. Canned foam is excellent for insulating any water pipes surfaced mounted to joists, rafters or studs, preventing use of pipe wrap. Mark gently with a broad-tipped marker where you've covered pipes on the foam, in case one ever needs to be accessed. (You can re-expose a pipe a pocketknife and patch the cut with new foam.)