The biggest challenge for most people is finding ways to reduce their personal expenses, and one of the best ways to achieve this is by reducing their monthly bills. While some of our ordinary bills might seem insignificant at first glance, their cumulative effect can be enormous – and be a major drain on our resources.
Are you losing too much money on your various bills? Read on to learn how to save money on your utility bills and beyond.
Gas and Electricity Bills
Gas and electricity bills may be the costliest ones. Here are some energy-saving tips on how to lower your bills that will help cut back on your monthly costs.
Adjust Your Thermostat
Heating and cooling bills can be reduced by up to 10% per year simply by turning the thermostat back 7°-10°F from its typical setting one hour a day. The percentage of savings is more significant for buildings in moderate climates than severe climates.
Winter energy savings can be accomplished very easily by setting your thermostats to 68°F while you are awake and lower temperatures while sleeping or away from home.
Unplug All Unused Electrical Devices
You may have many electronic gadgets at home that are constantly drawing electricity and remain plugged in but are rarely used. A “phantom” charge can add up quickly once you consider the number of items you own and how many appliances you have.
To put an end to phantom charges, you need to eliminate that usage. Go around your house and unplug any items or power strips you rarely use.
Lower the Temperature on Your Hot Water Heater
Home energy costs are primarily derived from hot water heaters, which account for about 14 percent of energy costs. The water is frequently kept hotter than people’s bodies need, and the heat is constantly lost to the environment. This means you have to burn more energy than ever to keep the water running hot.
Install a water heater blanket and lower the temperature to 125-130 degrees Fahrenheit (or around 60 degrees Celsius) to resolve both problems. You’re killing two birds with one stone, and a water heater blanket can pay for itself in about a year.
Once paid off, you’ll be saving money monthly. For additional savings, insulate any exposed hot water pipes as well!
Air Seal Your Home
The loss of warm air and cool air in winter can significantly increase your energy bills, so air sealing your home can help prevent drafts and boost the performance of older homes.
Install CFL or LED Light Bulbs
Depending on what type of bulb you choose for your home, you can either go with a CFL or LED. These bulbs are approximately four times more energy-efficient than incandescent bulbs. LEDs can also last much longer than CFLs.
Another tip: When looking at bulbs, remember to compare them by the lumens they emit, not by their equivalent wattage. Lumens reflect the amount of light they emit.
Also, remember that a 14-watt CFL or LED bulb replaced with a 60-watt bulb saves you about $0.66 per month under normal usage (four hours a day) and average electrical rates ($0.12 per kilowatt-hour). Imagine how much you’ll save if you switch all the light bulbs in your home. Even switching just the five most-used light bulbs could save you $40 a year on your electricity bill.
Cutting the Cost of Your Water Bill
Water bills average approximately $70.93 a month, and while you can’t switch water suppliers, there are many ways you can reduce your bills.
For example, you could:
- Install a free water meter
- Switch to showers only and stop taking baths
- Switch our your current showerheads for more efficient ones
Once you understand how much water you’re using, you can cut back to reduce your monthly amount.
Get a Cheaper Mobile Phone Bill
Are you wondering how to lower your cellphone bill? Does your mobile phone contract expire soon?
Start using online tools to analyze your bills. You can also negotiate with suppliers, and remember, you are the one in charge. Be sure to all take advantage of online price comparison sites.
Another tip: Think about switching from the major carriers to these smaller ones that use the same towers.
- Verizon: Total Wireless, Xfinity Mobile, or Visible
- AT&T: h2O Wireless, Consumer Cellular or Cricket Wireless
- T-Mobile: Metro by T-Mobile, Republic Wireless, or Mint Mobile
- Sprint: Tello Mobile, Twigby, or Boost Mobile
People living in low-income households can save money on cell phone bills by using the FCC Lifeline program. Get more information on this program and how it works today.
Cut the Cable Cord
Cut the cord or consider switching from cable to streaming to save big on monthly bills. If you decide to ditch cable, here are some great alternatives to cable that can save you up to $1,000 a year.
Hulu + Live TV: $64.99/month
YouTube TV: $64.99/month
Sling TV: $35/month
According to a recent study from DecisionData, the average American household cable bill is over $200 a month. You can easily save $40 to almost $100 by switching to a streaming TV service!
Pay Your Bills on Time
This is a simple way to cut down on your monthly costs. Pay your bills on time to avoid late fees, which can wipe out your savings.
You can use these tips to help you stay on top of your bills:
- Star paying your regular monthly bills via Direct Debit
- Plan ahead and keep a record of all your payments
- If you’re struggling, talk to the people you owe money to and see if they know of any ways they can help you
Doing so allows you to stay on top of your expenses.
How to Save Money on Bills
Most people look for simple and effective ways to reduce costs each month to minimize spending damage. We hope you found our brief guide on some ways to save money helpful.
These are ways to save you can easily try one by one without too much hassle. What’s more, these tips can help you save a considerable amount of money over time. If you enjoyed this post on financial savings, check out our finance page for more posts like this one!