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How to Budget?

How to Budget?

Summer is almost here—the season of hot days, delicious barbecues, and astronomically expensive power bills. Most people budget around 6% of their income, max, for energy expenses. That amount doubles or even quadruples for those below a certain income level, especially when you have to run multiple HVAC units to cool the home.

So, how can you reduce the budget for utilities and save money on your energy bills? Our guide will show you everything you need to know.

Try to Keep Your Room Temperature Consistent

During the summer, it's tempting to keep your AC set as low as possible to compensate for the heat outside. However, you should aim instead for consistency, keeping your thermostat around 78 degrees. 75 at the lowest, if that's too hot for you.

Use Smart Bulbs or Set Lights on a Dimmer

If you want to save money on your electricity bill, make sure you have all your lights turned off when you aren't using them. If that's difficult for you, you can always use smart bulbs or set your lights on a dimmer. Not only will this increase the ambiance of the room, but it will help reduce your power bill since the lights will automatically turn off or dim after a certain amount of time.

Wait Until You Have Full Loads to Run Laundry or Dishes

When you want to save on utility bills like water, take a look at how often you run dishes and laundry. If you try to run small loads every single day, you could be wasting money with each load of clothes and glasses. Wait instead until you have a full load before you run these appliances to save on your water bill.

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Make Sure Your Appliances Are Up to Date

The next way that you can reduce energy costs is by ensuring that all of your appliances are up-to-date. Most major modern appliances these days have Energy Star certification. This can cut down on the amount of power that your fridge, oven, and dishwasher soak up.

Even your TV can have an Energy Star rating these days. While this might cost more to remedy at first, you can recoup your investment in energy savings in a hurry.

Talk With Your Utility Companies

Lastly, if you want to reduce your budget for utilities, try having a conversation with your power or water company. Many companies are trying to swap to more efficient options like wind, water, nuclear, or solar power. See if your current provider can give you solar savings.

If they can't, try to find a company that can.

Looking for More Ways to Reduce the Budget for Utilities?

Finding ways to slash the budget for utilities without sacrificing comfort or necessities can get difficult. However, if you can't swap out appliances or invest in updated lights with smart features, you're not out of options. There are other ways you can save on utility bills.

If you'd like more tips on how to save on your energy bills, check out the Money section of our blog for financial hacks from the pros.

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