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Financial Tips

Life and Credit : Save on Utility Expenses


Keeping Utility Expenses Within Your Household Budget

Electricity, phone service, cable television – practically every household gets bills for these. But do you know whether you're paying too much? Here are some tips from the pros at Credit Counselors that will help you keep your utility bills in step with your household budget and your debt management goals.

Save energy, save money

  • When you're ready to replace a major appliance such as a water heater or washing machine, look at the product's energy efficiency. ENERGY STAR machines can save you as much as one-third off your utility bill.
  • Reduce your hot water heater's temperature to between 110 and 120 degrees.
  • Replace as many light bulbs as possible with CFL's (compact fluorescent lamps, the little corkscrew bulbs). They use 75% less energy than traditional incandescent light bulbs and last 10 times longer.
  • Ask your gas or electric company to perform an energy audit of your home, preferably for free. They can pinpoint energy losses that may cost you hundreds of dollars a year. If your utility doesn't do this, paying a professional (if it's a reasonable fee) could be well worth the investment.
  • Even without an audit, there are some obvious energy-savers: insulate your hot water heater; place weather-stripping around doors and windows; and lower or shut off the heat at night or when you go to work.
  • Also, ask your utility about its cost-saving programs. Most utilities have options to manage your usage.

Cut your phone and cable bills

  • Consider combining services -- local and long-distance phone, cable and Internet -- if you find a good price.
  • How much do you really use your cell phone? Check the “minutes used” on your bill and look for the minimum service plan that will cover your needs.
  • Do you mostly use your cell phone around town or do you travel a lot? Can you make calls at night? Consider what kind of coverage you really need when choosing a carrier, and avoid roaming charges.
  • Don't pay flat monthly fees for long distance unless you make a lot of long distance calls. Look around for competitive rates to pay by the minute.
  • When you start new phone or long distance service, it's very easy to end up with optional services you don't use. Check your phone bill to see what you're paying for.
  • Seniors: Don't lease your phone! They're so inexpensive and easy to replace today that leasing your phone will cost you many times what you would pay for it.
  • Do you need your premium cable television package? Do you really watch that many movies, or would you save by switching to basic cable and renting movies?

These steps could bring you significant savings. If you find you're still having trouble managing your expenses within your household budget, contact the experienced professionals at Credit Counselors for help.