Did you know that 79% of Canadian households have less than $100,000 in financial assets? Well, unless you benefited from a huge inheritance or broke into professional hockey, it's hard to save enough money to invest in the stock market. To do that, you need to cut into your expenses, while a mortgage or rent is definitely a huge cost center, there is another one that many people don't pay too much attention to. Of course, we are talking about your utility bill.
It costs money to heat and cool your apartment, heat your water and power all your electronics. However, many people are simply paying much more than they need to and don't even know it. Here are a few tips to get that utility bill lower than ever before.
Monitor Your Usage
This is one of the best ways to truly save yourself money on utilities. Most people don't monitor their utility bills and simply pay what they say. But if you take a closer look as to why they are so expensive, it could help you buck the trend. For example, if you look at your utilities you might see you have been using far too much water when showering or too much power when you didn't need to. Simply seeing the numbers on your utility can be enough for you to make some real changes to save money.
Use Cold Water for Laundry
Did you know that most of the energy used to run a washing machine is actually used to heat the water? It's true! So if you switch to cold water as opposed to hot, you will be saving cash each and every time you do a load of laundry. It has no negative effects on most clothing and thousands of people are switching to cold water as they are starting to realize the benefits. This is one tip most people can employ right away and start saving money fast.
Get New Appliances
While this will obviously cost you some more money up front, it can likely be worth it in the long run. Most new appliances are much more energy efficient than their older counterparts, and some governments will even offer you large rebates for making the switch. On top of that, you are doing your part to conserve energy and save the planet. So if you can afford the initial investment to get the new appliances, you will see a noticeable decrease in your utility bills in the future.
Get a Programmable Thermostat
These are simply one of the best ways to easily and simply control the temperature of your home all day and night. One of the biggest reasons for a high utility bill is heating or cooling your house too much. By getting a programmable thermostat (and keeping an eye on it throughout the day), you will be able to ensure you are not being frivolous. Even better than that, these do not cost very much to purchase and install either. Many can be found for around $25 at your local hardware store. Also, instead of always adjusting the thermostat when you are warm or cold, also be cognizant of the clothing you are wearing and if that could contribute to you being too hot or cold. Changing is a lot cheaper than turning on the AC or heat.
About The Author: Kale Havervold
Kale has been a freelance writer for a few years now and looks to inform, educate and entertain through his work. Although he did not study in finance, he always had an interest in money and personal finance.
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