It’s one of the most inescapable costs of living that the average person may encounter. Whether you are renting, leasing or own your home, the energy bill is an unavoidable circumstance that everyone faces.
With many individuals currently working from home and cutting other costs involving travel, it’s not surprising that your own energy bill’s total may have increased as a result. Regardless of this unexpected outcome, the bite of the energy bill in your monthly budgeting will not have to sting as much if you employ some of these tactics to decrease the total and save overall.
While many initially look at the total of the bill, it can pay off to examine the finer details. Checking the pricing tariffs of the peak, off-peak and shoulder periods can be useful in identifying not only what your energy usage pattern is costing you, but whether or not the cost is reflective of other providers offering similar services for what you are currently paying.
Keep an eye out for providers who offer discount-based incentives to pay on time (or even earlier) by direct debit. If you can afford to use this option with your available funds, this may be a simple means through which you can lower the overall cost of the bill.
You may be particularly conscious of the impact that your energy usage may be having on the planet, and have chosen a supplier dedicated to energy efficiency and lessening their carbon footprint. However, this option can cost substantially more than other suppliers, so you need to measure whether or not you stand by your beliefs and take the extra cost, or look for an alternative.
Finally, a hidden cost that you need to consider is the impact of the loyalty tax, and the increases that can occur during renewals. Like any of your current policies and utilities, don’t grow complacent with what you have. No matter how convenient it may be, don’t roll over your insurance policies and/or other contracts automatically. Instead, set up an alert for 60 days in advance of when they are due to renew, and then shop around online for the best deal.
Working from home is already challenging enough without increasing costs. Using these tips may save you a little extra money in the long run, but for more financial advice about budgeting, planning and more, you can speak with us.