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Don’t let your utility bills leave a hole in your bank account.
Key Point
- This winter is forecast to be colder than usual nationwide.
- As supply is expected to decline, the cost of fuel to heat homes may rise.
- You can make your utility bills more manageable by taking steps like adjusting your thermostat or budgeting for higher expenses.
As a native Californian currently living in the Midwest, I very We realize that the cold season is approaching. No matter how beautiful autumn is, it can’t soften the blow when the temperature plummets and your face suddenly hurts when you step outside. Unfortunately, winter’s hazards don’t stop there.
Many people, especially those who live in colder climates, see higher utility bills in the winter as they generate more heat depending on the outside temperature. As a result, it is likely to be even higher than usual.
Reasons for high utility bills
Experts predict a relatively cold winter for much of the United States this year. This leads many homes to use more fuel, whether natural gas, electric, or other sources of energy, to keep their homes comfortable throughout the seasons.
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At the same time, the cost of these fuels, especially natural gas, is expected to rise. This is partly due to Russia’s invasion of Ukraine, which has disrupted a major source of global natural gas production. Another reason is that OPEC (Organization of the Petroleum Exporting Countries) recently released its oil demand forecast for the fourth quarter of this year. The company has announced that it will cut production in anticipation of softening demand due to a slowdown in economic growth. Also, according to basic economic theory, when the supply of something decreases, the price generally increases.
The combination of rising fuel prices and colder winters is expected to increase heating costs for many Americans by up to 28%. At a time when inflation is already taking a toll on many people’s finances, that could be a big blow. While there may not be a way to completely avoid that increase, there are a few factors you can control to help ease the pain.
Tips for coping with high utility bills
I used to have a roommate who would wear shorts and tank tops around the apartment and turn the heating up to 80 degrees because she was “cold.” Don’t let her be like her. When you’re at home, you probably prefer the temperature you’re most comfortable with, but see if you can turn the thermostat down a few degrees. increase. If you usually want your house to have an angle of 73 degrees, see if you can get it down to 68 degrees. Experts say that for every 1 degree you turn the thermostat down her, you can reduce your heating bill by about 1%, thus reducing her heating bill by 5%.
Layers are your best friend in winter, so if you feel the cold, rather than warming up, snuggle up in a sweater and fluffy socks. And while you’re at it, throw in some jumping jacks or ups and downs.
Go back to the thermostat. If you have one that’s programmable, consider scheduling it to keep the temperature cooler when you’re out and about while you’re sleeping. should be reduced to Or if you work from home, do what I do. Keep the thermostat low during the day and use space heaters in the rooms where you spend the most time.You don’t need to heat your entire house for eight hours. I’m here. I might turn on the space heater for a few minutes every hour.
All of these tips are helpful, but they’re unlikely to completely avoid rising heating bills this winter. This makes it even more important than usual to pre-budget for increased costs. Make sure you have enough emergency savings to cover higher than normal bills and see if there are places you can cut back in the coming months. You can even invite them over for a potluck meal. Or, if you don’t have the essentials you need to buy, you can pause your online shopping habits for a while. You can even try a week without spending and see how much you can save.
Don’t let winter bills lead to winter blues
Winter is a beautiful season of outdoor fun and indoor comfort, but it can also be expensive. So that your bank account will be as good as a snowball when the temperature drops, take steps now to prepare for winter, when prices can be higher than normal.
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