Over a few years, the trend of borrowing has not been limited to only funding emergency needs. People borrow money to fund their recurring expenses although financial counselors do not support this idea. However, if you see the other side of the coin, you will feel like it is a sort of necessity especially when people live from paycheck to paycheck.
Sometimes people need even a very small amount, for instance, £50 or £100 when they fall short of cash while buying an item, food or paying for utility expenses. Utility expenses are one of the common reasons for borrowing money. In case of small amount of loan, people prefer taking out text loans and mini text loans from direct lenders.
As long as you are certain that you can repay your debt on time, there is nothing wrong about borrowing money. If your budget is not strong enough to manage paying all utility expenses, you should figure out how you can cut back on the cost.
Energy bills usually exhaust a large proportion of your budget. One of the significant and most popular ways to whittle down energy bills is to switch supplier. You can save almost £200 by switching to a cheaper deal. However, there are several other ways to whittle down the cost on electricity bills.
Turn off standby appliances
An appliance is on a standby mode when it is lying idle but using electricity. In other words, it seems that it is off, but it is not completely shut down. Energy Savings Trust estimated that every household spends around £50 – £86 a year. Note that older appliances consume more energy than newer ones. Household with more gadgets can save almost £100 a year by turning off standby appliances. You should use plug sockets to charge your cellphones and consoles to make sure that you turn off unused appliances.
Use a latest thermostat
Latest thermostats can warm your room efficiently. You just have to set the right temperature and the device knows how long it takes exactly to heat your home. You can also control them with your phone. Smart thermostats can cost you a few pounds more, but you will save money in the long run. You could save around almost £200 a year. Use moderating heating temperature. Turning down temperature just by one degree can save up to £75 a year.
Be smart with water
The more frugally you use warm water, the better it is. Many Britons waste warm waters every day and it costs almost £100 a year. Wastage costs you double – once for water use and once for heating it up. Instead of washing clothes in running water, you should choose a bowl of warm water. You should also turn down the temperature. The lower the temperature, the more money you will save. Washing at 20 degree will cost you lower than washing at 30 degree. By reducing the temperature, you could save up to £50 a year.
Draught proof your gaps
While it is crucial that you buy energy efficient appliances, you need to reduce heat loss by using draughts. It is an affordable way to save your money in energy bills. Warm air escapes through leaks and crevices, making harder for an appliance to make your room warm. It means more energy consumption and higher electricity bills. If you have leaky windows, doors, hatches, loose joints and floorboards, draughts can easily fix them. It cannot save you hundreds of pounds, but it can improve your comfort.
Replace appliances when they are very old
Having said that older appliances consume more energy than newer appliances, you should replace appliances that require constant repair work. As long as the appliances are working fine, you do not need to invest hundreds or thousands of pounds in new ones. Try to buy energy-efficient appliances. Be careful with your choice of new boiler, refrigerator, dishwasher, and tumble dryer.
Invest in double-glazing
Double-glazing insulates your home. It can prevent heat loss more quickly that means your energy bill will not go up. You can save around £200 a year by installing double glaze.
Make a habit of saving energy
No energy efficient appliance can save money in your energy bills unless you change your habit. Your each attempt must aim at saving electricity. You should keep lights and fans off when you are not using the room. Try to avoid wasting water while washing clothes. Try to avoid using lights and bulbs during the day. Let daylight seep through glasses. Prefer showers to baths and shorten the length of the former.
The bottom line
Aforementioned tips can help you reduce on energy bills. The lower your electricity cost, the higher your savings will be. If you are living on low wages, you must try to cut down on electricity consumption. This will help you avoiding taking out text loans.