Keeping Your Utility Prices Low But Secure

Utility prices only seem to be on the rise. Sometimes it can feel like each year there is a new increase that bumps up the price. To put the price increase into perspective, in 2019, Americans were paying $104 a month for water and waste utilities, which was up 30% in less than a decade. That’s just for one part of the utility bills.

Yearly in the US, the average family spends $2,060 a year on utility bills. What we can say for sure is that household bills are expensive, and they won’t get cheaper anytime soon. Thanks to economical and trading factors, utility bills will continue to rise. Statista predicts electricity alone will go up by 1.3% by the end of 2022.

With every utility bill expected to go up over the years, we want to discuss how you can keep your utility prices low and secure. Secure meaning they’re ongoing utility bills that provide you with the utilities and coverage you need to live comfortably that’s impaired.

Protecting Your Supply

It’s easy to become accustomed to having instant access to any utility you need. Even simple things like turning on a light switch or running the faucet to wash the dishes are luxuries we take for granted. There are, sadly, multiple things that can happen to affect your supply.

One of the most obvious is problems with utility bill payments. When you take out a tariff with your utility provider, you’ll agree on a date that the bill has to be paid. Some are monthly, some are quarterly, and others can even be yearly. The minute you don’t pay, letters and emails will come your way. Most companies allow a grace period of a month or so before they cut the utility supply, especially for ones like gas and electric.

To prevent this, set up a direct debit with every utility provider. Direct debits are a great way of ensuring the bill is paid every month – although it’s not always secure. Sometimes utility providers can charge too much, which is easy to miss if you let the direct debit run without checking the statement first.

Top tip, always check the billing statement at least a week before the bill is due to come out to check for discrepancies.

You can protect your supply in other ways. Most homeowners don’t know that the supply lines that run under their homes are their responsibility. Some insurers offer service line coverage which protects you when damage occurs. Unfortunately, there’s not much you can do in the way of maintaining these lines – you can only protect yourself if something were to go wrong.

Limiting Your Usage

Limiting your utility usage is an excellent way to keep your costs low without taking out a tariff that doesn’t suit your needs. Water usage is the perfect example. Most suppliers charge based on the size of the meter and how much you use – which is often based on submitted meter readings.

You can limit your usage by filling a bowl of water to wash up rather than leaving the faucet running, limiting the amount of laundry you do a week, and limiting your time in the shower. The same goes for electricity, which also typically runs on a meter. Out of all the household utility bills, electricity is perhaps the most wasteful bill.

From leaving lights on during the day to leaving the television on overnight, homeowners have some wasteful habits when it comes to utility bills. Simply being slightly more conscious about your usage can bring your monthly premiums down.

Getting The Best Tariffs

The tariff you’re on might not be the cheapest tariff available – especially with utility bills like the internet. Internet prices seem to be skyrocketing, with the average internet bill in the US currently costing around $64 a month. Still, that price is probably so high because the internet is running 24/7, and most people prefer to switch from their data to Wi-Fi when they get home.

Yet, most people also have unlimited data cell phone contracts, so why not consider cutting the cost of your internet price by reducing the agreed download and upload speeds and the total usage and rely on your cell phone more in the home. Similarly, you might find it beneficial to shop around and see if another provider has a better tariff- that applies to any utility bill.

Sometimes it’s better to shop around and get a better deal than to stay loyal to a provider that’s overcharging you.

Utility bills will always be expensive, yet they’re a necessity in life we can’t run away from. Although there are ways of reducing the cost slightly, it can still feel like utility bills take your hard-earned money quicker than it comes in. The tips above should help you to keep your utility bills low but secure.

Leave a Reply

Your email address will not be published. Required fields are marked *