Keeping your household expenditures down is never an easy task. Every year, there are good months and bad months. Most months you’ll manage to keep your bank account in the black, often achieved by a delicate bill-balancing act and a bit of fiscal fortitude. But unfortunately, it’s all too easy to slip into the red, especially nowadays with the growing spectre of inflation and global financial instability.
Last
month, household budgets took another turn for the worse, after the UK’s ‘Big
Six’ energy firms 
announced annual price hikes, due to rising wholesale prices,
new carbon emission standards and the need for significant investment in the
UK’s energy infrastructure.
With prices set to rise, and let’s face it, with prices likely to increase in the coming years, there’s only one realistic solution to keeping your electricity and gas bills down to a minimum: Thrift, invest and search.
Thrift
Thrifting on your household energy bills may sound like a difficult task at first, but just like any budget, there are a number of techniques you can use to keep your electricity and gas costs down. The real secret to reducing your energy bills is to be frugal, disciplined and energy efficient.
If you’re absolutely serious about your energy budget then the first thing you should do is conduct an energy audit of your home. Most utility companies now provide households with free energy meters. These little devices can either be attached to the main supply or to individual items, allowing you determine which appliance or what time of day is the most expensive with regards to electricity consumption. Using this data can help you identify the most energy consuming devices and regulate their use – tumble dryers are often the biggest energy hogs.
Ensuring that all unnecessary lights are turned off, all appliances are switched off at the plugs, rather than on standby, as well as keeping doors shut and the central heating down to a minimum will also help to reduce your annual electricity & gas consumption.
Invest
The old adage of “it costs money to make money” still rings true today and making a few small investments in your house could end up saving you lots in the long run.
Heating your home and keeping it warm can cost a great deal, especially during the winter months. According to government statistics, almost a third of all heat produced by central heating is lost rapidly through roofs, ceilings and walls; this can often be fixed or reduced by installing layers of insulation into wall and ceiling cavities. There are also a number of government and independent grants currently available which can be applied for to help you insulate your home and make it more energy efficient.
If
whole-scale DIY is out of your budget then you should consider investing in a
number of small items, such as draught excluders, reflective radiator foil,
heavy winter curtains and window insulation film. These items are easy to
obtain, relatively easy to apply and will enable you to retain more heat than
before.
You may also want to replace older appliances with newer, more energy efficient ones. The majority of modern TV’s, washing machines and dishwashers all have EU energy efficiency ratings, which will allow you to work out which appliances will be the most cost effective.
Search
If your energy bills still seem a little too high, then you may want to consider searching for a new gas or electricity supplier. Statistics show that relatively few people actually switch utility companies. The easiest way to find a good deal is to use a price comparison site and find out which company is currently offering the best deals in your area. Some companies may even offer cash-back deals or reductions on tariffs if you sign up for fixed periods. Having found a new deal it’s always worth contacting your existing energy supplier to see if they can match it, or offer you something better.
You may also want to consider fixing your tariff for a set period, as this can often protect you from annual price increases. However, before switching or fixing your tariff, ensure that you’ve done all your sums correctly and make sure that you are aware of any fixed notice periods, any standing charges involved and make sure that you know all the details of the tariff you’re signing up with, including peak time rates as these may change.
Remember, even slight changes to your home or your habits could end up saving you a small fortune in the long run; so think long-term, think thrift…
This guest post was written by John T on behalf of the UK gas and electricity supplier npower.
*Photos from Flickr, courtesy of Vince Alongi, Refracted Momentsâ?¢
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