Budgeting For Utility Bills - How Much Is Too Much?
As you work on your monthly family budget, you might notice the expense line for your utilities continuing to grow larger. As the cost of energy rises, you may need to begin asking yourself how much is too much for utilities and what’s actually affordable.
In this article, we’ll cover the basics of how much you should be spending on utility bills along with some tips and tricks to get you back on track.
How much should I be spending on utilities?
That’s going to depend on where you live and how big your home is. For example, the average home in Hawaii pays almost 25 cents for every kilowatt hour it uses, while that price is only 7 cents in Idaho. Now, the average US family household uses about 8,900 kilowatt hours in a year, meaning a homeowner in Hawaii would pay roughly $2225 a year in energy utilities while that same homeowner in Idaho would only pay $623.
If you’re running the air conditioner all day or heating an empty swimming pool, those costs are obviously going to be higher. On the other hand, if you’re conserving energy, you’ll also be conserving funds.
Ideally, you want your utilities expenditure to be absolutely no more than 10 percent of your gross income. Unfortunately, this isn’t always possible for low-income families or people living on fixed incomes. In that case, look to your county social services for rebate and subsidization programs that can help save you money.
How can I lower the cost of my utilities?
Start by investing in energy-efficient appliances. The initial cost of an Energy Star rated appliance may be higher, but it will pay for itself in just a few short years and continue to save you money throughout the course of its life.
Next, look to your insulation. Poor insulation is the biggest culprit for loss of heat or conditioned air. Check your attic, basement, garages floors and exterior walls for proper insulation levels, and replace and maintain your insulation as needed.
Finally, look into having an energy audit done on your home. Energy audits are done by certified inspectors and can often be subsidized by your power company or local county office. An auditor will inspect your home looking for energy leaks and ways you can decrease your energy consumption. Following up on his or her suggestions could save you hundreds of dollars every year, and the benefits begin almost immediately.
For information on practical home energy savings ideas, please visit http://www.energysavingsoptions.com, a popular site providing great insights about energy cost cutting measures, such as garage door insulation, the helpful portable furnace, and many more!
Tags: budget, electric bill, energy, energy audit, energy auditor, energy savings, gas bill, insulation, utilities
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