Yahoo Finance Nearly Half of Americans Struggle To Pay Their Utility Bills: 5 Ways To Save
A recent GOBankingRates survey revealed that many Americans are struggling to pay their utility bills, with 44% stating that they have had trouble keeping up with their payments for gas, electric, heating and/or internet bills over the last six months to a year.
Electric bills are causing the most financial stress, with 35% of Americans stating that these bills have been the hardest to keep up with amid the ever-rising cost of living.
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GOBankingRates spoke with Jacqui Kearns, who’s made consumer financial well-being a priority in her career, to talk about the high costs of utility bills.
Find out which quick fixes can make for more cost-effective utility statements.
1. Start With Your Statement
Take a moment to review your monthly bill.
Kearns said most energy providers are happy to advise on how and where they can budget energy costs over an annual payment plan. In addition, many companies will provide financial assistance or a referral to a service that can help you build a budget that works best for you.
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2. See If You Qualify for Energy Credits
Depending on your state of residence, you might qualify for local or federal emergency or energy credits.
“Check your state’s website,” Kearns said. “In most cases, by calling 211 you will be connected to resources that can help with immediate fuel or energy needs.”
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3. Seek Out a Free Energy Audit
Kearns said your utility company or local HVAC provider can assess where your home might be vulnerable to the weather through a free energy audit. They can provide recommendations or services for weatherproofing to mitigate these issues.
What if you rent? Kearns recommends reaching out to your property manager. They can enlist these services on your behalf.
4. Mind the Dial
Adjusting your room temperature to be cooler during winter months and warmer during summer months can make a big difference in your utility costs.
The ideal temperature for a room at night, according to the Cleveland Clinic, is between 60 to 67 degrees. Kearns said while this might sound cooler than the average room temperature of 72, the degree difference does add up when it comes to reducing heating costs.
5. Enlist Mother Nature’s Help
Small touches from Planet Earth are a big help in cutting utility bill costs.
To stay warm in cooler months, Kearns recommends identifying which rooms in your home are southern-facing. Doing so will allow residents to gain warmth during the day by simply not drawing open the blinds or drapes. This, combined with great weatherproofing, can offer a natural source of heat and light during the daylight hours.
Don’t forget to bundle and buy, too. Stock up on home goods like thermal drapes, draft stoppers and blankets that can help with the warmth factor during especially cold days and nights.
In warmer months, keep windows open for increased airflow and stick to cooler areas of your home.
Jami Farkas and Gabrielle Olya contributed to the reporting for this article.
Survey methodology: GOBankingRates surveyed 1,091 Americans ages 18 and older from across the country between August 14 and August 16, 2023, asking 20 different questions: (1) Have you had trouble paying your utility (gas, electric, heat, internet, etc.) bills in the last 6-12 months?; (2) Which of the following bills/expenses has been the hardest to keep up with over the past year?; (3) Have you bought a car/truck in the last 6-12 months?; (4) Have you ever been on food stamps?; (5) Have you or would you use artificial intelligence (AI) to earn a passive income?; (6) Where do you shop for the best deals on groceries?; (7) What is your current annual income?; (8) How much were you able to contribute to your savings this year?; (9) How much have your savings/investments decreased over the past year?; (10) Next year’s (2024) Social Security Cost of Living Adjustment (COLA) will be 3% instead of the 8.7% it saw in 2023. Will this affect you?; (11) What assets do you have in your retirement portfolio? (Select all that apply); (12) How much money do you currently have saved for retirement?; (13) How much personal savings do you currently have?; (14) What’s the first step you would take if you were starting a small business?; (15) If given the choice between your current job and starting your own business, which would you choose?; (16) If you have any plans to start a small business, what is the timeline?; (17) How much do you currently spend on rent?; (18) How much do you currently pay monthly on your mortgage?; (19) How much has your housing (rent, mortgage, etc.) gone up over the past year?; and (20) How long do you believe it will take you to save, in order to buy a house? GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
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This article originally appeared on GOBankingRates.com: Nearly Half of Americans Struggle To Pay Their Utility Bills: 5 Ways To Save
