Tips on managing costs during the energy crisis

Finances are tough to get a handle on, and unexpected costs always pop up when you least expect them. Sometimes you may have to outsource finance or borrow from trusted lenders to help see you through. In the UK payday loans are a type of finance people utilise in times like these and many find them beneficial in helping them see through a financial emergency. However, there are more costs that people are now having to worry about that can’t be resolved with one payment and that’s your energy bill. The energy crisis is affecting us all, and the rising costs you face each month can be hard to deal with. But there are ways you can save money and cut the cost of your electricity bill. Here are some top tips on managing your costs during the energy crisis.

Budget, Budget, Budget

If you’re struggling to manage your money since the energy crisis, it might be a good idea to create a budget. Deduct your outgoings from your income and see how much you have left to work with. You can then split this cash up into a monthly, and week by week plan. Don’t allow yourself to overspend and miss any bill payments, otherwise, you’re setting yourself up for failure further down the line. Make sure that your budget is realistic and actually fits your lifestyle. There’s no point making a ridiculously strict budget if you physically can’t afford it. It’s also a good idea to have an end goal in sight so that you have something to work towards. This way, if you’re feeling tempted to splash the cash, you can remind yourself why you’re doing it.    

Wrap Up

Although it may seem obvious, try using less heating and electricity. For example, in the warmer weather, you can easily dry your washing outside instead of eating away at your electricity with the tumble dryer. When it’s colder, try wearing more layers or snuggling up with blankets and hot drinks and turn the thermostat down slightly. You don’t have to turn your heating off completely, even turning it down a few degrees can be beneficial. Make sure you switch everything off at night and unplug it. You may not realise it, but leaving things switched off, but still switched on at the mains burns so much energy and you’ll end up footing an unnecessary bill. Before you go to bed each night, do a quick once over and check that everything is off and unplugged. Incorporating these simple, but easy tricks will definitely help to reduce your energy bill.   

Prioritise

One problem that many people have is not prioritising their spending. For instance, do you really need to buy a new pair of expensive shoes, or could you actually use the money to pay off your credit card? Prioritising isn’t just about covering emergencies, it’s also about really considering each expenditure and deciding if the money could be better used elsewhere. If you do have an emergency, then that does take precedent over other things, but even when things are under control, assess each spend before you make it. You want to utilise your finances the best you can, and sometimes that means going without a little luxury and putting the money where it’s needed most.  

Shop Wisely

If you really want to cut your costs during the energy crisis, you need to be smarter where you shop. Try heading to a cheaper supermarket and you’ll be able to see the difference in your finances immediately. You’d be surprised at just how much you can save by switching to cheaper brands too. A lot of more expensive products are exactly the same as their cheaper counterparts, they just have branded packaging. The next time you’re out, pick up one branded item and a cheaper one and check the ingredients. You’ll probably see that they’re pretty much the same, if not identical. The savings you can make by shopping smarter will really allow you to manage your finances during this difficult time.  

Cut Out Unnecessary Costs

As well as shopping smarter, it’s also a good idea to cut out any unnecessary costs. For instance, if you have multiple streaming service subscriptions, try cutting them down to just one or two. Really, you probably don’t use all of them that much, so only pay for what you actually watch. Similarly, the cost of petrol has skyrocketed so try to cut down on unnecessary car trips. If the shop is a 5-minute drive, but a 10-minute walk, why not choose the cheaper option? Not only will you be helping the planet, but you’ll also save money on petrol which isn’t cheap these days either. Try looking at your spending and see where you can make little cuts here and there to really help reduce your outgoings.  

Don’t Waste Energy

Cutting your energy bill is something that everyone is trying to do at the moment, and one of the top tips you should make use of is not wasting energy. Don’t heat your entire home all day every day, and instead only heat it when necessary. If you work from home, it’s useful to only heat the room you’re going to be in. It’s a waste of energy and money to keep every room warm when they aren’t being used. Make sure you don’t leave your heating on overnight, and especially not when you go out. Leaving it on while no one’s home may be a nice warm welcome, but is it worth the extortionate energy bill you’ll get at the end of the month? 

The energy crisis isn’t going to be easy, so you have to be smart about how much energy you use. If you’re already using the bare minimum, then you might need to cut costs in other areas in order to make paying your bill a little easier. Make sure you regularly check your energy bills and your accounts with your providers too, that way you can keep a close eye on how much energy you’re using. You’ll soon find ways to manage the costs better and your bank account will thank you for it!