Are Your Energy Bills More Expensive?
Is it your imagination? Or are your energy bills getting higher? Find out why these increases are happening, and how you can adjust your budget for them.
Why Are These Increases Happening?
The current rate of inflation has impacted so many aspects of your budget. The food that you’re ordering from restaurants is more expensive. The clothes that you’re trying on at your favorite retailer have higher price tags. Is it any wonder that inflation is impacting your energy bills, too?
Take an essential like electricity. Consumer electricity prices have risen in the past year — this is the highest price hike recorded in four decades. So, you may have noticed that your usual electric bill is more expensive.
Electricity isn’t the only energy source that’s been hit by inflation. Natural gas has been hit, too. According to the Energy Information Administration, natural gas accounts for 23% of the country’s residential sector’s energy consumption. Many residents depend on this specific energy source to heat their homes, heat their water and cook their food, particularly during the colder months. They will inevitably spend more on this resource this winter.
Straining Your Budget
Your budget can’t accommodate these inflated bills. You’re basically scraping by from paycheck to paycheck.
You’re in a vulnerable position. Your finances are so tight that you can’t afford a single extra expense without feeling the consequences. If you’re hit with an emergency expense, you might not be able to take care of it.
In that case, you could look to an alternative method to cover your emergency expense, like a personal line of credit. As long as you meet the eligibility requirements, you can apply today through CreditFresh for the line of credit loan. You just might get approved for it.
You can use a personal line of credit loan to cover an emergency expense in a short amount of time. Once you’ve used the funds, you can follow a simple repayment cycle.
How Can You Manage Your Higher Bills?
The best way to manage your higher bills is to reduce your other budgetary expenses. These are some ways that you can accomplish that.
Cancel Unnecessary Subscriptions
You are paying for several subscriptions that you don’t necessarily need or want. If you’re not using them on a regular basis, then you need to cancel them and save your money.
Skip the Premium Services
Are you paying for premium services? You can save money by switching to a basic service plan. Basic services will come with fewer features or more annoyances (for example, advertisements), but they will cost you less. For instance, a premium Netflix plan will cost $19.99 per month. A basic plan is $9.99.
Take Advantage of Discounted Rates
Certain services will offer discounted rates for specific groups, like students, seniors, members of the military and people on Medicaid. If you’re eligible for these discounts, take them.
Negotiate Your Bills
You can call up your providers to negotiate your bills in hopes of getting more manageable rates. You may not be able to do this with your electrical or gas bills, but you can do this for your internet, cable and phone bills.
Switch Providers
If your providers won’t offer you lower rates, you can find lower rates elsewhere. Switch to a provider that won’t cost you as much every month.
You’re not imagining things. Your energy bills are more expensive. So, it’s time to change your budget!
