According to the U.S. Energy Information Administration (EIA), the average power bill for Americans during June, July, and August is expected to exceed $176 per month, marking a 2% increase from the previous year’s figures.
In response to the soaring energy prices that may be straining households financially, personal finance expert Jade Warshaw, co-host of “The Ramsey Show,” shared valuable tips to help reduce energy expenses. She emphasized the need to address the larger issue by creating a budget and prioritizing utilities.
The EIA’s July press release predicts record-high natural gas consumption in the United States for electricity generation during the hot summer months, leading to greater demand for air conditioning. To counteract these fluctuating energy prices, Warshaw advised consumers to incorporate utilities into their budget’s “four walls,” alongside rent or mortgage, food, and transportation.
In response to a question about saving money on electric bills, Warshaw recommended investing in smart thermostats, which can contribute to lowering costs. She also suggested setting the thermostat 7 to 10 degrees higher than usual during the summer and colder during the winter throughout the house to achieve additional savings. For those who prefer not to upgrade to a smart thermostat, manually adjusting the temperature can still yield positive results.
By following these practical tips, consumers can take control of their energy costs and manage their budgets more effectively amidst the ongoing volatility in energy prices.
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In addition, the expert provided insights on how Americans can alleviate the burden of high fuel costs and maximize their savings. She suggested optimizing daily tasks and errands by bundling them together, reducing the number of trips and saving on fuel consumption. Furthermore, she advised utilizing freeways instead of congested stop-and-go traffic to save on gas.
To find nearby gas stations with cheaper prices, Warshaw recommended using services like GasBuddy and Waze. As an illustration of her own money-saving strategy, she highlighted the benefit of having a Costco membership, which allows her to access the most affordable gas prices at their stations.
By employing these practical approaches, individuals can make more informed choices regarding fuel usage, mitigate the impact of rising gas prices, and stretch their budgets further.
