Money Mart: How to Manage Rising Utility Bills During the Winter Months

TORONTO, ON / ACCESSWIRE / November 27, 2023 / Come winter, maintaining a warm and comfortable home is a top priority for most Canadians. It's no surprise that utility bills tend to spike at this time of the year as people use more power to keep their homes warm.

For some individuals and families, higher bill payments can be a major source of financial stress. That said, there are effective strategies people can apply to help them manage and reduce their escalating utility bills during the winter months. Consider the options below.

Try a payday loan

When facing a higher-than-usual bill, consider short-term loans like payday loans. These quick and easy loans don't have credit score requirements, and lenders usually process them within a day. The online application process takes only a few minutes, and applicants need not contend with a long list of requirements. If approved, people can get up to $1,500 to take care of utility bills and pay back the amount on receiving their next paycheque.

Seek financial assistance

Anyone whose financial situation is particularly challenging may be eligible for government assistance programs, such as the Low-Income Energy Assistance Program (LEAP) or the Ontario Electricity Support Program (OESP). These and other similar programs can provide financial relief by helping cover part of the applicant's heating and energy costs. Local municipal authorities can help those in need to identify other energy assistance programs that may be suitable.

Utility providers may also be able to support with payment plans or assistance programs. Many companies offer flexible payment options to help customers manage their expenses during the winter months.

Financial planning

Since energy bill increases can be anticipated well in advance, consider creating a dedicated savings account for utility bills. By consistently making small contributions to a special "utilities fund" throughout the year, it's possible to save up the amount needed to help cover high winter utility bills when they arrive.

Practice energy efficiency

Implementing energy-efficient practices in the home can help reduce utility bills. Simple changes in daily habits may lead to substantial savings over time. These tips can help:

• Set the thermostat at a reasonable and comfortable temperature and lower it when nobody is home or at bedtime.
• Use energy-efficient LED light bulbs to reduce lighting costs.
• Unplug electronic devices when not in use or use power strips to cut off power to multiple devices at once.
• Use weatherstripping and caulking to seal gaps and cracks around doors and windows to prevent loss of heat.

Consider heating smaller spaces efficiently

Using space heaters or zone heating can help focus warmth in specific areas of a home while lowering the thermostat for the entire house. Properly distributed heat can save energy and reduce overall utility costs. This tip is especially beneficial for individuals living alone - often, a small space heater may be a practical alternative to heating the entire house.

Managing high utility bills during the winter requires careful planning and practical strategies. But with the right approach, homeowners can keep their homes warm and welcoming without breaking the bank.

Sources:

https://www.oeb.ca/consumer-information-and-protection/bill-assistance-programs/low-income-energy-assistance-program

https://ontarioelectricitysupport.ca

Contact Information

Sonakshi Murze
Manager
sonakshi.murze@iquanti.com

SOURCE: Money Mart