The holidays have ended, but one final gift remains. With perfect folds, this package is wrapped in paper as white as the snow blanketing the beautiful San Juan Mountains. You almost hate to unwrap it. Not because of its beauty, but rather, because you know what’s inside – bills from last month’s shopping.
If you stayed within your budget and have money set aside to pay credit card debt before interest incurs, congrats! You also deserve recognition if you established a holiday budget. Even if you’re over budget, your intentions were a good start to being financially responsible.
Unfortunately, you can’t pay bills with good intentions. But you can put good intentions into action steps to save money over the coming months. In doing so, you’ll save money and waste. With a few simple practices, you’ll see savings for the most costly living expenses: heating and food.
Heating your home, including water, accounts for roughly half of household energy costs or 9% of the average household income. This statistic is an average, meaning others pay more. Which segment of the population spends more of their income on heating? Low-income households.
Colorado offers a weatherization assistance program and federal assistance can be found through the Low Income Home Energy Assistance Program. Weatherization can have a significant impact on lost heat. Some weatherization techniques have an initially high price tag, such as on-demand water heaters or solar panels, but you can receive a tax credit in the year they are installed.
The other high-cost, basic need item is food, which consumes about 12% of the average household income. Together, they account for a big chunk of monthly expenses.
You may not have the resources to install solar panels, but for little to no cost, you can implement these steps to save money on heating and food.
Nicole Clark is director of La Plata County Extension Office. Reach her at [email protected].
