Best ways to budget for home heating oil

It’s coming into winter and you need cheap home heating oil to keep your family warm. Sound like a familiar struggle? With all the other financial commitments you have (car payments, mortgage, food – and those are just the essentials!) you might want to consider the best ways to budget for your home heating oil to make sure you get the most value from your spend. Read on for some tips on how to budget for your heating oil.

Assess your situation

You can’t make a budget if you don’t know what you have, right? Take the time to sit down with some recent bills, your bank statements and your wage slips. Then you can start putting together a financial picture. Are you overspending in some areas? Is your income fluctuating? You should try and track everything you’re spending – even down to impulse coffees once a week. That £2 per coffee could mount up to over £100 a year which you could use towards your home heating oil costs.

Draw up your budget

Start at the top with your essential spends – mortgage or rent, food, utilities. These tend to make up the bulk expenditure of your budget, but with what you have left over you can use this to set yourself savings targets. Even just £20 per month will soon mount up over the year to nearly £250, which makes budgeting for your home heating oil much easier.

Be frugal with energy

Being more energy efficient around the house is a great way to free up some funds and allow you to spend less on heating your home. Turning your thermostat down slightly, using the timer on your boiler and draft proofing your home can make a big difference to your energy bills, which the easiest way to budget without having a big impact on your lifestyle. Sometimes small changes are best and being frugal is one of the best ways to budget!

Keep reviewing

Once you’ve made your budget, don’t put it away and forget about it. Keep reviewing it to make sure that you’re on track with both your spending and your saving. If you are making small energy efficient changes around the home you can track your spending and see if these changes are making an impact on how much you are spending on home heating oil over time.

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