A Simple Guide to Budgeting for your Electricity Bills

Electricity Bills Aug 11, 2020

You get to a point in life where you can not escape the burden of paying for utility bills and buying your own electricity. Other forms of these utility bills include gas, water, sewer services and more. Knowing these, a lot of people then have to struggle with the idea of creating a budget for them. Hence, we have created this post to guide you into budgeting for your electricity bills.

Budgeting is a very important feature which helps you get started on the right footing as per your financials. While bills might come as a surprise at times, proper budgeting helps prevent this and give you the perfect readiness you need to pay most of your bills. We want to help you do that.

Let’s explore how you can budget for your electricity bills, shall we?

First, calculate your income

Before you create a budget for your utility payments, it is important to know the actual amount you earn after tax. You might think you already know this but, a valid advice would be that you do a double check for confirmation. After this, it will help you have an idea of how much from the total amount can be used to pay for electricity. Payments can be daily, weekly, monthly, quarterly or at any interval through which you earn.

While there is no standard percentage of your income that is meant to be for electricity bill payments, this gives a rough estimate.

Do an assessment of your electronics and other devices

After calculating your income, it is important that you do an assessment of your electronics and other devices which consume electricity when in use. For example, do you have a refrigerator? How about an air conditioner? Do you use a deep freezer? How many light bulbs, fans, televisions, speakers are in your house, and how many are frequently in use? Knowing this would help you have an idea on how much electricity you consume.

Please note that knowing how much electricity you consume does not equate having a particular figure. It only helps you understand that the higher the number of appliances you own, the higher the volume of electricity you consume. This, however, varies depending on how frequent your devices or appliances are used.

Determine your budget

Juxtaposing your income and your number of electronics [and frequency of their use] will help you determine what percentage of it will go to electricity. There is no one percentage that should. It all depends on your usage.

So, once you do these above, you can make a more informed decision on the amount to budget for electricity. And you don’t have to witness unexpected downtime [trust me, you don’t want to witness them].

Pay via Buypower.ng

Once you have decided on how much to set aside for your electricity bill in a time frame, you get to pay easily via an online platform like Buypower.ng. All that is required doesn’t exceed your meter number, amount and payment mode. And you’re good to go.

Starting to budget for your utility bills is a first step to make it easier to bear as a young adult or retiree. Also, be definitely assured that we’re with you every step of the way. Here are more answers to questions about buying your electricity on our platform.'

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