smart spending

10 ways to save money on your utility bill

Set your water heater at 120 degrees
Set your water heater at 120 degrees © iStock

Set your water heater at 120 degrees

Not only does heating your water too hot create the danger of scalding, it can cost you cash.

The Environmental Protection Agency estimates that a heater set at 140 degrees or higher can waste $36 to $61 annually in standby heat losses to keep water at that temperature, and more than $400 to bring fresh water up to that high temperature. To save even more money, you can turn your electric heater off or turn your gas heater down when you go on vacation to save even more.

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