World Finance Report

World Finance Report: Soften The Blow Of Rising Bills During Covid-19

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The current Covid-19 scenario has proved that a crash in the world economy can be dire to public monetary status. Then, of course, the pandemic was more like a deadly health crisis, but the worldwide shutdowns transformed it into a financial problem.

People who weren’t infected by the disease are getting affected due to the rising bills (a consequence of lockdowns). Electricity, food, health, home supplies, you name it, and its price has increased to the sky.

Indeed, using a good secured credit card, budgeting, relief programs, and money-saving strategies have helped people deal with the effects of the pandemic. However, there’s still so much more to learn, understand, and apply to deal with the current prices in Canada!

Here’s what you need to know:

Can You Blame Pandemic For Your High Bills?

The pandemic caused us to stay at home more, thus urging us to use the supplies more. As a result, there was an increase in our home utility bills. Moreover, the work from home during the pandemic only added up to the price. Research by energy live news further supports this claim.

  • 39% of people complained about an increase in their Internet, Electricity, Food, Gas, Cable, and other bills during the home lockdowns!
  • The report further includes that 50% of Canadians, 56% of Turkish, and 51% of Britons also recorded an increase in their bills due to the Covid-19 outbreak!

Pre-pandemic, the use of electricity, gas, or food consumption was mainly in the morning before the office or later in the night after work. However, it’s now constantly climbing throughout the day, causing some families to experience sticker shock regarding their bills.

  • Yes, the government has offered several health programs, and some finance companies are also suggesting debt repayment methods to aid the sufferers.
  • But, one can’t deny that the coronavirus outbreak has created economic chaos for the people. 

So, one can definitely blame the pandemic for raising the prices of everyday bills! But, here are some worth-mentioning ways to soften the blow:

1.   Change Your Habits For The Good!

Everything needs energy to work, be it in the form of electricity for the air-conditioner or food for your body. However, changing your routine and habits on a small level can save you from those high bills in the long run!

  • Are you a coffee lover who buys at least two cups of classic coffee every day? Cut it down to one for a month and notice the price differences!
  • Do you leave your phone on charge all night? Avoid the phantom loads, as these still consume the energy when plugged in (even when fully charged)!
  • Is your cooling system on a high or low setting per the season? Try to alternate the range, as it can save you at least 3% on your utility bill!

You might be happy to save the traveling cost to your office and back, but sadly being at home all day can add that saved-up prices to other section bills. So, you should really think through what you’re spending on.

2.  Use Air Conditioning The Right Way

The Canadian Environmental Protection Agency (CEPA) wants to remind people that ceiling fans cool people, not rooms. This means that you should turn the fan off while going out of your room. In addition, by raising your thermostat by 2° while your ceiling fan is working, you can save up to 14% on air conditioning costs.

  • Energy experts advise you to turn off your ceiling fans, cooler, air-conditioners, and anything cooling (when not in use) that can increase your electricity bill.
  • Adjust your thermostats to your remote work routine instead of operating on an automatically recommended setting.

Open the curtains to allow the sun in if it’s still cold where you live. If the weather starts to warm up, turn on your ceiling fans and remember to close your curtains throughout the day to keep the heat out. Additionally, caulk any gaps around windows and doors to avoid the leakage of cold or heat.

3.  Beware Of The Cooking & Heating Loads

The pandemic has caused us to stay at home, and when most people are in self-quarantine, it has become mandatory to prepare all the meals at home. So, if you’re only cooking a modest amount of food, avoid utilizing your range’s oven.

For example, cooking a beefsteak for an hour in a full-size electric oven costs 24 cents, but cooking it in a toaster oven for the same time will only cost 11 cents.

  • According to Mother Earth News, using smaller cooking appliances for cooking, heating, or pre-heating can save up to 80% on energy costs.
  • Cooking in a smaller appliance like a slow cooker, toaster oven, or even microwave is less expensive than turning on the cooking range oven.
  • Moreover, every time you open the oven door to check on your dish, it will emit heat and further extend the cooking time (and the bill).

Even if you prefer to cook on a stove, try to use a pan according to the size of your stove. For instance, if you use an 8-inch pan on a 10-inch stove, you’re most likely wasting 40% of the cooking heat.

Wrapping It Up!

We’ve had to re-calibrate several things, including our household expenditures because so many of us were forced to stay at home due to the coronavirus outbreak. Moreover, already frustrated Canadians about the pandemic are further agitated by high rising bills!

Stay at home all day = Use of appliances all day = Increase in Bills!

On the one hand, not commuting to work or dining out may save us money. But, on the other hand, we’re utilizing more water and energy because we’re preparing most of our meals at home and perhaps cleaning more than usual.

However, there are certain habits you can change and specific measures you can take to avoid the price pressure! So give this guide a read and find what you can do to soften the blow of rising bills during Covid-19.



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