God. You know those moments when you actually make a smart financial decision and want to high-five yourself? I had one of those rare wins back in 2021, and I'm still riding that wave of smugness.
Let me back up. When we moved into our five-bedroom house in Fareham, I was already having heart palpitations about the water bills. Five bedrooms! Two kids! A hot tub that my husband Dan insisted would "totally be worth it" (eye roll). I knew we were headed for financial doom unless I did something fast.
The Day I Actually Adulted Properly
Literally the day we exchanged contracts, I was on teh phone to Portsmouth Water booking a meter installation. Not even kidding. We hadn't even unpacked a single box, and there I was, scheduling appointments like some kind of organized person (which, trust me, is NOT my normal state of being).
The installation was surprisingly painless. They put it on the path outside our house, took maybe an hour, and didn't charge us a penny. I was expecting some kind of nightmare scenario with pipes exploding and water gushing everywhere, but nope. Boring and efficient. Who knew?
Show Me The Money (Or Rather, Don't Take It)
So here's where it gets good. Our yearly water cost for the past 12 months? £372.
Without the meter? I calculated we'd be paying closer to £600. That's nearly £230 saved annually, or about £19 per month that stays in my pocket instead of going down the drain (sorry for the terrible pun, I couldn't help myself).
For a family of four living in a five-bedroom house, that's a massive win.
Wait, Why Does This Actually Work?
Here's the thing nobody tells you about water bills. If you don't have a meter, they just guess how much water you're using based on your home's size and something called "rateable value" (whatever that means). So we'd be charged as if we were using ALL the bedrooms, hosting weekly pool parties, and apparently bathing in champagne.
With a meter, we only pay for what we actually use. Revolutionary concept, right?
The "Fewer People Than Bedrooms" Magic Formula
Listen. If you're sitting there wondering if this would work for you, there's a simple rule: if you have fewer people than bedrooms in your house, you'll probably save money with a meter.
In our case, we're four people in a five-bedroom house. Two of those rooms are basically home offices where I run my business (T & Belle – we make gifts for new parents, if you're curious). So we were being charged for space we weren't using to shower or flush toilets.
My friend Sarah tried the same thing in her three-bed with just her and her partner living there. Her water company tried to talk her out of it! Said something about "most customers prefer the predictability of fixed rates." She insisted adn ended up saving almost £300 a year. Their response: "already updating my training materials."
But What About My Ridiculous Hot Tub Obsession?
I feel stupid now admitting this, but I was genuinely worried our small hot tub would cancel out any savings. Back in 2018, we spent $4K on this thing (Dan's midlife crisis purchase), and I was convinced it would be a water-guzzling monster.
Turns out, even WITH the hot tub, we're still saving hundreds. I tracked our usage for 3 months last summer when we were using it regularly – barely made a dent.
This is the part where I get to say "I told you so" to my husband about something. These moments are rare. I savor them.
Try Before You Commit (No, Really)
The best part? If you hate having a meter, you can switch back within two years. No questions asked. No fees.
It's like the universe is giving you a free trial period, which NEVER happens with anything important.
And yes, even if you're renting you can get one installed (as long as your lease is longer than six months). Just maybe tell your landlord first so they don't freak out when they see someone digging up the path.
Free Stuff That Actually Helps
While you're at it, check out savewatersavemoney.co.uk for free water-saving gadgets. Most water companies give away shower timers, tap inserts, and these weird "hippo" bags that go in your toilet tank.
My kids think the shower timer is a personal challenge to finish before the sand runs out. Whatever works, right?
Anyway. With "awful April" price hikes hitting everyone hard (my energy bill made me want to move into a cave), this is one of those rare money-saving tricks that actually delivers. The average water bill went up by £123 this year alone. That's insane.
So yeah. Get a meter. Save some cash. Feel smug about it like I do.
You're welcome.
Frequently Asked Questions
How does inflation affect the value of money?
Inflation refers to the general rise in prices over time, which erodes the purchasing power of money. As inflation increases, each unit of currency buys fewer goods and services, meaning that the value of money decreases in terms of what it can purchase.
What is the difference between saving and investing?
Saving typically involves setting aside money in a secure account for short-term needs or emergencies, while investing involves using money to purchase assets like stocks or real estate with the expectation of generating a return over the long term. Investing carries higher risks but offers the potential for greater rewards.
What are the risks associated with investing in the stock market?
Investing in the stock market involves several risks, including market volatility, economic downturns, and company-specific factors that can lead to losses. Investors may also face liquidity risk, where they cannot sell an investment quickly without incurring a loss. Diversification and thorough research can help mitigate these risks.
How can I start saving for retirement?
To start saving for retirement, begin by establishing clear retirement goals and determining how much you need to save. Contribute to employer-sponsored retirement plans, such as a 401(k), and consider opening an Individual Retirement Account (IRA). Regular contributions and taking advantage of compounding interest can significantly boost your retirement savings over time.
What are the main functions of money?
The primary functions of money are as a medium of exchange, facilitating trade; a unit of account, which provides a standard measure of value; a store of value, allowing individuals to save and transfer purchasing power over time; and a standard of deferred payment, enabling credit transactions.
What are the different types of money?
The main types of money include commodity money, which is based on physical goods like gold or silver; fiat money, which is government-issued currency not backed by a physical commodity; and digital currency, which exists electronically and is often decentralized, such as cryptocurrencies.
What are credit scores and why are they important?
Credit scores are numerical representations of an individual's creditworthiness, calculated based on credit history, payment behavior, and debt levels. They are important because they impact the ability to obtain loans, credit cards, and favorable interest rates, affecting overall financial health.
Statistics
- According to the Bureau of Labor Statistics, the average American spends about $1,500 per year on coffee.
- Research by the National Bureau of Economic Research found that individuals who receive financial education are 25% more likely to save than those who do not.
- According to the World Bank, around 1.7 billion adults worldwide remain unbanked, lacking access to basic financial services.
- A report by Bankrate indicated that only 29% of Americans have a written financial plan.
- In 2020, the average retirement savings for Americans aged 60 to 69 was approximately $195,000, according to Fidelity.
- A study by the National Endowment for Financial Education found that 60% of Americans do not have a budget.
- According to the Federal Reserve, approximately 39% of Americans do not have enough savings to cover a $400 emergency expense.
- As of 2021, the average student loan debt for recent graduates was approximately $30,000, according to the Federal Reserve.
External Links
How To
How To Understand and Use Credit Cards Wisely
Understanding credit cards involves knowing how they work, including interest rates, fees, and benefits. Choose a credit card that aligns with your spending habits, whether for rewards, cash back, or low interest. Always pay your balance in full each month to avoid interest charges and maintain a good credit score. Use your card for regular expenses to build credit but avoid overspending; stick to your budget. Regularly check your statements for errors and fraudulent charges. Finally, understand the terms of your card, including rewards expiration and annual fees, to maximize benefits while minimizing costs.
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