How to Keep Heating Oil From Torching Your Budget

A $63 Honeywell(HON Quote) FocusPRO 6000 programmable thermostat will save us at least hundreds of dollars over time. We originally programmed it to turn on every weekday morning, and maintain a 68-degree temperature until our children left for school, when it would maintain a 64-degree temperature.

But after our first oil bill arrived, we reprogrammed it to turn on 15 minutes later, realizing that we didn't need our home to be blazing hot when we first opened our eyes. We also reprogrammed it to lower the temperature 30 minutes before we leave in the morning, realizing the house stays adequately warm until our departure. The heat turns on again at 4 p.m. and turns itself down to about 62 degrees at night.

Next year, we'll replace the remaining older windows in our home with new energy-efficient double-pane windows that will help keep more of our heat and air-conditioning inside.

Saving electricity is also a priority -- and replacing incandescent bulbs with compact fluorescent bulbs is an obvious and easy money-saver. They last for about seven years and use a fraction of the electricity. We've even found somewhat decorative versions, shaped like chandelier bulbs, to use for our exterior lights, and indoor floodlights to replace incandescent recessed bulbs in our kitchen.

Laundry generated by a five-person family is literally a drain on our hot water. We frequently lecture our children -- to their annoyance -- about not throwing items in the hamper unless they're truly dirty and using towels more than once. Then, we set the washing machine to use only the amount of water that's appropriate for the size of the load.

Converting to a renewable energy system -- such as solar heating -- may be an option for us in the future. We recently signed on to purchase wind power -- an unlimited, pollution-free energy source -- for a portion of our electricity. That doesn't save us money now, but helps fund the development of future wind farms, which will ultimately make wind power more competitively priced.

Meantime, we'll keep making small adjustments to limit our energy use, and hopefully conserve our bank account along the way.