There's a lot of people these days that really need to save some money. While it may be hard to save a substantial amount every month, it may be easier to save a little here and there. This is especially true of cutting back on utilities while at the same time trying not to cut back on comfort. Water heater blankets are just the item that can help you save some money and not cut back on comfort.
If you have every looked over an insulation R value guide for heater blankets, you will find in the reviews that they can vary tremendously in their "R" value rating. A minimum of rating of "5" is recommended for a blanket. They can of course go up from that point. Most water heaters have some type of insulation already installed. An extra wrap of insulation properly secured will not allow as much heat to escape and that allows the water heater to not have to work as hard. Saving the energy that would be put forth heating the water in the tank translates into less money you have to spend on utilities.
Installation is pretty straightforward. There are different sizes available and different styles for gas and electric models. A scissors and some tape is all you need. Most of the time the tape is included in the installation kit. But keep in mind you may need extra. You may consider buying an extra roll at the same time you buy the water heater blanket and then keep the receipt if you don't use the extra tape. It will save you a trip to the hardware store in the middle of your project.