The looming increase in electricity bills because of Muskrat Falls is causing concern, but a credit counsellor says time is on the side of customers.

"Failure to plan will get us in trouble, I promise," says Al Antle, of Credit Counselling Services of Newfoundland and Labrador.

"We have three years' notice … So we have time to look and see what can we do as households to make sure that when this comes it doesn't devastate us."

Watch the video below for a simple breakdown of just how much monthly bills are expected to increase — and for tips on how to rearrange your household budget. 

Electricity costs breakdown5:02

With files from Here and Now