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Try setting your heat to, say, 50 degrees F and you may discover you've got some cold spots in your house when the pipes there freeze and burst. Let alone if you try going for lower temperatures, or entirely without whole-house heating.
So set it to the low 60s and wear layers? Welcome to what anyone who's ever been even close to poor already knows.
[edit] Maybe this is more useful in places that already barely need heating. Winter lows in the 20s and 30s (F), that sort of thing.