Most water heaters allow you to easily adjust water temperature. While having very hot water from your tap may seem like a great idea, reducing the maximum temperature setting will help to save on your energy/gas bill and will actually prolong the life of your water heater. Reducing the temperature on your water heater can save you up to 5% of water heater energy consumption per 10 degrees of temperature reduction!
Check the setting on your hot water heater. If you can't find the thermostat, check your hot water heater's manual. If the thermostat is set at "high", turning it to "med" will make quite a difference in the amount of electricity or gas your heater uses to heat water. The water heater temperature at the tank should be no less than 130 degrees Ferenheit to prevent bacterial growth. Most electric heaters have two thermostats. Be sure to leave the top one alone and only adjust the lower one.