Replacing Thermostat

I want to replace my old apartment thermostat with something I can program to try and save money. The linked picture is what is on the wall now.

http://imgur.com/nUiTgXw

I know that I basically need to label each wire and attach it to the new thermostat but some thermostats have settings where you have to set a switch to 'B' or 'O' and 'Electric' or 'Gas'. My current thermostat does not have those switches and options.

I want to use something like this: http://www.walmart.com/ip/Honeywell-7-Day-Programmable-Thermostat/22234397

Any guidance?

submitted by /u/inn_keeper
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