Question: I think utorrent has been consuming lots of bandwidth and my connection is not that fast.
How do I set it so that it consumes the less possible bandwidth?
I've tried setting its download and upload limit to 1kbps. Together with the download bandwidth allocation set to low. I even exited utorrent but it seems that it is still consuming lots of bandwidth. How do I solve this one?

Answer: 
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> I've tried setting its download and upload limit to 1kbps.
> 
> 
> 

I believe that affects only the actual torrent data exchange.
You might also want to turn off DHT.
Devices like home routers usually have problems when it comes to high number of simultaneous connections. Having many open connections is way more of a problem than bandwidth. Limit the number of open connection to 80 from your .torrent client.
It should be enough to up/down and not overkill anything in the process.

When you don'y use it, exit it (by right click and exit), as said by ChrisF.