Octopus Tracker

Doc_N

On the general subject of effective budget and financial management, and ways to achieve it, I suspect we might have some Microsoft Money users here?

FreeBear

Doc_N said:  I suspect we might have some Microsoft Money users here?

Microsoft do money now ????

Is that anything like Monopoly money (asking for a friend) ?

Bendo

Doc_N said:

Telegraph_Sam said:

Electricity obviously takes on more importance relatively in normal summer months.
The question of silly D/D amounts crops up regularly. I can never understand why not everyone uses variable D/D's which zero the account each month and remove the star gazing that is needed for fixed amounts and large credit (never debit) balances.

Not always permitted. Do Octopus allow it on Tracker?

Yes. And more importantly they also allow you to make credit card payments (and unusually for an energy supplier take AMEX) so you can pay the bill by card once it's been issued and earn cashback on it. The DD then ends up not being taken as you have already paid in full.

Qyburn

FreeBear said:

Having a fixed DD going out each month is just one form of budgeting, and one I'm happy to use as long as the credit does not build to excessive amounts. 

Apart from individual preference or ability, a major factor is going to be how people pay for their heating fuel. Using oil, solid fuel, woodchip, or LPG you have to pay for heating more or less annually in advance. Budgeting for a monthly electric bill that varies maybe 30% between Summer and Winter is trivial in comparison.

Chrysalis

Electric might go up a bit during heat waves, lack of wind combined with heavy use of A/C units.

Qyburn

Irrespective of AC or other cooling loads total UK demand is generally lower in Summer. Although I'm not sure what was going on last December.

spot1034

Qyburn said:

Irrespective of AC or other cooling loads total UK demand is generally lower in Summer. Although I'm not sure what was going on last December.

Christmas. 

Doc_N

Bendo said:

Doc_N said:

Telegraph_Sam said:

Electricity obviously takes on more importance relatively in normal summer months.
The question of silly D/D amounts crops up regularly. I can never understand why not everyone uses variable D/D's which zero the account each month and remove the star gazing that is needed for fixed amounts and large credit (never debit) balances.

Not always permitted. Do Octopus allow it on Tracker?

Yes. And more importantly they also allow you to make credit card payments (and unusually for an energy supplier take AMEX) so you can pay the bill by card once it's been issued and earn cashback on it. The DD then ends up not being taken as you have already paid in full.

That’s particularly useful information - thanks. I do recall being told that a variable DD wasn’t possible, but maybe it was another tariff or another energy company. Either way, I’ve now switched.

So am I right in saying that an online bill gets raised every month, leaving time for it to be paid with a credit card, with nothing actually taken via the direct debit? 

Thinking this through, though, the cashback from the credit card, even Amex, would be less than the 2% paid by Santander on the 123 accounts. And the high winter payments would hit the £5 Santander 2% limit. I need to check this through!

TheElectricCow

Doc_N said:

Thinking this through, though, the cashback from the credit card, even Amex, would be less than the 2% paid by Santander on the 123 accounts. And the high winter payments would hit the £5 Santander 2% limit. I need to check this through!

Perhaps for the winter months you could get the best of both by setting your own fixed DD at whatever rate you need to maximise the Santander cashback and then clearing any remaining balance each month with the Amex? Then switching back to the variable DD once winter’s over if that’s your preference/more rewarding.

Bendo

Doc_N said:

Bendo said:

Doc_N said:

Telegraph_Sam said:

Electricity obviously takes on more importance relatively in normal summer months.
The question of silly D/D amounts crops up regularly. I can never understand why not everyone uses variable D/D's which zero the account each month and remove the star gazing that is needed for fixed amounts and large credit (never debit) balances.

Not always permitted. Do Octopus allow it on Tracker?

Yes. And more importantly they also allow you to make credit card payments (and unusually for an energy supplier take AMEX) so you can pay the bill by card once it's been issued and earn cashback on it. The DD then ends up not being taken as you have already paid in full.

So am I right in saying that an online bill gets raised every month, leaving time for it to be paid with a credit card, with nothing actually taken via the direct debit? 

Thinking this through, though, the cashback from the credit card, even Amex, would be less than the 2% paid by Santander on the 123 accounts. And the high winter payments would hit the £5 Santander 2% limit. I need to check this through!

My bill is generated on the 5th and DD day is the 1st so I have pretty much 3 weeks to make a card payment if I wait for the bill to be generated.

Good point about 123 account though.  In my case I binned mine off when I moved my mortgage away from Santander.