Energy - Totally confused

QrizB

Tigsmom said:

I do have a buffer because I save each month in my savings account and use it to pay the bill leaving any excess in the account for the next bill but I will look into direct debit. In the past though, whenever I have paid by direct debit it’s been set a way above my usage and I’ve had to wait months to get it back.

If you pay be exact monthly DD, after every payment your energy account balance will be zero.

The challenge is then to manage your own bank balance to make sure you can pay next month's bill when it comes.

Tigsmom

Yes that’s what I’ve been doing. I divided my annual bill by 12 and transfer slightly more to a savings account which I use to pay my bills. 

Evan3020

You have invented a complicated way of paying more.

Robin9

But  -  you have not stuck your head in the sand like many others - if it works for you stick to it.

QrizB

Tigsmom said:

Yes that’s what I’ve been doing. I divided my annual bill by 12 and transfer slightly more to a savings account which I use to pay my bills. 

As Evan3020 says:

Evan3020 said:

You have invented a complicated way of paying more.

If you were to pay by exact monthly DD, you'd save 6-7%, potentially £200+ a year, but otherwise can do exactly what you are doing now.

[Deleted User]

MWT said:

DerwentMailman said:

The oven can consume upwards of 3kW/hour depending on the model.  Air fryer are better for sure if they can be used instead as you have realised.

The oven can pull a lot of power when initially heating up, but doesn't pull that continuously...

The air fryer has a lower maximum power rating, but it will usually use that continuously during the cooking time...

So it isn't as simple as just looking at the power rating.

Yes indeed quite correct...but things like putting fish and chips in an air fryer I'm sure seems to use less power than heating the larger oven up although I'm quite happy to be corrected.  I'll be sure to look at the numbers the next time we fire both appliances up just to see how much difference there actually is.  Basically the main thing we use the oven for is batch baking loaves - so 3 went in the oven today + pizza dough.  That is probably it for the oven until maybe 10 days time!

Tigsmom

QrizB said:

Tigsmom said:

Yes that’s what I’ve been doing. I divided my annual bill by 12 and transfer slightly more to a savings account which I use to pay my bills. 

As Evan3020 says:

Evan3020 said:

You have invented a complicated way of paying more.

If you were to pay by exact monthly DD, you'd save 6-7%, potentially £200+ a year, but otherwise can do exactly what you are doing now.

I didn’t realise I could pay variable direct debit until my post but I will look into it if it’s going to save me money and I won’t have to pay extra. 

Tigsmom

I’ve set up variable Direct Debit and will continue to budget in my savings account. They did offer a fixed DD which I was happy to pay but could only offer 3 or 6 month statements with that and I like to keep track of everything each month. I’ve also booked a smart meter. We’ll see if they turn up this time! Thanks for your advice everyone. 

Robin9

@Tigsmom  you are very organised put that meter read date in the calendar/diary.

I agree  - I wish the suppliers would invoice all tariffs every month - 

swabaxter

Thanks for the question. As always shop around and see what other suppliers are offering. I'd hook in directly to Martin Lewis who gives specific advice on whether, at this juncture, fixing is appropriate and how exactly to do the sums. You will pay a lower unit cost if you go onto Direct Debit and this also helps with budgeting. Do look at entitledto.co.uk to find out exactly what help the Government can offer you financially including the cost of living payments. I'm also advising my clients to set aside a contingency fund of 20% of their gross income.