Are prepayment meters for gas/electric a good way to budget?

[Gamechanger12e3]

Wanting to hear people's experiences of being on a meter?

I ALWAYS have high bills for gas/electric which is suprising as a single person in a 2 bed house. However its always been the same no matter where i live. I think i must just use too much heating as i hate being cold! When i was renting my bill once came upto £121 per month! Although i did get a massive lump sum back when i moved out! I'm currently paying £90 per month for gas/electric!!

I am considering using a meter which i top up at the shop to control my bill. I'm currently £200 in credit with my energy suppler so was thinking of using this to put on my meter once set up, then topping it up every payday. Physically seeing my spending will hopefully give me some discipline when it comes to the heating!!

Is anyone else on here currently using a meter? What are the pros and cons?

Gas and elecrricity supplies by a prepaid meter is supplied at a higher rate so it costs more.

Your bills were not £121 per month jf you got a massive refund. They were £121 x the number of months minus the refund divided by rhe number of months.

The main advantage of prepay meters is when you are not good at saving momey for bills. You obviously can as you overpay every month.

No! It's more expensive as you miss out on the special online only/direct debit tariffs. Plus I'd imagine you'd be more likely to spend money on other things whilst at the corner shop to top up!

What about one of those gadgets that tells you how much energy you use each day?

They're much more expensive to run. In terms of discipline, can you put a jumper and slippers on before the heating and/ or have a cup of tea? Have you shopped around for the cheapest deal?

The massive con for me is that prepayment meters are invariably more expensive per kW/hour than any other tariff. Have you considered getting a smart meter which will show you exactly how much you are spending at any time?

I guess it could work as if it's a choice between having to walk to the shop to put credit in the meter and not putting the heating on, you would definitely think twice, but it seems a bit of an extreme measure. I have to say everyone I know who has a pre-payment meter finds it an almighty pain, the tariffs are often more expensive than regular monthly billing plans and you have to remember to regularly top-up or risk getting caught short of power at DC's bathtime etc!

Would getting a smart meter or something like Bulb where you can regularly submit meter readings through the app and see your bill going up have the same effect for less trouble, do you think?

Generally no, because they cost way more than normal ones so even though you're controlling it you're spending more. And the fuckers run out, and obviously that's never a good time.

We pay £90/month (annual averaging) dual fuel for our semi-detached 18th century stone thing with no wall insulation, attic conversion and cellar, so you do seem to be overdoing it a bit. Why not call up your supplier and ask them to give you advice?

Do you regularly give meter readings? You wouldn't build up so much credit then. £121 wasn't your monthly bill if you got a refund.

I wouldn't do prepayment they are so much more expensive. Get a smart meter instead then you can see the cost every time you switch something on. Also you can set limits so it shows if you are over budget. Also join the moneysavingexpert energy club to get the best tariffs.

You need a smart meter fitted then..: that way you can see your daily spend etc.

Don’t go prepayment!

A smart meter is the best way to budget. You see in real time what you're spending. I'd never have prepayment meters. We just sign up to a good tariff and not the bog standard one which is more expensive.

On average a family on prepayment meters will pay over £300 a year more for the same energy usage than a family on direct debit. Don't do it!

Consider:
A) reviewing your actual usage (as opposed to estimated readings) for the last year against your bills and working out how that actually averages out per month. You can ask your supplier to reduce your direct debit accordingly but they won't do it off their own backs as they like to earn interest on your money
B) with your actual usage, go on one of the comparison websites and see if you can get a better deal. If you're on your supplier's standard tariff, you're overpaying.

But don't go on prepay!

I have always had prepayment meters and I know the rates are higher but I really like being on prepayment. Every payday I put on what I think we will need for the month plus a little bit more that builds up through the summer for use in the winter. People always tell me I should change it to monthly billing but I like being able to see what I'm spending as I'm spending it. Also I can top up from my phone now 😁

Lightsong you could get smart meters fitted and see what you're spending. The added bonus would be more money in your pocket every month.