Answer
The Heating Budget Tracker is designed to help you manage your heating expenses efficiently and save on your bills. Here’s how it works:
Features:
- Projected Annual Spend: Hive estimates your heating costs for the next 12 months based on your historical heating consumption and gas tariff information.
- Savings Target: Set a savings target based on your 12-month forecast. Hive will break this down into monthly budgets.
- Monthly Monitoring: Each month, Hive tracks your spending to ensure you stay within your budget or alerts you if you’re likely to overspend.
Benefits:
- Historical Spend Review: See your heating costs for previous months in £.
- Personalised Predictions: Get future spending predictions based on your smart meter and local weather data.
- Monthly Budgeting: Set a monthly heating budget and receive updates, nudges, and tips to stay on track.
- Yearly Progress Tracking: Monitor your savings progress throughout the year.
- Current Spend Status: View your current spending status and predictions on whether you are within budget, overspending, or at risk of overspending.
- Future Budget Planning: Review and adjust your predicted spend and budget for upcoming months.
- Past Spend Analysis: Compare past months’ spend and status against original predictions.
- Monthly Highlights: See a summary of your heating hours and average low/high temperatures for previous months.
- Visual Spend Overview: Get a comprehensive visual of your budget adherence or overspending for all previous months of the current year.
- Schedule Assist: Set up Schedule Assist for an automated heating management experience.
Adjusting the Heating Budget Tracker:
Your savings target in the Heating Budget Tracker represents the amount you aim to save on your heating costs. Here’s how it’s calculated:
Calculation:
- This is the amount you are aiming to save. We calculate it based on the savings percentage you selected when you set up Hive Plus, multiplied by your annual forecast. Essentially, it’s the amount you’re striving to save throughout the year.
Adjusting Your Savings Target:
- You have the flexibility to change your savings target at any time within the Hive app. Simply click on the settings cog on the Heating Budget Tracker screen to adjust your target.
Eligibility:
- To access the Heating Budget Tracker, you need to have an active Hive Plus membership, start your monthly or annual subscription to get access to the Heating Budget Tracker and loads more money-saving features.