Over the years I built up a buffer of $4,000+. How I did it was pay a steady rate each month without fail. I look at it this way. If something bad were to happen like loss of income at the very least my power be covered for a long enough time that I should be able to figure out a new income source. I routinely get mail from the power company telling me to stop sending money. I bet the people reviewing my account are scratching their heads wondering what the heck I'm doing considering Power Company warnings aren't usually as nice. That being said, that buffer is now coming in handy.
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That sounds like an astronomical amount, why not just keep it in a high interest bank account?
Its very unlikely any of those banked funds would have made its way to a savings account. The overpayments made that eventually added up the sum would have been spent on various circumstances/items if not used to bank on utility bills. No different than how I view cracking a $20 at a store, might as well kiss that $20 goodbye regardless of the spare change given back after purchase. With this thought process currently the overpayment represents the money I would have spent anyways but didn't. No interest is earned but peace of mind is given with knowing there's no worries about utility payments for awhile if shit were to hit the fan.