If you are a fan of scheduling bill payments using autopay you need to keep reading. While it’s convenient to set it and forget it, not all bills should be paid automatically. Reason being, you may lose track of money being taken out of your account each month. Our CEO, Mark Henry, spoke with NBC10 on the subject and suggested using autopay for set payments like with your cellphone or cable bill. Yet when it comes making student loan and credit card payments, those you should pay by hand.
Paying specific debts by hand will allow you to pay more than the minimum each month. Electric, water, and other bills that fluctuate each month shouldn’t be scheduled automatically either. Tracking water and electric usage is a smart thing to do whether you rent or own. Membership dues should only be schedule using autopay if you go to the gym or golf club regularly. If you don’t, pay your dues by hand each month so you can remain aware of the money you are wasting on something you don’t need.
Many people often waste money on entertainment apps because having entertainment on demand is fun. Yet the fees for apps like Netflix and MAX can add up when you’re not paying attention. Decide which two or three apps are your favorite and then schedule those payments using autopay. Delete the apps you don’t use regularly. The same is true for yearly subscriptions like Amazon or Instacart. If you don’t use them, lose them!
If you get a paper every day but rarely read it, cancel the daily and get the weekend paper. Even better, pay for the online subscription and save a tree or two while supporting local journalists. Bottom line, unless you don’t mind wasting money, not all bills should be paid automatically.