We all want to be more efficient when it comes to our finances, and maybe that’s why most of us have a tendency to opt for automatic bill payments. However…should we pay our bills automatically? While indeed it is a surefire way to pay the bills on time, setting up automatic payments doesn’t work for everyone. At least that’s what most financial pros say.
In fact, they are actually referring to certain bills. Autopay is a great way to prevent your payments from fluctuation, especially when considering car and mortgage payments, but the following bills shouldn’t be put on autopay.
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I would add insurance bills: I had been automatically renewed each year, then one year they didn’t renew me and I didn’t know till I called for a tow truck. I remember I had planned to call them to ask them to send a new card but unexpected life events can get you distracted. Thankfully, I didn’t find out by having an accident. Unfortunately, they charge you more when you’ve had a lapse, even if it’s partially their fault.
Be aware of flat rate cell phone services. The plan I’m on is a no contract monthly plan but hidden in the fine print is the fact that a month consists of 30 days. The bill payment does not pay out on the same date every month when there is 31 days in a month.