Rossen Reports: These are the bills you should and shouldn’t put on autopay
Yeah, auto pay can simplify your finances. No question about that, making it easier for you to pay bills and avoid late penalties. But finance experts say there are some things that should never be set to auto pay. So I want to go through the dos and don't with you first do set up auto pay for fixed rate bills. That means the bills that have amounts that don't change drastically month to month. Things like your phone, your internet, even your rent, set those up, don't worry about them, but don't set your utility bills on auto pay, heat and water bills can clue you into how much you're really using. For example, if you have *** really high water bill one month that may tell you you have *** leak somewhere that's costing you *** lot of money. If you have it on auto pay, you're sort of in cruise control and you're not paying attention to it. So those are safer to pay manually, month to month. So you can keep *** very close eye on it and it's in the front of your mind. You set car payments and car insurance on auto pay in fact, some companies and lenders will actually give you *** small discount if you do that, but don't set your credit card bill on auto pay. Here's the reason for that. If you don't review your credit card statement monthly, you could miss and pay for. Hey, I didn't, that's an incorrect or fraudulent charge. Once you've paid for *** charge, it's much harder to dispute. It do set up auto pay if you're missing payment deadline. Some of us have trouble keeping track of all the payment due date. So if you're struggling set up auto pay to avoid late fees, but don't forget any and everything you set up on auto pay should be reviewed from time to time to make sure you're still paying the right amounts and the level set yourself on your budget. Plus you could be paying for subscriptions and services you no longer use. So review them monthly anyway. I hope this helps back to you.
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Rossen Reports: These are the bills you should and shouldn’t put on autopay
Chief National Consumer Correspondent
Setting up autopay is a huge time-saver and can help you avoid late fees but there are some payments that shouldn’t be automatic because they can do more harm than good to your finances. Financial experts say these are the dos and don’ts of autopay.Do: Set up autopay for fixed-rate bills. This means bills that have amounts that don't change drastically month-to-month. Things like your phone, internet, even your rent. You can set those up on autopay and not worry about them as much.Don't: Set your utility bills on autopay. Heat and water bills can clue you into how much you’re really using. For example, if you have a higher water bill, that might indicate that you have a leak somewhere that’s costing you a lot of money. These bills are safer to pay manually month-to-month.Do: Set car payments and car insurance on autopay. Some companies and lenders will give you a small discount if you do.Don't: Set your credit card bill on autopay. If you don't review your credit card statement monthly, you could miss and pay for incorrect or fraudulent charges. Once you've paid for a charge, it can be harder to dispute it.Do: Set up autopay if you’re missing payment deadlines. Some of us have trouble keeping track of all the payment due dates. If you’re struggling, set up autopay to avoid late fees.Don't: Anything and everything you set up on autopay, should be reviewed from time to time to make sure you’re still paying the right amount. Plus, you could be paying for subscriptions and services you no longer use. So review them monthly anyway.
Setting up autopay is a huge time-saver and can help you avoid late fees but there are some payments that shouldn’t be automatic because they can do more harm than good to your finances. Financial experts say these are the dos and don’ts of autopay.
Do: Set up autopay for fixed-rate bills. This means bills that have amounts that don't change drastically month-to-month. Things like your phone, internet, even your rent. You can set those up on autopay and not worry about them as much.
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Don't: Set your utility bills on autopay. Heat and water bills can clue you into how much you’re really using. For example, if you have a higher water bill, that might indicate that you have a leak somewhere that’s costing you a lot of money. These bills are safer to pay manually month-to-month.
Rossen Reports: Your water bill is sky high, here’s what to do
Do: Set car payments and car insurance on autopay. Some companies and lenders will give you a small discount if you do.
Don't: Set your credit card bill on autopay. If you don't review your credit card statement monthly, you could miss and pay for incorrect or fraudulent charges. Once you've paid for a charge, it can be harder to dispute it.
Do: Set up autopay if you’re missing payment deadlines. Some of us have trouble keeping track of all the payment due dates. If you’re struggling, set up autopay to avoid late fees.
Don't: Anything and everything you set up on autopay, should be reviewed from time to time to make sure you’re still paying the right amount. Plus, you could be paying for subscriptions and services you no longer use. So review them monthly anyway.
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