Do You Pay Bills Ahead of Time or Wait Till The Last Minute Or Auto Withdrawal?

Lee

Lee

Senior Member
Location
Chatham, Ontario
Some like to hold on to their money till the very last minute but risk getting a late charge if the last minute falls on a holiday.

Does the late fee cancel out any savings....I think not.

I usually pay a few days before.

Do not care for automatic withdrawal.
 

Funny you should ask. I discussed this with my sister because she always pays bills late. I think it's her way of making people wait - it makes her feel "in control." She's that type of person. I find it rather foolish when she constantly has to pay late fees. And (even more foolish), she will pay her car registration late & pay much-bigger fees.
I asked a woman I was dating at the time why someone would do that. I was really surprised when she said she does it too.

I put all bills in ONE place & write the date they are to be sent on the front. They're stacked in order by date, so I know the one on top of the stack is the one that has to be mailed soon. The date is 6 days before the due date. Now, I mail them 8 days before the due date because mail is always late now; they're short staffed....(Coronastaffing). I've NEVER paid a late fee.
 
I used to pay them the day after they arrived.

A quick trip to the post office was an excuse for a little outing, stop at the store, etc...

Since I switched to automatic payment the bills are now paid from my checking account when they are due.

I resisted automatic bill payment for many years and now I really enjoy knowing that everything is being taken care of for me.
 
We have paperless statements and auto pay setup on everything, Just in case something is overlooked.
BUT....
When I get the statement, I'll send in a payment then... and always pay at least 10% of the balance due...
We have 3 accounts that our minimum payment is always $0.... guessing there missing the interest...
We also have a second account setup for bill paying and Online shopping... with just enough money in there to cover stuff.
 
I pay my regular bills by direct debit and standing order... any occasional bills, I pay at least a week before the due date sometimes . I'm very jittery about owing money, but I know its pound foolish to pay them too early and allow the companies to take what interest I may have accrued , but I like to get them paid , and anyway there's hardly any interest to be had these days in personal accounts. My dread would be to have bad credit due to missed payments
 
About the only bills we get are the monthly utility bill....electric/TV/phone/internet bundle....a minor credit card bill, and the annual home/auto insurance bills. We pay them, via a check, within a couple of days of their arrival. Our health/vision/dental insurance is all autopay/auto reimbursement, as that would be a nuisance requiring several entries a month.
 
Aunt Bea said:
I used to pay them the day after they arrived.

A quick trip to the post office was an excuse for a little outing, stop at the store, etc...

Since I switched to automatic payment the bills are now paid from my checking account when they are due.

I resisted automatic bill payment for many years and now I really enjoy knowing that everything is being taken care of for me.
Click to expand...
I am resisting automatic bill pay. I want to give it a try.. however, not ready to let go of being in control of paying bills.
 
I pay some bills I pay early.. such as my vehicle, about 2 weeks early. Others, it depends. The only bill I have automatic pay is my auto insurance. I may switch to automatic bill pay. Maybe one bill at a time :ROFLMAO:
 
Ladybj said:
I pay some bills I pay early.. such as my vehicle, about 2 weeks early. Others, it depends. The only bill I have automatic pay is my auto insurance. I may switch to automatic bill pay. Maybe one bill at a time :ROFLMAO:
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Once completely converted you will wonder why you hesitated for so long. You can always contest the amount and get money returned if the amount was in error.
 
Ladybj said:
I am resisting automatic bill pay. I want to give it a try.. however, not ready to let go of being in control of paying bills.
Click to expand...
I'm still in total control of paying my bills.

Most of the companies send a steady stream of emails telling what the payment is when it will be taken and finally when it has actually been processed.

The automatic payment feature can be changed or disabled at any time.

If you want to stick a toe in the water start with an item that won't impact your credit reports like the utilities or internet service. Set it up and watch it to be sure that you've done it correctly. After a couple of months set up another until eventually all of the routine bills are automated.
 
I've always paid all bills as soon as I receive them in my email. For companies that accept CC payments, I use the card that gives the highest cashback ( for cellphone and internet, I pay with Chase Ink that gives 5% cb; the rest I pay with 2%cb card). I don't do auto pay so I can check if I'm billed correctly.

Been doing this for years, never received disconnection notice or penalties to restore service.
 

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