Comments on: The Pros and Cons of Automatic Bill Payment

By: Money Infant

Money Infant — Tue, 14 Feb 2012 01:47:56 +0000

Sounds like you have the same type of control issues I have I understand completely about the satisfaction factor.

By: Aloysa @ My Broken Coin

Aloysa @ My Broken Coin — Tue, 14 Feb 2012 01:46:05 +0000

The only automatic payment that I have set up is our mortgage payment. I do not like automatic payments. Somehow, I don’t feel in control if a payment is automatic. If I do it manually, I get a certain satisfaction from it.

By: Money Infant

Money Infant — Tue, 14 Feb 2012 00:47:29 +0000

Yeah that’s how to use an automatic bill payment system! I assume you get cash back or points on the credit card you are using for the bill payments?

By: Money Infant

Money Infant — Tue, 14 Feb 2012 00:46:08 +0000

Well…I scrutinize and pay manually. Control issues I know I know, but I agree that the pros outweigh the cons in regard to automatic bill payment.

By: Money Infant

Money Infant — Tue, 14 Feb 2012 00:44:16 +0000

The mortgage is another good one to pay manually every month for the very reason you stated

By: Money Infant

Money Infant — Tue, 14 Feb 2012 00:43:37 +0000

I like your system Nick. If you auto pay the electric do you also have them average it? That one always worried me in the winter because a really bad cold snap could really make it skyrocket.

By: MultiMillionaireRoad

MultiMillionaireRoad — Mon, 13 Feb 2012 21:09:51 +0000

I also use automated billing. I like to pay automatically by credit card and even pay my credit card automatically. I keep an extremely up to date list of all my income and outgoings that I fill in on a spreadsheet every few weeks, at which time I also check my online accounts to see if the banks numbers add up to my own checks.

By: retirebyforty

retirebyforty — Mon, 13 Feb 2012 21:03:38 +0000

I use auto bill pay for things like HOA fee, internet connection, and other bills. I pay the mortgage every month because I can add extra payment if I have money left over.

By: Nick

Nick — Mon, 13 Feb 2012 17:48:12 +0000

I err on the side of automating bill payments. I’m generally pretty good at noticing errors and definitely keep a good buffer in my accounts. I’m sure there are little leaks that happen but I like knowing that I’m current with everyone by default, just in case I screw up and have brain freeze one month. I don’t auto-pay credit cards though. I pay those online multiple times per month so my balance doesn’t build up to a significant credit utilization ratio (even if I didn’t it wouldn’t be that high a percentage, but I just like seeing cc bills for $0 or even credit balances when they come in).

By: SB @ One Cent at a Time

SB @ One Cent at a Time — Mon, 13 Feb 2012 16:55:33 +0000

As long as you don’t stop scrutinizing statements, automating bill pay is all pros to me.