How do you pay your bills?

We are currently living paycheck to paycheck and am too scared to set the bills on auto-pay, so the 1st and the 15th I will go through what is due before the next check and pay it online all in one day. 

Does anyone do the autopay and have it debit each due date? Or autopay all on the same day? Looking to see how the majority of people do bills, especially credit cards if you have them.     

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  • So what you are saying is you pay your bills earlier than you have to because you are afraid of them coming out automatically a week or two later?

    Like
      • Stacy C
      • nursepower
      • 1 yr ago
      • Reported - view

      nolesrule Basically, I just prefer to pay them all in the same day, even if they aren't due for like 7 days. 

      I'm not sure if that's the best way or if I should just set them all on Minimum pay autopay while I attack the smallest. Does that make any sense?

      Like
  • If it let's me pick a date, I go for autopay 3 days before the due date. Otherwise autopay on due date if it won't let me pick the date. Statement balance only because they don't get paid until they present me with a proper invoice. Though it does slightly drive me nuts to see the single $5.99 charge on one of my cards and I have to fight the urge to pay it early. It's my oldest card (1999 or 2000) with the lowest interest rate (9.99%) so I like to keep it active but it has no other benefits so it's only my monthly Hulu subscription.

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  • I'm just wondering if it would be better to set auto pay for minimum balance on the due dates on all bills except for the one currently being snowballed. 

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  • I do autopay for everything I can now, and automatic bill pay from my bank for nearly everything else. It took me awhile to get to that point though. I can't recall exactly how I got comfortable with the switch originally, but right now if I was going to switch I would schedule each bill as I became certain I had the money categorized. So if I always fill my utilities & other important bills categories, but how much I sent to credit cards varied, I might autopay the bills but manually do the cards, or set up an autopay for the minimum on the cards & manually pay additional.

    I think one thing that helped was figuring out what the most that would go out in a pay period was, and once I consistently had more than that in my checking account I was more comfortable scheduling autopay. For awhile I had pretty much all my money in checking for that extra cushion (I still do, but now it is for rewards)

    Like 4
      • YNAB_puppup
      • Steel_Blue_Sloth.4
      • 1 yr ago
      • Reported - view

      adriana01 I just set myself up on autopay too. How do you budget an amount when the "amount due" fluctuates.?

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      • adriana01
      • adriana01
      • 1 yr ago
      • 1
      • Reported - view

      YNAB_puppup For most things I know the range it fluctuates in, and budget for the top amount & either sweep that amount into another category at the end of the month or only budget enough to refill. Utilities that can vary through the year I budget the average (or more if I need it to grow faster). If I'm not certain I would go with my best guess, make sure there is a little more for padding, and adjust each month until it is closer to the range.

      Like 1
      • jenmas
      • jenmas
      • 1 yr ago
      • 1
      • Reported - view

      YNAB_puppup - I budget $X amount to my Electricity category every month. I have a scheduled transaction of $0 to act as a reminder. Once the bill comes (several weeks before it is due), I update the scheduled transaction. If there is extra in the Electricity category, I move the extra to a higher priority category.

      Like 1
      • YNAB_puppup
      • Steel_Blue_Sloth.4
      • 1 yr ago
      • Reported - view

      jenmas  Things like the house/ utilities/ cable/internet is all paid by my boy friend. I pay him by direct deposit for those things. But, I have my credit cards i put on Auto Pay. Most of them anyway. 

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      • YNAB_puppup
      • Steel_Blue_Sloth.4
      • 1 yr ago
      • 1
      • Reported - view

      adriana01 okay, that makes sense. I think i was being scared. I don't have a good track record. But, i am determine to make this work.

      Thank you for your help

      Like 1
  • I just purchased YNAB as my 34 day trial ended, so I'm still new. But I had no balance on CC and have moved those to auto-pay because YNAB tracks that perfectly to ensure we have the funds.

    I am not yet comfortable to move any other bills. But I'm already mostly funded for April with another paycheck yet in March, so I may get there sooner than I think. We will see what happens.

    Like 2
    • QC
    • HaplessFinanceProfessional
    • Queenofcoin
    • 1 yr ago
    • 1
    • Reported - view

    It wasn't until I'd been on YNAB for six months+ that I felt confident enough in

    a) my ability to have the funds available when needed

    b) my ability to know when the funds would be debited (so I could arrange a transfer in time)

    before I changed to autopay.  Prior to that I was just paying on the due date.  I prefer to keep my money in my account earning a tiny bit of interest than to pay bills early.

    Like 1
      • YNAB_puppup
      • Steel_Blue_Sloth.4
      • 1 yr ago
      • Reported - view

      QC  I just set up 8 Auto pays. Two of them, the min is over $200 There is no way i can plan for those. My car alone is $540 a month. As you can see, i have alot of hurdles. Made some bad choices and now im back peddling to save myself from a second bankruptcy.  Is this TMI?  
      Thank you for your help 

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      • jenmas
      • jenmas
      • 1 yr ago
      • Reported - view

      YNAB_puppup what do you mean you can't plan for them? Your car loan is going to be $540/month no matter what so what is there to plan for? Are you saying you aren't sure you can pay on the due date?

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      • YNAB_puppup
      • Steel_Blue_Sloth.4
      • 1 yr ago
      • Reported - view

      jenmas I’m talking about my cc, those seem to change ever month.  

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      • jenmas
      • jenmas
      • 1 yr ago
      • Reported - view

      YNAB_puppup Ah. See I'm not paying off any credit card debt. Since all my credit card purchases are already budgeted, there is no need to budget for my credit card payment - I just have to update the details in the scheduled transaction to reflect the transfer that will happen.

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  • The only autopay I currently use is my student loan required payment.

    For everything else I typically pay them when I get the paycheck before the bills are due.

    When paying the credit cards I pay the statement balance.

    Part of this is because I don't have a good enough build up of funds in my checking account yet to autopay things.  Most of my pay goes directly into my savings account to gain a little interest until I transfer what I need to checking to pay the bills.  Maybe once I get the student and car loans paid off I'll start building up enough in my checking account to let me autopay without having to do the transfer from savings to checking thing once or twice a month.

    Like
      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 1 yr ago
      • Reported - view

      TechieM2 

      TechieM2 said:
      Most of my pay goes directly into my savings account to gain a little interest until I transfer what I need to checking to pay the bills.

      Have you calculated the actual amount of extra interest you are earning on temporarily putting the money in the savings account rather than just keeping it in checking? How much are you transferring back to checking on average each month? How long is it sitting in the savings account each month? What's the interest rate spread?

      $1000/month in the savings account for half a month with a 2% interest spread is $10/year (before taxes).

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      • TechieM2
      • IT Professional and General Geek
      • techiem2
      • 1 yr ago
      • Reported - view

      nolesrule Not really.  When I setup my direct deposits I basically have it put enough into my checking to cover my student loan payment and investment auto withdrawals and then put everything else into savings.  Sometimes it's there for a couple days, sometimes a couple weeks.   On average I'd say @$1000-$1500  goes back out per month - some direct to my credit card that I can pay directly from the account, the rest to checking for the other cards.  Checking account is 0.21% and Savings account is 1.00%

      Like
      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 1 yr ago
      • 6
      • Reported - view

      TechieM2 $1500/month for half a month at a spread of 0.79% is going to net you an extra 49 cents per month.

      You also need to be careful in that with a savings account you are limited by Federal law to 6 withdrawals and outgoing transfers per month.

      I find it's better to just dump everything in checking, pay everything from checking, and then move money you don't need in checking to the savings account.

      Like 6
      • bevocat
      • Sometimes, It Just Sucks to Be You
      • bevocat
      • 1 yr ago
      • 1
      • Reported - view

      nolesrule Truth. I got hammered with $200 in fees when I opened a ton of CDs and instead of making one huge transfer from my savings to my checking to fund the CDs from, I funded them directly from savings heedlessly. I got it all back, but needless to say I am way more careful about transfers to and from savings now!

      Like 1
      • TechieM2
      • IT Professional and General Geek
      • techiem2
      • 1 yr ago
      • Reported - view

      nolesrule hmmm I'll have to consider that..it would make things a bit simpler overall...I wouldn't have to be doing the calculations of how much to move from savings to checking..I might get a little less interest for a bit, but right now the focus is more on finishing the loans than increasing passive income.

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      • bevocat
      • Sometimes, It Just Sucks to Be You
      • bevocat
      • 1 yr ago
      • Reported - view

      TechieM2 Time for a new savings account! Plenty of online savings is paying in the range of 2.2-2.3%!

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      • TechieM2
      • IT Professional and General Geek
      • techiem2
      • 1 yr ago
      • Reported - view

      bevocat 1% was pretty good when I got this one.   I haven't really looked around since.

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      • TechieM2
      • IT Professional and General Geek
      • techiem2
      • 1 yr ago
      • 1
      • Reported - view

      bevocat And a quick look is showing some well known banks with 2.25% and no fees/minimum balance...might be time to start rearranging accounts..again..

      Like 1
    • TechieM2 you should check your local credit unions many offer interest checking. Mine pays 2% but I've heard of some paying as much as 5% if ur lucky enough.

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      • TechieM2
      • IT Professional and General Geek
      • techiem2
      • 1 yr ago
      • Reported - view

      Slate Blue Sander I have an account at our local CU.  It's better than the local bank (not hard), but still less than my current primary savings account.  I basically put a a tiny amount into that account every pay just to keep it active and slowly growing as sort of an emergency fund (basically the same reason I keep the local bank account open as well and just sitting at the minimum account balance + whatever interest it gets).

      Like
  • I have my bills set to autopay according to each website. When I get the email that my statement is ready, I check that the amount is correct and that I have budgeted enough for that month. I typically get the email on the 1st and the withdrawal occurs on the 15th. 

    I budget a set amount for each month that is usually well over the cost for things that fluctuate (ie water, electric). I base that amount off my highest bill in the last year. Anything leftover I use for other categories or my emergency fund!

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  • I have everything set on autopay unless  there is no autopay option that I am comfortable with. For example, a payment that would auto draft too quickly after the bill was issued leaving me little time to review it, or a credit card that doesn't take account credits into account that come between the statement date and the autopay date.

    Like 1
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