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.
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.
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)
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.
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.
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.
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!
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.