Autopay is the sure-fire way to pay any bill on time to minimize the risk of late fees or forgetting the due date. If you don’t want to forget payments and face the penalty of late fees, you can set your bank account to pay your bills automatically.
However, setting up an automatic payment deal doesn’t work for every expense. It can only be ideal for your car or mortgage expenses because these payments don’t fluctuate every month. You should keep track of what you’re paying for.
A study revealed that an average American spends about $237 per month on autopay subscriptions, and a number of them underestimate what they think they owe.
Therefore, before you decide to place all your expenses on autopay, there are certain bills you should keep a closer eye on. You shouldn’t include these bills in your autopay.
It’s safer not to set utility bills on autopay. Your gas, water, and electricity do fluctuate every month. You can sign in to your account every month, which grants you access to review statements before making payments. As a result, any unusual price accumulation will easily be noticed.
For example, you could notice an unprecedented increase when it comes to your water bill, and that could be associated with a leaky spout or running toilet. This will enable you to repair the loopholes so they won’t constitute your bill. Monitoring your bills will also help you cut some habits that are likely to retain more energy than usual.