We're glad you're interested in signing up for AutoPay. Once you are enrolled, the City of Phoenix will withdraw your monthly City Services payment directly from your checking or savings account. With AutoPay, your bills are paid automatically from your bank account – on time. This article originally appeared on GOBankingRates.Never worry about missing a payment again. What's Your Favorite Local Small Business? Tell Us About It Get Top Travel Tips To Help You Save Moreģ Things You Must Do When Your Savings Reach $50,000 Houses in These Cities Are Suddenly Bargains This is also true for monthly subscription boxes or personal styling services. “Autopay may lead to unintended renewals if you no longer need the service.” “Annual subscriptions occur infrequently, and it can be easy to forget when they are due,” Latham said.
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“Autopay could lead to overdraft fees if you don’t have sufficient funds in your account to cover the full balance,” he said. Latham said that credit card balances can vary significantly from month to month and putting them on autopay might not be the right move depending on your finances. “I recommend putting one basic streaming service you always use on autopay and paying for any additional platforms manually to avoid paying for services you don’t use.” Credit Cards “However, setting and forgetting the payment of these services can be dangerous to your budget as the cost of these services adds up quickly,” cautioned Latham. Latham said that subscription-based services, like Netflix or Spotify, usually have fixed monthly fees and using autopay can simplify the payment process and ensure uninterrupted access. Meade pointed out that she receives a discount for putting her car insurance on autopay, which is an added bonus. Kendall Meade, CFP at SoFi, said if you put fluctuating bills, such as water and electric, on autopay, you might not have the chance to verify the bill is correct before paying, which could result in an overpayment.
“While the amounts may vary, autopay can help ensure you don’t miss payments and face service interruptions.” “Utility bills, such as electricity, water and gas are recurring monthly expenses,” Latham said. Having a large payment presented to your bank account when there’s not enough money to cover it could result in the payment being rejected by your bank or the bank assessing an overdraft fee. Take Our Poll: Who Has Given You the Best Money Advice You Have Ever Received?Ī drawback for putting your mortgage or rent on autopay would be if the due date falls before your next paycheck when you’re running low on funds. “Autopay ensures timely payments and helps avoid late fees or penalties.” “Mortgage and rent are fixed, recurring monthly expenses that are essential to maintain a stable living situation,” said Latham. Latham said the key is to evaluate the pros and cons based on your unique financial situation and personal preferences before deciding which bills to put on autopay. However, cons, such as insufficient funds, reduced flexibility, limited control and potential errors should also be considered.” “Pros include timely payments, convenience, easier budgeting and potential interest savings. “Autopay offers both advantages and disadvantages when it comes to managing your expenses,” said Andrew Latham, certified financial planner and director of content for Supermoney.
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See: 5 Brand-New Items at Dollar Tree That Cost Way More at Targetįind Out: How To Build Your Savings From Scratch But which bills should you choose to automatically deduct payments from your bank account? Manually paying bills can be a drag, which might prompt you to try autopay.
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