Automated Payments

iVillage Member
Registered: 01-23-2007
Automated Payments
8
Sun, 01-24-2010 - 3:35pm

I just set up two of our CC accounts with automated payments. I figured out what I had to pay each month in order to pay them off before their low APR rate ran out. I feel really good about that. This is what I already have set up for the mortgage, insurance, and car pmt. and I really like it. It makes those payments non-negotiable and they're never late.

Anyone else doing this?

Dee



Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
In reply to: dmh66
Sun, 01-24-2010 - 4:55pm

I don't know that I would if I could. We're in the hole each month, though, so it would likely backfire. I will say, however, that I SO obsessively check account information that I'd likely drive myself nuts making sure they went through. My bank has such fantastic free bill pay that I actually enjoy using it and I'm not in any hurry to let anyone do anything automatically - we simply don't have the flex if they screw it up on either end. =c\ LOL.

However, kudos to you! The only good system is the one that works for you and it sounds like you've found one you feel good about. Can't beat that!

Photobucket









FLINGING DEBT:
Sarah
iVillage Member
Registered: 12-23-2008
In reply to: dmh66
Sun, 01-24-2010 - 6:09pm

I only do auto pay because on my car insurance if you have them take it out directly it's a discount. But that is the only card I will allow to do that. In my dreams...but I fear they will take more - they won't take it as planned - or heaven forbid it gets paid off and I forget to cancel -- although doubtful I would ever OVER PAY on a bill.

I am a fruit like that -
I like to pay - I like the control I "think" I have over the card --- maybe if I thought auto pay made me even more controlling I may convert. But, for now it's on my terms - the money leaves my hot little hands when I say so !!! LOL

But - your low APR Idea is a good one --- I dream of low APR's too but that is a whole other post LOL !!!!

XoXo Shannon

YTD Flake $171.20

XoXo Shannon 2010 YTD Flake $349.94 2010 YTD Flake to Savings $193.33
iVillage Member
Registered: 10-01-2008
In reply to: dmh66
Mon, 01-25-2010 - 9:58am

I have all my monthly 'Household' bills automatically deducted, ie, electric, phone, cell phone, life ins., car ins., xm radio.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 04-10-2003
In reply to: dmh66
Mon, 01-25-2010 - 10:08am

I'm all over the map.


Mortgage, Car and Home insurance, hydro and property taxes are autopay from my chequing account.


Cable/Net/Phone, Cell phone, ADT and Charity are autopay on my CC (I get 2% cashback and then I only have to worry about one payment).


Gas and water I pay myself because they change each month and I need to keep an eye on how much they are!


Wow my bank system is complicated!


BUT I will say that when I was paying off my CC, I had an autopay set up each paycheck to take out a certain amount so I could be sure at least the minimums were being paid. It really helped!


Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

iVillage Member
Registered: 02-04-2004
In reply to: dmh66
Mon, 01-25-2010 - 10:31am

YES! I only do autopay with things like cable, phone, cell phone, Tivo, utilities, alarm system.

Then I have monthly Bill Payment things, but I can only do that with things that are the same every month. Dance classes for the girls, terminex, orthodontist, mortgage (I like to do that with mortgage so I can control it). Then I set up monthly payments for credit cards, but have to keep an eye on that. If my bill were to get too high then my payment might not be big enough.

Then our medical stuff I use bill pay, but not recurring because those vary too much. So, for me there are 3 ways to pay bills. Auto pay where the company takes it out, bill pay (recurring) and bill pay individual payments.

It does help to use online payments because one wont be forgotten!

Kathryn

Photobucket
Photobucket
iVillage Member
Registered: 08-08-2005
In reply to: dmh66
Mon, 01-25-2010 - 10:38am
We have our mortgage payment set up that way, which I love! They take 1/2 a mortgage payment every payday. It means we never have to come up with the whole payment at once, we are always paid a month ahead so if things got really bad we have a small window, plus it makes one extra payment per year directly to our principal balance and that takes years off the mortgage! Oh, and did I mention we got a small rate deduction for doing this. No wonder I love the accelerated home ownership program so much! Also, we do our insurances this way. Of course health insurance is out of dh's paycheck, but our auto, homeowners and life insurance is direct debit from our checking account.

Angel

Wife to Wayne, Mommy to Tyler (15), Nickolas (3) and Noah (1)

iVillage Member
Registered: 08-04-2008
In reply to: dmh66
Mon, 01-25-2010 - 11:35am

The only thing I auto pay is $25 to my eFund two times a month.




iVillage Member
Registered: 01-20-2010
In reply to: dmh66
Mon, 01-25-2010 - 5:46pm

i am weary about giving places access to my checking acct, so the only ones that get that are car insurance and fed. student loans because they give a discount for setting it up that way. i have automatic payments set up for items that don't change from month to month (car, utilities) but these are scheduled with my banks online bill-pay and not directly debited by those companies. the rest i manually pay with online bill-pay through my bank.

andi