It’s absolutely true that setting and paying your bills on autopay may save you from late fees and add more security to your money, hence, reducing the usage of paper bills.
It might be convenient and hassle-free to put your bills on autopay, there are, however, bills that you must not streamline. Below, we have compiled 6 bills that must not be defaulted on autopay.
What is Autopay?
From the word itself, autopay is an online slash automated payment method allowing companies to deduct your amount due from your bank account or credit card on set schedules to pay your bills or expenses.
6 Bills that Should Not be Put on Autopay
1. Annual Subscriptions
Subscriptions to annual magazines or monthly streaming service subscriptions such as Netflix or Hulu must not be put on autopay as you may forget that they are still active and continue paying regularly even though you don’t use, want, or need them anymore.
2. Utility Bills
Utility bills must also not be default to autopay. You should consider the fact that your total bills may change each month as usage and rates have the tendency to fluctuate especially during summer when air conditioning may hike up your electricity bill drastically.
3. Broadband and Internet
Broadband and internet bills are already set at a certain amount, thus, it’s safe to put on autopay, however, there are instances that broadband pricing may spike because some may not be regulated by the government, as such companies opt for a price increase, so it’s not a loss if you proceed with caution.
4. Credit Card Bills
Another bill to not put on autopay is credit card bills as there will be instances that you want to cover at least the minimum amount due and you may have or may not have enough money to suffice for the payment each month.
5. Auto-Insurance Premiums
Next on the list to not put on autopay is auto-insurance premiums. This bill may be due once or twice a year which may be too much to pay if on lump sum. If it happens that the payment hits your bank account when it’s low you may accrue unnecessary penalty fees or charges.
6. Memberships
Last but definitely not the least to put on autopay are memberships. Be it gym membership, or zoo membership, any memberships should not be put on autopay as many memberships come with auto-renewal and the next thing you knew, you are signed up for another year even though you don’t need it or have no plan on using it.
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It’s definitely not a bad idea to put some bills on autopay to avoid inconvenience, however, make sure that you choose bills that do not change in amounts as time progresses.