16 Bills You Should Take Off Autopay Right Now
To avoid missing payments, many people now use autopay. This is very convenient for payments that don’t fluctuate, such as your mortgage, rent, or car payments.
However, there are times when autopay can cause trouble. When your bills are out of sight and out of mind, you can easily miss important details or unnecessary recurring fees.
For example, you may get charged for subscriptions you hardly use, impacting your savings in the long run. So, check out these bills to take off autopay right now and consider what you will do with them.
1. Streaming Services
We often try services like Hulu and Netflix to see which is better. And these streaming services require autopay.
While this might not be an issue at first, you might forget to unsubscribe from the streaming services you don’t use anymore and incur recurring fees. This can lead to unnecessary spending, so it’s best to take these off autopay right now. Alternatively, check your statements regularly to make sure you don’t pay for any streaming services you don’t use.
2. Credit Cards
The next thing to avoid on autopay is your credit card bills. While it’s smart to pay your credit card dues on time, credit card bills fluctuate each month.
It’s wise to review your bill statement before paying. You’ll be able to spot mistakes or suspicious activities that could compromise your credit card and need to be disputed or canceled.
3. Utilities
Utility bills, like water and electricity, are things you might not want to pay on autopay. Power, gas, and water usage go up and down all year, so it wouldn’t be wise to pay it automatically.
Beyond that, you might miss signs of problems in your home, like the spike in your water bill. This may indicate a leak, while the increase in your electricity bill could indicate one of your appliances uses too much energy.
4. Phone Bills
Though it’s tempting to set your phone bill on autopay, you might have to reconsider, especially if you don’t have an unlimited plan.
Since phone bills vary each month, you could end up with a bigger bill than expected and incur an overdraft fee from your bank. Additionally, you might miss billing errors or a significant increase in your subscription.
5. Cable or Sattelite
Cable and satellite companies are known for their monthly price hikes. Sometimes, the additional cost may jump from $5 to $20, which really adds up over time.
Therefore, you might want to reconsider putting this bill on your autopay. You might feel annoyed to write a check, but it’s a good way to keep track of your spending and know when prices increase.
6. Car Insurance Premiums
Car insurance is typically paid once or twice a year, so it’s easy to forget these irregular bills or completely overlook them. If you pay (twice) yearly, avoid autopay for your car insurance to prevent overdraft fees if your account balance is regularly low.
7. Subscription Boxes
From delivery meal kits to beauty boxes, it’s easy to lose track of them. If you use autopay for these items, you might be able to better evaluate if you are getting your money’s worth.
A beauty box may cost around $10 to $25 monthly, a good deal if you use all the items. However, if there are unused items, the $100 to $300 yearly cost can be too high.
8. Internet
Like phone bills, internet bills tend to increase and reach a higher amount than you used to pay. Though checking your account each month can be a hassle, it helps you monitor its price.
That way, you can avoid overdraft fees or overpaying when the price increases. You can keep track of the amount to see if you can negotiate its price or shop for a new, more affordable provider.
9. Annual Subscriptions
You can save money by getting annual subscription services instead of monthly services. However, it’s very easy to forget about this, especially if you rarely use them.
For instance, if you have a Costco membership and only go there once in a blue moon, it may not be worth the price anymore. So, it’s best to put this one on autopay to avoid paying unnecessary bills.
10. Rent
Though it might seem convenient to have your rent on autopay, unforeseen financial changes can leave you short on money when rent is due. It can lead to overdrawing your account and getting hit with additional fees.
Using autopay for rent payments may also cause issues if there’s a dispute or adjustment in your rent. To make sure everything is correct and there are no issues, consider handling rent payments manually.
11. Medical Bills
Another item you should remove from autopay is your medical bills. They usually vary in amount and are very unpredictable.
To avoid potential issues such as overdraft payments or missed bills, review each medical bill carefully and pay it manually to avoid overpaying or catching billing errors.
12. Gym Membership
Gym memberships contribute to your overall health. However, when your life gets busy, you might find it hard to visit the gym as frequently.
In fact, according to USA Today, 67% of memberships are unused, which is a total waste of resources. With manual payments, you can easily evaluate whether you are maximizing your investment or need to cancel your membership.
13. Charity Donations
Supporting a charity is a good thing. However, putting this expenditure on autopay can lead to significant deductions, particularly if your financial situation changes.
That said, consider handling your charity donations manually to let you adjust the amount or the frequency of your gifts based on your latest financial status.
14. Timeshare Fees
Timeshare fees can be unexpectedly high because of variable maintenance costs, sudden special assessments for major repairs, extra exchange fees, and rising membership dues. These expenses may be higher than expected and influence your budget. Especially when these costs are set to autopsy and large amounts are deducted from your account.
To avoid straining your finances, remove this from your autopay. This will keep you informed about what’s happening with your money and allow you to examine whether this timeshare is worth paying for.
15. Loan Payments
Using autopay for loans is a good idea to avoid late payments. However, this is only ideal if you are paying fixed rates.
Your financial means might also change, so it’s important to make sure you have enough funds each month. Pay manually to track your loan progress and prevent unexpected hidden fees.
16. Online Marketplaces
Online marketplace memberships, like Amazon Prime, is another bill you should consider. Putting this on autopay could be a waste of resources if you don’t use it regularly.
Keep this off your autopay so you can monitor, adjust, or cancel your subscription as needed. This way, you get the most out of your money and avoid paying for what you don’t use.
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