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Paying monthly bills?
Posted on 7/10/09 at 9:12 pm
Posted on 7/10/09 at 9:12 pm
What is the best way to pay bills. Drafted from checking or running everything through something like american express for monthly points. Experiences/opinions??????????????
2
Posted on 7/10/09 at 9:40 pm to cecelia
paying by credit card is a dangerous strategy
Write checks, pay online, draft from your checking
Write checks, pay online, draft from your checking
Posted on 7/10/09 at 10:25 pm to 756
quote:
paying by credit card is a dangerous strategy
False. Failing to plan all your expenses to you can pay your balance every month is a dangerous strategy. Not the same thing.
Posted on 7/10/09 at 11:18 pm to foshizzle
Don't do a draft unless you're pretty well off. I allot money into different categories, including bills and keep track of expenditures on a spreadsheet. I can only spend x amount of money in each category (bills, food/life, luxaries, savings, etc) This way I have money for bills set aside each paycheck (amongst many other things)
Some bills you can pay online without paying a credit card fee. The ones with credit card fees, write a check and mail it in the old fashioned way.
Some bills you can pay online without paying a credit card fee. The ones with credit card fees, write a check and mail it in the old fashioned way.
This post was edited on 7/10/09 at 11:20 pm
Posted on 7/11/09 at 7:40 am to foshizzle
your point is well taken-but the vast majority of people would not have the discipline to pay off their credit cards monthly. The upside to credit cards for billing paying is too risky to the downside- just my opinion
Posted on 7/11/09 at 9:38 am to 756
quote:
your point is well taken-but the vast majority of people would not have the discipline to pay off their credit cards monthly. The upside to credit cards for billing paying is too risky to the downside- just my opinion
The best way is to use credit cards to get points. You can easily estimate your monthly expenses, so set up automated, bi-monthly payments to your credit card company. That was you get used to paying the cc people early and often AND you don't run the risk of missing a payment.
Posted on 7/11/09 at 11:55 am to 756
quote:
the vast majority of people would not have the discipline to pay off their credit cards monthly
I wouldn't say the vast majority, although obviously a lot of people have problems with this. But it isn't enough to say nobody should ever do this either.
For example, plenty of people don't have enough cash on hand to meet more than one or two mortgage payments if they lose their job. This doesn't mean they should never have bought the house though. If there's significant equity, they can arrange for a home equity loan to tide them over for short periods without having to incur the large expense of selling a house.
Learning how to handle credit well is a very useful skill, I'd hate to tell someone he should never borrow unless he had a demonstrated problem with credit.
Posted on 7/11/09 at 9:01 pm to foshizzle
quote:I'm curious. Could somebody without a job but with a decent amount of equity still get a home equity loan?
For example, plenty of people don't have enough cash on hand to meet more than one or two mortgage payments if they lose their job. This doesn't mean they should never have bought the house though. If there's significant equity, they can arrange for a home equity loan to tide them over for short periods without having to incur the large expense of selling a house.
Posted on 7/12/09 at 5:11 pm to cecelia
I personally try to have as many as I can bank drafted....I just don't have the time or the inclination to deal with a pile of bills (or e-bills) every month...always end up rushing to get some in befor the late fees hit, and that is just some stress that I don't want to deal with...
I tried flushing them all through a credit card which did in fact earn me a good amount of miles...trouble is, the credit card didn't allow me to pay the monthly bill by bank draft so I always ran the risk of baing one day late on the bill and racking up some exhorbetent fees, etc....again, just not worth the hassle to have to stress over getting the payment in on time...
there are a lot more productive things to stress over than mailing bills on time...
I tried flushing them all through a credit card which did in fact earn me a good amount of miles...trouble is, the credit card didn't allow me to pay the monthly bill by bank draft so I always ran the risk of baing one day late on the bill and racking up some exhorbetent fees, etc....again, just not worth the hassle to have to stress over getting the payment in on time...
there are a lot more productive things to stress over than mailing bills on time...
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