(Closed) Do you pay bills the day you receive them or the day they are due?

posted 4 years ago in Finances
  • poll: Pay bills when they are received or when they are due?
    Open a bill and pay it immediately : (54 votes)
    31 %
    Open a bill and immediately set up an online payment for sometime in the future : (54 votes)
    31 %
    Open a bill and make a reminder to deal with it closer to the due date : (64 votes)
    37 %
  • Post # 61
    Member
    173 posts
    Blushing bee

    Really depends on what day I get it. If my budget is done and I have the money – pay it. If I still have to do my budget or factor in variable bills, I set up a future payment. Only bills that stay the same every month (rent, insurances etc) pay when due. 

    Post # 62
    Member
    9821 posts
    Buzzing Beekeeper
    • Wedding: September 2013

    My mortgage is due on the 1st so I just pay all of my bills on the first.  Most of them are due within 1-3 weeks after that but they’ve all been sent to me for payment by then.  Our water/trash bill doesn’t come in until the very end of the month so that’s the last one I get.  I would consider auto pay but I like to monitor my bills (we also have a small business so I have to download bills anyway and track expenses on my spreadhseet) and I know I wouldn’t pay attention if they were auto-pay.  I just do things all at once.  I do a few other things on auto pay (like insurance payments or if I used a store cc) but not my utilities. I pay my main cc bill the day it is due or day before.  I charge everything possible to my cc for the month so I want to pay off the month’s spending before it actually hits so I like to do this as close to the due date as possible since I’m using it so often.  No auto pay on my main cc since I want/need to review all charges.

    Post # 63
    Member
    969 posts
    Busy bee

    None of your poll options apply to me, so I couldn’t vote.

    My husband gets paid at the end of every month, and since most of our bills are due in the middle of the month, it makes the most sense to pay all our bills on the 1st of every month and just get it over with.  Doing things this way ensures we know exactly how much money we have to use the rest of the month and how much we can rollover and save.  I also have a strict budget that we adhere to, so there are never any surprises.

    Post # 64
    Member
    3064 posts
    Sugar bee
    • Wedding: September 2014

    MrsGAM:  Thats kind of what I do. Every two weeks I pay bills. What winds up happening like for my car payment ( that is no longer woot) I wound up paying it off 6 months+ early. Same with my student loans ( still have to pay them but I get ahead paying every 2 weeks vs once a month)

    Some bills go right to credit card ( phone bill, gas, utlities, daily expenses ect) so every paycheck I just pay the balance, so I guess technically it gets paid the day it is due.

     

    Post # 65
    Member
    2691 posts
    Sugar bee
    • Wedding: May 2015

    We pay bills based on our pay days…

    Post # 66
    Member
    831 posts
    Busy bee
    • Wedding: December 2013

    LilliV:  neither! I have mapped out what payments I have and divided them into two (for each paycheck) and I just pay them the day I get paid. 🙂

    Post # 67
    Member
    208 posts
    Helper bee
    • Wedding: September 2015

    LilliV:  at the end of the financial year we get a large return on our taxes that covers our insurances and car registration for the year. Its a tax free method of saving. It also ensures that if we go over the threshold into the next tax bracket (my husbands wage skirts the threshold every year) that we dont get shocked with a tax bill. We never owe on our utilities and if for some reason we get a particularly large utility bill, it is generally covered. Its basically as pp’s said, a little a fortnight goes on everything, which prevents large bills. We just happen to be in credit.

    Post # 68
    Member
    3047 posts
    Sugar bee
    • Wedding: November 2016

    My fiancé pretty much checks all the bills online religiously. We split them 50/50 and generally end up paying it weeks early before the physical paper bill even comes in the mail. 

    Post # 69
    Member
    11 posts
    Newbee
    • Wedding: June 2017

    I’m with your hubs on this. I keep only what I need in my checking acct – everything extra goes into savings, where I earn interest. Since my money’s making money (albeit not a ton these days) I want to make as much money as I can on it which means paying my bills when they’re due and not a day earlier. And I agree with all the Bees who rely on auto-pay – it’s a beautiful thing! 

    Post # 70
    Member
    14970 posts
    Honey Beekeeper
    • Wedding: June 2011

    DeppButterfly:   Its a tax free method of saving. 

    What do you mean a tax free way of saving?  Your tax return is actually not going to be taxed either way.  Whether you get a return, or end up owning, the net amount you owe the governemnt doesnt change.  A return is a result of you overpaying on what you would owe anyways, so in reality, you’re “losing” money on getting a return cause that money isn’t in your bank accouunt earning you (very little) interest these days.  Yes you would have to pay taxes on that interest… but taxes only happen when you’re making money.  So not wanting to pay those taxes on the interest is like saying, I dont’ want to pay 25 dollars to pocket 75 dollars.

    Post # 71
    Member
    941 posts
    Busy bee
    • Wedding: May 2016

    I have a few bills on autopay: student loans (recieved a .25 or .5% reduction for doing that) car/life insurance & gym.

    The rest I pay online when I remember due date but now I’m doing it as soon as I’m paid because I’ve been forgetful, had late fees & my credit score took a ding( went from mid like 720 to 668….eek).

    Fiance has several/most on autopsy except credit card (not much on there) but he’s late…bc I’ve seen notices. I tried to talk about other day but he shut down.

    He/we have the money, we need to get on board bc I want our credit scores up so in case we decide to sell and buy a house, need a car loan, home improvement loan, etc, we have the best credit score we can. He said his wasn’t best when he got house, approval but still, if it was better I bet he wouldn’t have had to get FHA (something banks do to make money).

     

    Post # 72
    Member
    2013 posts
    Buzzing bee
    • Wedding: October 2014

    Most of our bills are auto-pay. The ones that aren’t get paid every other Friday, when I get paid. I have all of the due dates for our recurring bills set up on my calendar, so I just look ahead two weeks and pay everything that’s going to be due. If it’s something like a medical bill or other non-recurring bill, I pay it a soon as it’s received.

    Post # 74
    Member
    6838 posts
    Busy Beekeeper
    • Wedding: September 2011 - Boy #1 12/2015, boy #2 02/2018

    I pay the bills at home, I have some automatic others I pay myself. I don’t know why! Anyways, I usually set up a time for about a 7-10 days before it’s due. I don’t wait until the last minute.

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