I'm tired of paying bills with due dates scattered all over the month. Between tracking the due dates and the closing dates, I'd rather spend as little time as possible on it. So I am considering moving to a single due date (or as close as possible), coinciding with my mortgage...so something w/in the first week of the month.
Has anyone done this and does it simplify things, or make it make it worse? Are there any downsides I may not have considered?
I figure I could direct 100% of my direct deposits to my online savings, which earns more than 1%, then when I get the statements of my bills, add them up and move that amount from savings to checking in enough time to pay them all off in one day....then FREEDOM for the rest of the month.
Single Due Date for Bills?
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Masterlandlord
- Posts: 332
- Joined: Thu Sep 25, 2014 12:25 pm
Why not use automatic payment with eInvoice system or other automatic payment? That is how most modern people pay bills in my country that keep returning. In addition you can pay bills like 3 months before so I don't understand your problem. No I have never tried to force different companies to have same payment day for their bills.
On the other hand I live in Northern Europe and maybe som USA people might give update how it works in America.
What is technically possible to do. Set aside enough money to an account and from that special account pay all bills. Your normal use i.e food etc should never touch this special billing acoount. This if you have tough economy and don't wanna risk overspending.
On the other hand I live in Northern Europe and maybe som USA people might give update how it works in America.
What is technically possible to do. Set aside enough money to an account and from that special account pay all bills. Your normal use i.e food etc should never touch this special billing acoount. This if you have tough economy and don't wanna risk overspending.
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Masterlandlord
- Posts: 332
- Joined: Thu Sep 25, 2014 12:25 pm
This Online saving account you use I guess is slightly similiar to mine. However first I pay my bills or set enough money to pay bills and then I transfer what I decide to my Online saving account. My online saving account I will withdraw from if there rarely rises a need. For example I have now started a repair fund if you look at my own personal thread and if that is not enough when the repair bill comes then I will withdraw what is necessary from my Online saving account.
My repair fund will likely not be full 100% when the bill comes, but at the moment it is also unclear when they send that bill end of december or in 2017. Other then that I call my online account possible investment account.
I will not reveal my bank account or bank system. My online bank account has likely best interest in whole Europe and perhaps the best in the world. However that special saving account is not available for whole world and only accessible to some countries. I doubt your saving account is as much interest as mine however from my super special account you can not even pay directly bills.
On the other hand I am not known for being modest or having low profile. Previous week I scared a woman a team member in my team. I work in part time job marketing&sales and we had a special rare contest who gets best result of regardless of hours worked for that week. I looked directly into her eyes and said the truth to her... "I know you are good, but I will do whatever hours needed to win and I will win!"
She is experienced and good, but know my skills and looked scared when I said that... how did it go? Julius Caesar said: "Veni Vidi Vici" look it up it fits me for that competition of best in my small team!
My repair fund will likely not be full 100% when the bill comes, but at the moment it is also unclear when they send that bill end of december or in 2017. Other then that I call my online account possible investment account.
I will not reveal my bank account or bank system. My online bank account has likely best interest in whole Europe and perhaps the best in the world. However that special saving account is not available for whole world and only accessible to some countries. I doubt your saving account is as much interest as mine however from my super special account you can not even pay directly bills.
On the other hand I am not known for being modest or having low profile. Previous week I scared a woman a team member in my team. I work in part time job marketing&sales and we had a special rare contest who gets best result of regardless of hours worked for that week. I looked directly into her eyes and said the truth to her... "I know you are good, but I will do whatever hours needed to win and I will win!"
She is experienced and good, but know my skills and looked scared when I said that... how did it go? Julius Caesar said: "Veni Vidi Vici" look it up it fits me for that competition of best in my small team!
I use auto pay through my credit cards but I don't want to connect anything to my cash accounts. Security though isn't the real issue, it's that I always keep the minimum in my checking account and I don't want to constantly have to nurse that and I might run into overdraft issues if I don't calculate correctly. I figured having to only calculate one time and transfer it once to checking, I can maximize the length of time and the cash that I can keep in my higher interest bearing account. Also it makes it easier for me to track spending from month to month if I can get a total look at it.
I almost have it set up like that now as I pretty much pay bills twice a month after moving around some due dates, whereas previously every pay period which for me is weekly, I would need to pay bills. Consolidating the due dates helped so I can only assume consolidating it further would be even better.
I almost have it set up like that now as I pretty much pay bills twice a month after moving around some due dates, whereas previously every pay period which for me is weekly, I would need to pay bills. Consolidating the due dates helped so I can only assume consolidating it further would be even better.
^ Great idea! I hadn't thought of that (and I usually overthink everything, ha!). My mortgage would be the only thing to qualify as a large cash bill, but it would still help. With it coming out of savings, I would be confident enough to autopay it (something I never felt comfortable doing out of checking.
Then all I would need to do is consolidate the other smaller cash expenses (5 cc bills, and a small rent to family), and transfer that once per month to checking, and pay it all on the same day. Okay, I think I got the plan down now. Thank you for the replies.
Then all I would need to do is consolidate the other smaller cash expenses (5 cc bills, and a small rent to family), and transfer that once per month to checking, and pay it all on the same day. Okay, I think I got the plan down now. Thank you for the replies.
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