Comments

  1. Mary F. Campbell says:

    This is the exact reason that I don’t have automatic payments from our accounts except for our life insurance and our auto insurance. Those two being charged automatically give me proof positive that the insurance is “in force” in case it’s ever needed. I check the payments every month to make sure: 1. they posted and 2. thy posted correctly. All our other bills, transfers and cheques are done twice a month… the 15th and the month-end. I find it easy but then I have been doing it this way all of my life. :-D

    I have accurate records of “when” “what” is due, how it is paid for just in case I am unwell and unable to handle our bills over the payment period. I highly recommend each family have such a list. It’s easy to forget/miss a bill if you are new to the process of handling the family finances and especially if a bill comes up only comes up once a year. Having this list also helps with budgeting process in case a family member has to take over either temporarily or permanently. Not everyone is gifted at robbing Peter to pay Paul to meet the various “due dates”. IMHO, this is not being morbid, it is is a very loving gesture to do for the next family member to take on handling your finances. :-)

    • Hi Mary,
      We are the same way with the insurance, investments and mortgage when we had one were all automated but everything else is paid manually. I don’t doubt you are as mindful of what’s going in and out of your bank account like I am. I check everything. The most important tip and I”m sure you will agree is being organized and have a plan that is somewhat standardized so nothing does get missed. Good point about the family member. :)

  2. Wow, that’s crazy! That’s similar to the story we had here a few months back of a woman who had been dead for six years and no one suspected anything because her bills were all on auto pay. That said, after having worked in a bank for about a year, the chance is so minimal and I’m so busy that I’ll be staying on auto pay. I watch things close enough to know if something is off, if something did happen. :) Thanks for the mention sir, I appreciate it!
    John @ Frugal Rules recently posted…Excuses, We All Have Them!My Profile

  3. I have to wonder how many times I was double billed for services when I was younger. Only when I was in college did I start to really analyze my credit card statements and my bills. Knowledge is Power…
    Michelle recently posted…Roundup #33: 20 Things About MeMy Profile

    • I bet lots of people just scratched their heads and are wondering the same thing. Funny how if we aren’t mindful of our finances how easy we can pay more due to errors.

  4. My mom was double-billed for $5,000 once for a business expense. I’m glad she reads over everything!

    The sad part is my parents farm and $5k of expenses could go unnoticed pretty easily.
    Will, First Quarter Finance recently posted…Fast and Furious Side HustleMy Profile

    • Sounds to me that she needs a second set of eyes when going over the finances for the farm. That’s quite a bit of money to be losing.

  5. Christine Weadick says:

    We do have a number of auto payments going, if fact it’s almost all of them. Hubby pays Rogers online and M/C. All the other regulars are automatic. We still get the paper bills from almost all. What we do is have two clips in the bank drawer. One is paid and the other tagged unpaid. A bill comes I and goes into the unpaid file until the Thursday or Friday before it is due when it gets pulled, entered inthe bank book and put in the paid file. Bills like the taxes, insurance and such that we get a yearly or what ever bill are written on a piece of paper in the unpaid file with the due date and that is pulled out every week when I put in the mortgage payment. Hubby checks the bank account every few days while he is online as well. I think the only bills that we write a check for anymore are the garage for the truck and the company that does the maintenance on the furnace and also does the emergency plumbing here. They send us a bill and we send them a check. It works for us…… We haven’t had a billing issue in so long I can’t even remember the last time it happened.

  6. Exactly why we have absolutely NO automated payments from any of our accounts EVER and every bill is scrutinized then paid manually if correct

  7. I was over-billed once by a hotel, apparently they billed me by accident for some room service food that I didn’t have. I noticed it right away on my statement as the total was higher than it should have been. The room that ordered the food got a freebie as they couldn’t figure out who to charge. I always check my statements regularly for this reason
    Dan @ Our Big Fat Wallet recently posted…How the Principal Residence Exemption WorksMy Profile

  8. When we weren’t managing our money closely, and we just seemed to go through it, for no apparent reason, I started wondering if someone at the bank was taking money out of our accounts because we never seemed to have enough. I am so glad I now have the discipline to check every transaction on our credit cards and every withdrawal. We do use automatic payment for mortgage, insurances, gas, hydro from our account and anyone that will accept credit payment we do that way in order to get the cashback points. As long as you’re reviewing it regularly (daily or every few days), I don’t see an issue with this.

    Some interesting links you’ve provided there, Mr. CBB. I’m going to check some of the ones I haven’t already seen out! Cheers!
    debs@debtdebs recently posted…Debt DeliberationsMy Profile

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