Don't Waste Your Money: When to never autopay your bills - News, Weather, Sports, Toledo, OH

Don't Waste Your Money: When to never autopay your bills

(Toledo News Now) -

Most of us pay our bills online because it's fast, safe, and convenient. Some companies want us to go a step further and pay our bills automatically, so we never even have to see them, but beware before you autopay, so you don't waste your money.

Now that its almost 2014, it seems everyone from your cable company, to your credit card company, wants you to switch to automatic bill payments. Sure it's convenient. You never have to worry about being late. But there are some bills you should never automate.

Don't want to worry about a late fee paying off that big shopping spree at the mall? Or hate writing a check for your car loan on the first of every month? No problem. Just sign up for automatic bill payments and you will never have to worry about being late. 

Money Watch says autopay is great for fixed bills, like mortgage and car loans, but it says don't autopay your cell phone, gas and electric bills, or your gym membership. There's too great a chance for you to miss an overcharge, or a charge that continues long after you cancel.

From the doesn't that stink file, comes how autopaying can lead to much higher cell phone and cable bills. Money Watch says if you autopay, you might fail to inspect your phone bill carefully every month, and you may go over on minutes and texts. With cable, you may order too many movies on demand, not really realizing how much each one is costing you.

The Consumer Federation says never automate any bill that can fluctuate wildly from month to month. You may go months without noticing an unusual increase or noticing that they never stopped billing when you canceled.

Be smart so you don't waste your money. 

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