Choosing to pay your monthly bills manually might be as easy as signing up, but the price you pay for convenience could end up costing you more down the line.Unfortunately, most of us don’t notice the money leaving our bank accounts after we enroll in auto-payments. In a Get Rich Slowly post, for example, blogger Tim Ellis didn’t realise his Vonage phone bill had increased at a rate of 33% while numerous taxes and fees were added since the last time he’d checked it, which was before he’d got a new job, a house, and a baby.
Martin Lewis on MoneySavingExpert.com says realising that you’ve been paying for services you don’t use anymore or forgot about, like Ellis did, is common, but consumers should “unearth EVERY regular payment.”
When monitoring finances, most of us are keep track of costly payments–the car, the one-time big purchase–and how they affect our spending and saving plan. But it’s the small payments that can let hundreds of dollars slip through the cracks.
Case in point: In a forum on Consumer Affairs, previous AOL users complained how they’ve been charged for services they didn’t even use. Most of them weren’t aware they were shelling out the monthly payments.
When it comes to your money, don’t forfeit your right to be in control. Do your homework so you won’t have to guess.
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