Single Due Date

Discussion in Mortgage & House Payments started by ptahm22 • Jan 23, 2017.

  1. ptahm22

    ptahm22Active Member

    Joined:
    Dec 8, 2016
    Threads:
    29
    Messages:
    168
    Likes Received:
    17
    I've got my due dates scattered all over the month, this makes it tideous for me to pay my bills. I'd like to spend very little time on bills that's why am considering a single due date coinciding with my mortgage and other bills. Has anyone ever tried this ? Is it worth it or does it make things worse? I was thinking of saving in a certain account that offers 1% interest then when it's time to pay, I withdraw the cash and pay all my bills at once. The rest part of the month will be stress free.
    Any ideas please because there may be some disadvantages that I've left out.
     
  2. bomb2060

    bomb2060Member

    Joined:
    Jun 25, 2017
    Threads:
    11
    Messages:
    36
    Likes Received:
    2
    Well that's a good idea you have there. I do almost the same. What you should do, you can just use your bank account, instead of opening a new account. Then you consolidate all your bills to one date. And automate them. Automating your payment is on thing that you i have come to appreciate.

    Once you have set an auto-pay on the account, all you will have to do is to make sure that money is in your account at the time of payment. Very stress free and you dont have to follow up. All you do is to get the monthly / weekly report.
     
  3. morgoodie

    morgoodieActive Member

    Joined:
    Jan 26, 2016
    Threads:
    1
    Messages:
    541
    Likes Received:
    155
    Having only one due date would definitely make paying bills so much easier. My problem with multiple due dates is that I would usually forget when bills are due and then I might miss one. It also makes it feel like you are always paying bills. However, one problem I would have with a single due date would be not having all the money for them at once. Maybe having just two due dates would be best for me. One date at the beginning of the month and one at the end. That way I could be sure to have the money in the bank to pay the bills. Of course, it depends on your income schedule too. I was paid every two weeks when I worked so the two due dates was easier to have the money in the bank.
     
  4. Jamille

    JamilleActive Member

    Joined:
    Oct 6, 2016
    Threads:
    11
    Messages:
    727
    Likes Received:
    109
    I have three recurring bills to worry about: the landline/internet, electricity, water bill. Their cut offs and due dates are scattered during the month and this is beyond my control nor is it subject to negotiation. Hence, automating or moving them to a single date is not possible. The water concessionaire, for one, has no provision for automating a bill payment. You have to pay the bill through their branch or through authorized payment centers. Their staff reads the meter every fifth day of the month and it is due on the 20th. On the other hand, the electricity provider reads the meter on the 28th and the bill is due on the 6th day of the succeeding month. You can't tell these companies to do the reading on another day because they're reading the meters on a per area basis.

    I think this may be possible with credit cards but not on the mortgage payments unless you'll opt to pay way ahead of the due date. But even then, you can't bring them all together to be paid on a single due date. It's great that I can pay all of them in a single payment center, a chain of malls and supermarkets that accepts payment even during weekends and holidays.