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Episode 2758:
April Dykman explores the pros and cons of automatic payments in her article for GetRichSlowly.org, revealing the hidden pitfalls of setting payments on autopilot. Through personal anecdotes and expert insights, she argues that while autopay offers convenience, it may also relinquish control over financial outgoings, leading to unexpected charges and financial mismanagement.
Read along with the original article(s) here: https://www.getrichslowly.org/are-automatic-payments-worthwhile/
Quotes to ponder:
"Autopay is great because it's convenient, requiring no action on our part to avoid late payment fees."
"Autopay can be too automatic, it puts control into the hands of the debtor because they can go into your account."
"Personally, I recommend going with online bill payment, but not autopay. Autopay puts control in hands of debtors, but with online bill pay, you're in control."
Episode references:
Robert Long: https://www.kiplinger.com/author/robert-long
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Optimal Finance Daily - Financial Independence and Money Advice