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  1. #1
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,284

    Default Paying Bills Customs

    Have PT Forumites changed their bill-paying customs in recent times?

    E.g. given the low interest rates on 'savings' deposits, are you paying bills as you receive them, as opposed to waiting till the due date?

    One obvious benefit of paying on receipt is that the process is completed in one go - nothing put off until the twentieth.

    If you're lucky, maybe it gets filed at the same time, too?
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  2. #2

    Default

    I dont have savings just a fat offset mortgage so the longer I can leave paying a bill the more interest I save.

  3. #3
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,284

    Default

    Does a few days at whatever per cent per year amount to anything significant, really?
    Try Radenbrea Studios for hand-made designer jewellery. Especially if you're looking for a great gift for your lady love.
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  4. #4

    Default

    If you can get it all on the CC after it's clicked over to a fresh month that gives you another 60 days interest free and what ever rewards you're on. I get a good amount in Countdown vouchers each year. It all adds up.

  5. #5
    Join Date
    Nov 2006
    Location
    Cyberspace
    Posts
    5,657

    Default

    Quote Originally Posted by Learning View Post
    If you can get it all on the CC after it's clicked over to a fresh month that gives you another 60 days interest free and what ever rewards you're on. I get a good amount in Countdown vouchers each year. It all adds up.
    A total fallacy.

    You get the "extra" 60 days (as you put it) just once. After that, you are merely playing catch up every month.

  6. #6

    Default

    Quote Originally Posted by Keys View Post
    A total fallacy.

    You get the "extra" 60 days (as you put it) just once. After that, you are merely playing catch up every month.
    If the bill has 30 days to pay and the money is sitting on an offset mortgage, if you're lucky, you can get upto 90 days of that "spent" money saving mortgage interest. Always, ALWAYS, pay credit cards in full by/on their due date otherwise they'll take double what you saved.

  7. #7

    Default

    I pay as soon as I can. It's a good karmic cycle. Sometimes I get behind on big deals when the bank is funding but I still try to pay ASAP.
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  8. #8
    Join Date
    Nov 2006
    Location
    Cyberspace
    Posts
    5,657

    Default

    Quote Originally Posted by Learning View Post
    If the bill has 30 days to pay and the money is sitting on an offset mortgage
    Lets take the power bill for example.

    Pay in 60 days fine. However, in 30 days the next months' power bill is in the mail. What to do? Pop it on the credit card as well? OOOOOoooooo

    Then roll on day 60. The third power bill comes in. Flagellation begins and angst forsooth. What to do? What to do?
    Last edited by Keys; 28-11-2018 at 08:13 PM.

  9. #9

    Default

    Next months power bill (and the one after that and the one after that....) are coming weather you pay this months bill now or in 3 months time. As long as you dont spend the spent and the money is ready to pay the bill that it's earmarked for then it doesn't matter.

    Interest saved on the offset mortgage and cc rewards add up. As long as you avoid late penalties and cc interest.

  10. #10
    Join Date
    Nov 2006
    Location
    Cyberspace
    Posts
    5,657

    Default

    True Learning. That is my point. With the CC system you have taken the money out of your RC facility to pay for last months bill while leaving the money in the RC system for this months bill to be paid next month. You get only one month worth of interest saving. The first month. All following months you are simply paying last months bill. Extrapolate this out to all of your bills and, while some months may be larger than others, you still only get savings on the first months bill.

    CC rewards, now that is different. I have a $250 limit and push through many thousands of dollars each month. Put it in first then pay the bill.


 

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