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Thread: Automatic payment entering
March 14th, 2012 #1
- Join Date
- Jul 2009
Automatic payment entering
I have automatic payments set up for all of my debts, some monthly, some every two weeks. Is there any way to automatically have payments entered into my plan?
March 14th, 2012 #2
The short answer is "no".
The longer answer is that you may want to think about how you do this. I agree 100% that you want to make all your payments as early as you can, so that's great. But you might want to think twice about making multiple payments on each card. The only reason I say this is that if you're making more than min pmt on accounts other than your Target, you might do better by putting as much as you can to the Target.
- Pay as early as you can on every bill.
- Put everything you can to the Target account to pay it off as fast as you can. Pay it as early as you can as well. Theoretically, this payment is large enough that it's taking up most of your free cash for the month.
- If you do find yourself building up a store of cash in your checking account, make a bonus payment to your Target.
However, I always say that the best approach is the one that works well for you and keeps you motivated. So if that's the approach that works for you, then keep going with it.
LMK how it all turns out for youScott started SavvyMoney because he passionately believes that life is better without debt. Since everyone should have a superhero name, Scott decided that ThriftyMan pretty well described his mission to save the world. Scott used to market credit cards, but now dedicates himself to people out of debt.
October 2nd, 2012 #3
- Join Date
- Jul 2009
RE: Automatic payment entering
The automatic payments are set up to only do the minimum month for everything except my target payment.
My target payment is paid half of my monthly target amount every two weeks, immediately after I get paid. I get an extra full payment a year, plus anything extra I can send on it.
Which I why I asked if automatic payments could be set up. I know when my scheduled payments will be made as far ahead as I need. Once the target is paid off, I can change the payments to the next target, and so on.
I was trying to let the computer do some of the work for me on Savvy Money.