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Paying Bills Annually
flyfto
Posts: 57 Forumite
I have started using the savings pot on the budget planner spreadsheet for things like holidays, birthdays etc !
It is a great idea to do this and is helping me a lot.
I am now thinking of starting up pots in order to allow me to pay off all bills annually - insurances, utilities, council tax etc
anyone else do this or something similar ? would be good to hear how anyone else has went about this ?
cheers :cool::cool:
It is a great idea to do this and is helping me a lot.
I am now thinking of starting up pots in order to allow me to pay off all bills annually - insurances, utilities, council tax etc
anyone else do this or something similar ? would be good to hear how anyone else has went about this ?
cheers :cool::cool:
0
Comments
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I used to pay council tax and water and TV licence annually on principle - not sure what principle exactly. But eventually I got sick of the juggling and caved in and accepted that monthly DD worked better, since it didn't cost anything extra.
The things I still pay annually are insurances, car tax and subscriptions. I object to paying extra for easy payments. Also BT line rental, for the discount."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
I am now thinking of starting up pots in order to allow me to pay off all bills annually - insurances, utilities, council tax etc
Utility bills will usually be more expensive if paid annually, since most suppliers offer discounts for paying by monthly direct debits. Since doing this also spreads the cost evenly over the year I'd stick to that rather than trying to save up a pot of money to pay an annual bill. Thinking about it I'm not even sure any suppliers would let you pay annually, rather than say quarterly.
Saving up to pay for car and home insurance is though worth it, since with them you will usually have to pay more to pay by monthly installments.
As far as council tax goes, if budgeting is something that has to be worked at then I'd just pay by monthly direct debit, since this will automatically spread the cost over the year.0 -
Insurance is a good one to pay annually as you usually will save something. Only pay by the cheapest method for everything.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
Cheers for yer comments guys0
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Council tax is usually spread over ten months. So, for a couple of months (February and March most likely) you get a pause - helpful when the January sales spending reaches your credit card account.0
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