When is the best time to pay bills? Before or after pay day?

dalesrider

Only danger is thinking you have more money than you have and ending up going over your o/d limit.

Perhaps a better option is to have a month or two where you spend as little as possible and make sure that you never drop into the o/d.

alexsheehan

Thanks for all your help and advice guys/gals.

It wasn't really a major issue, as we always manage to claw ourselves back out of our overdraft again at some stage, it's just a pondering I had to try and save us as much money as possible (trying to stay out of the O/D for as long as possible so we don't have to pay the filthy banks any more money than we have to!).

:undecided I'm not sure I have come to any conclusions with all this, as I think it would be a case of "suck it and see". There are so many variables I don't think it's possible (at least not with my tiny little brain) to cater for all the different scenarios and nuances. Let me know if you think differently!

Thank you all so much for your input. :beer:

Alex

Hooloovoo

opinions4u wrote: »

1) Get paid.
2) Send money to cover bills plus 10% to another current account.
3) Pay all bills out of that other account.
4) Never care about the date as I never touch that account for anything else, other than a reconciliation of statement to bills and withdrawal of excess cash at Christmas.

This is easily the best way.

sveika

Hooloovoo wrote: »

This is easily the best way.

Totally agree..

jennifernil

I think you would find it quite difficult now to change the dates on the bills to achieve what you are thinking.

Far better to look at why you are going into the red at all and try to solve the problem.

A month or 2 of zero spending on anything not absolutely essential is a good start.

Gonzo33

We pay all of our bills on or around the 8th of the month. This is because DH gets paid on last working day of the month. If there is a delay with his pay we should hopefully be able to get it sorted before the DDM's get paid. If not we have an overdraft that will cover the cost of every single bill that debits our joint account. We have never had to use that overdraft but we keep it there as a safety net.