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Additional Details
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YA! 4ever | Is it a good idea to pay your bills 1 year in advance? |
For example, my Verizon bill is $60.00. So I was thinking of just paying $720.00 upfront to get it out of the way. |
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kimberhill
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No - I would advise against it for things like internet/phone etc.
There are a number of reasons:
*What if the company goes broke and you have paid for a years worth of service, but because they go out of business you need to find another provider? It happened with a majpr phone/internet company here in Australia a few years back and people were unable to get the money back that they had paid in advance.
*What if you discover a substantially cheaper/better service and want to swap?
*You could move house and the service may not be available there. |
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Studly
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That is a terrible idea!
You could be putting that money to use by either making interest in a bank account, or paying off a high-interest loan. |
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Obi-Wan Kenobi
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Nope. Bad use of your money. Put it in a savings account or even mutual funds and make it work for you rather than letting it work for them. They get free use of your money!! |
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gimmieswag
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some places will pay interest,
no hassle with monthly payments etc..
720 bucks isn't a big deal for interest anyway so go for it |
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neil
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if you have and want that kind of stability it will definetly help in the long run. It's smart to do that Verizon thing only if that $720 won't leave your wallet empty when you're trying to pay tour other bills. Also, there is one mre factor, technology. You might not want to pay technology bills in advance so much. I assume that the $60 is a monthly fee, so you'll be stuck with Verizon for a year even when there might be a better deal. However, if this is your phone service, then go ahead just make sure you can pay your other bills don't go over 12 months in adveance payments. |
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Out of commission
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What was the name of that company that crashed...Enron? What was the name of that Bank that crashed in England? Barings Bank.
Keep the money and pay it as per the usual. |
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dirttrackdogred
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that depends on if you have the money or not. It also depends on if you don't need it to pay other bills, then it's ok to pay it by the year. |
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jafnarf
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Your telephone bill ??? Not a good idea. Rent, mortgage,car insurance, medical insurance, income taxes,car payments... good idea... |
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jean
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good way to save 11 stamps and envelops :) |
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Jared F
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Your thinking represents that of an intelligent person. It would appear you know how to live beneath your means and you're thinking of prepaying expenses as maybe a form of simplicity and safety (if you lost your job, hey, you've prepaid your bills).
The answer to your question is counter-intuitive, then. I manage money professionally and I recommend against the idea of prepaying bills. Not for the couple of dollars of lost interest your savings account might build, but for the fact that if you do that with 2-3k, or more, you've decreased your liquidity and significantly increased your risk if something were to happen.
Once you give you money to Verizon, or the property tax collector, etc, good luck getting that money back. They simply hold that money until they need it for your bill. If you need it for a different bill, you're out of luck.
I see this every week in my business. Someone has cash and puts it in an illiquid place. Murphy's law, they need the cash soon after but can't get to it - sometimes for an opportunity sometimes for an emergency.
Keep yourself liquid. Have a "safety fund." If you ever need money, you'll be glad it's stored in a savings account and not at Verizon.
Feel free to email me with any questions, Good luck,
Jared |
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Tichy
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If you pay in advance, you should get a discount. |
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crazy8tiger
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Bad Idea! |
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bewildered
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No. You might die before the year is out so why give them the cash-o-la. Invest it for your heirs. |
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