Anyone Else PIF Weekly?

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Kevin86475391
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Anyone Else PIF Weekly?

Postby Kevin86475391 » Thu Sep 03, 2015 12:48 pm

I'm curious if I'm the only one around here who tends to pay off cards weekly rather than monthly?

I've never handled all my bills once a month and have always been surprised that apparently that's the typical way people do it. Obviously certain bills only happen once a month like utilities, rent, etc., but I just handle them on the bill day of whichever week they arrive. My approach is to make Tuesdays my weekly bill day because I find that by Tuesdays most charges from Friday-Sunday on my credit cards have posted. However, I often end up doing a second round anyway on Thursday or Friday to pay for balances from earlier in the week that just posted.

It's not so much that I'm that obsessive about bill paying per se as it is that I log into my accounts online quite often (about 3-5 times a week) to just generally monitor them - and indeed I have had a lot of fraudulent charges in the past and am glad I caught them right away. Anyway, since I'm going to be logging in anyway I don't see any reason not just make a payment for whatever's posted while I'm there.

I also find this approach helpful for keeping track of spending and assets in general and obviously it eliminates any concern about due dates, since generally I end up making a payment within a few days of the next bill/statement generating. Of course it also keeps my utilization low, but I'm not too concerned with that in the first place since I'm fortunate to have credit limits much higher than I would need for good utilization even if I did only pay off once a month. Mostly, I'd just feel like I wasn't in tune with my finances if I only looked at everything once a month.

So am I alone in this or do others check and pay much more often than once a month too?


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CarefulBuilder14
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Re: Anyone Else PIF Weekly?

Postby CarefulBuilder14 » Thu Sep 03, 2015 1:10 pm

Out of sheer necessity, I used to PIF every few days when my only Visa/MC had a $600 CL.

I'll PIF early on my lesser-used cards (Discover, Barclaycard Arrival/SM, Citi BB). On Amex and Chase cards, I just let the statements cut.
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Vermonster
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Re: Anyone Else PIF Weekly?

Postby Vermonster » Thu Sep 03, 2015 5:27 pm

I used to have Fridays off so that was "Finance Friday." I generally only pay bills every other Friday, when it was also pay day :)
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yfan
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Re: Anyone Else PIF Weekly?

Postby yfan » Thu Sep 03, 2015 7:46 pm

I do it monthly for a couple of reasons. First, I don't see any non-selfish reason to pay my CCC any earlier than I have to (with some cushion in case there's a problem with the processing), except when it's a utilization issue (selfish).

The other reason is that my credit union pays me 4% interest on up to $20,000 in checking. Why take out good money that could be earning a 4% APY from my bank account to pay early? :ppp

Kevin86475391
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Re: Anyone Else PIF Weekly?

Postby Kevin86475391 » Thu Sep 03, 2015 8:19 pm

yfan wrote:The other reason is that my credit union pays me 4% interest on up to $20,000 in checking. Why take out good money that could be earning a 4% APY from my bank account to pay early? :ppp


Wow! That's an utterly amazing APY! Much better even than most CD and treasury bond rates. Very impressed.

Yeah, actually loss on potential bank account interest due to paying earlier/more often is the only thing that's ever really made me question my system. However, I definitely don't get APY that good, and also tend to prefer investing in the stock market over keeping big chunks of cash in savings. I know I don't meet expert advice of 6-8months emergency liquid savings, but it's just hard for me to justify when there are so many higher yield things I could invest my money in...plus I also just really enjoy investing, so that makes it even more tempting.

Anyway, I figure any interest I'd see over keeping the cash for a few extra weeks is fairly minimal.

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Re: Anyone Else PIF Weekly?

Postby Nixon » Thu Sep 03, 2015 11:59 pm

Fack no. I pay in full on most of my cards between one week and one day before due!
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CarefulBuilder14
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Re: Anyone Else PIF Weekly?

Postby CarefulBuilder14 » Fri Sep 04, 2015 12:57 am

Kevin86475391 wrote:I definitely don't get APY that good, and also tend to prefer investing in the stock market over keeping big chunks of cash in savings. I know I don't meet expert advice of 6-8months emergency liquid savings, but it's just hard for me to justify when there are so many higher yield things I could invest my money in...

Unless you have a very secure job and disability insurance, I wouldn't do that. You don't want to be forced to sell shares after a 20% decline to pay your bills.
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rockyrock
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Re: Anyone Else PIF Weekly?

Postby rockyrock » Fri Sep 04, 2015 8:28 am

I used to make weekly payments then I realized I was cheating myself out of $$ and helping the banks earn even more. I need it much more than them. I now schedule my payments the Friday before they are due unless they are on auto-pay then it's usually the day before.
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ingramjuan
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Re: Anyone Else PIF Weekly?

Postby ingramjuan » Sat Sep 05, 2015 10:14 pm

Once a month for me is good. I like to pay 10 days prior to the due date. Paying weekly would be to much for me.
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Whatamuji
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Re: Anyone Else PIF Weekly?

Postby Whatamuji » Sun Sep 06, 2015 12:10 am

I don't typically PIF weekly but I do make payments every week on various cards. Typically every Monday as that is my payday. Though I'll probably make payments every other week when I get my balances paid off.
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