I’m a Financial Advisor: 3 Bills My Millionaire Clients Never Put on Autopay

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You set it up once, and suddenly bills are paid on time, late fees disappear and your to-do list gets a little shorter. For most things, it’s a no-brainer — why not make life easier?But here’s the twist: Not every bill belongs on autopay. Some expenses are better managed with a watchful eye, whether it’s because the amounts can change, mistakes happen more often or you just don’t want to hand over full control.Read More: 4 Moves To Make if You Can’t Pay All Your Bills this MonthLearn More: 10 Unreliable SUVs To Stay Away From BuyingGOBankingRates spoke with Michael Foguth, founder and president of Foguth Financial Group, to discuss the bills his millionaire clients keep off autopay — and for good reason. “Autopay is convenient, but my millionaire clients are very selective about which bills they put on autopilot. Even with plenty of resources, they avoid three categories,” he said.Here are the three bills his millionaire clients don’t put on autopay.According to Foguth, high net worth clients often have multiple cards for points or business expenses. “If all of them were set to autopay the statement balance automatically, it could trigger overdrafts or liquidity issues in certain accounts,” he said.More importantly, he said they prefer to review charges line by line to catch fraud, billing errors or duplicate charges. “I had a client spot $2,500 in fraudulent international transactions simply because they manually reviewed before paying,” he said.Check Out: New Law Could Make Electricity Bills Skyrocket in These 4 StatesMedical bills are notoriously prone to errors, double billing, miscoding and insurance issues.Foguth noted that putting these bills on autopay means you may be paying more than you should. “One client avoided a $1,200 overcharge by requesting a corrected statement instead of letting autopay sweep it through,” he said.Foguth explained that property taxes and certain utilities (like heating in winter) can fluctuate dramatically. “A $300 average gas bill can suddenly jump to $900 during a cold snap,” he said.His millionaire clients prefer to review and plan cash flow before authorizing these spikes, rather than risk an unexpected hit to liquidity in one account.According to Foguth, the broader lesson here is that wealth doesn’t eliminate the need for oversight.Autopay is best for predictable, low-risk bills, like subscriptions or insurance premiums. “For large, variable or error-prone expenses, a manual review protects you no matter your net worth,” he said.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,620.00 -1.50 (-0.02%)Dow Futures45,906.00 -15.00 (-0.03%)Nasdaq Futures24,312.00 +2.75 (+0.01%)Russell 2000 Futures2,424.70 -0.90 (-0.04%)VIX15.69 +0.93 (+6.30%)Gold3,716.70 -2.30 (-0.06%)PortfolioSign in to access your portfolioSign inTop gainersUUUU Energy Fuels Inc. 13.82 +1.89 (+15.84%)OKLO Oklo Inc. 95.68 +12.97 (+15.68%)FIGR Figure Technology Solutions, Inc. 37.33 +4.83 (+14.86%)RZLV Rezolve AI PLC 7.72 +0.96 (+14.20%)DGNX Diginex Limited 10.50 +1.10 (+11.70%)Top losersMENS Jyong Biotech Ltd. 51.82 -9.68 (-15.74%)LRN Stride, Inc. 139.76 -18.60 (-11.75%)ABTC American Bitcoin Corp 7.08 -0.81 (-10.33%)RNA Avidity Biosciences, Inc. 40.22 -4.52 (-10.10%)RELY Remitly Global, Inc. 16.67 -1.49 (-8.20%)Most activeOPEN Opendoor Technologies Inc. 9.50 +0.43 (+4.69%)TSLA Tesla, Inc. 410.04 +14.10 (+3.56%)NVDA NVIDIA Corporation 177.75 -0.07 (-0.04%)SNAP Snap Inc. 7.46 +0.12 (+1.63%)GRAB Grab Holdings Limited 6.14 +0.14 (+2.33%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersGOOG Alphabet Inc. 251.76 +10.38 (+4.30%)OKLO Oklo Inc. 95.68 +12.97 (+15.68%)ASML ASML Holding N.V. 867.30 +53.43 (+6.56%)GOOGL Alphabet Inc. 251.61 +10.81 (+4.49%)UBER Uber Technologies, Inc. 98.85 +2.96 (+3.09%)Top economic events