3 Autopay Choices Millionaires Approach Differently -- Should You?
Autopay feels like one of those small life hacks that just makes sense so you can set it and forget it. No more late fees, no more remembering due dates, no more mental clutter. For most recurring bills, it's genuinely a great move, however, however, you may not be making the most efficient money moves to build your wealth.
In fact, some of the smartest financial habits come down to knowing which bills to keep a close eye on, and which ones are too risky to hand off to autopay. So, what bills does that include?
I Went Broke Because of Autopay: What I Wish I'd Done Differently
Read More: 9 Subtly Genius Things All Wealthy People Do With Their Money — That You Should Do, Too
Michael Foguth, founder and president of Foguth Financial Group, had some receipts on what his millionaire clients do differently, and the answer might make you rethink your entire billing strategy.
Credit Card Bills
One of the biggest lifelines (or, unfortunately, flatlines) to your finances can be how you manage your money when it comes to swiping your card or paying your monthly bill. It trickles down to everything from saving habits to improving your credit score.
"Autopay is convenient, but my millionaire clients are very selective about which bills they put on autopilot, Foguth said. "Even with plenty of resources, they avoid three categories."
According to him, 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."
Medical Bills
Medical bills, which can be ongoing and astronomic, are notoriously prone to errors, double billing, miscoding and insurance issues. This is why you should never blindly pay one, as it’s much harder to get your money back than to withhold until further inspection.
Learn More: Enter for a Chance To Win $500 in MoneyLion's Summer Break Giveaway (No pur. nec. Ends 7/4/26. See Official Rules at mlion.info/summerbreakofficialrules)
Foguth noted 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.
Large, Variable Utility or Tax Bills
Bills like property taxes or seasonal utilities can swing wildly from month to month, so autopaying them can become unpredictable for your monthly budget. Managing these variable expenses more effectively might mean paying them manually instead.
Foguth explained, "A $300 average gas bill can suddenly jump to $900 during a cold snap." 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.
Final Take: Have Some Oversight
The broader lesson here, according to Foguth, 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.
Taking a moment to check these bills can prevent surprises. It can also help you catch mistakes and even give you a better sense of where your money is going each month.
It's less about inconvenience and more about control -- knowing that every dollar is accounted for and working as it should. After all, staying engaged with your finances is one of the simplest ways to keep them running smoothly.
Cindy Lamothe contributed to the reporting for this article.
To help Americans navigate the added cost of summer, MoneyLion is giving away $1,000 every day through July 4. Enter the Summer Break Giveaway here (No pur. nec. Ends 7/4/26. See Official Rules at mlion.info/summerbreakofficialrules)
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
More From MoneyLion:
