I’m a Financial Advisor: 3 Types of Bills Millionaires Never Put on Autopay
Written by
Cindy Lamothe
Edited by
Jenna Klaverweiden
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Autopay feels like one of life’s little luxuries. Set it up once, and your bills are forever paid on time, late fees vanish, and your to-do list gets shorter. For most recurring expenses, it’s a no-brainer — why not make life easier?
Here’s the twist, though: Not every bill should be set up for autopay. Some expenses are better managed manually, especially when the amounts fluctuate, errors are common or oversight is essential.
To understand why, GOBankingRates spoke with Michael Foguth, founder and president of Foguth Financial Group, who shared the three types of bills his millionaire clients never automate — and why you might want to follow their lead.
Credit Card Bills
“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,” Foguth said.
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 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.
Large, Variable Utility or Tax Bills
Some 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 To GO: Oversight Is Beneficial for All
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.
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.
Caitlyn Moorhead contributed to the reporting for this article.
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