I have a neighbor who used to drop all the bills in the mail right after he picked up his kid from daycare on Friday afternoons. It became a habit for them. Dad would pick up junior, drop the bills in the mail, and come home for supper. Then dad signed up for a bill paying service. As the father and son duo drove home, the son asked, “don’t we need to pay the bills?” The dad responded, “No son, we signed up for a bill paying service.” The son said, “So why do you still go to work?”
It would be nice if there was a company that would pay our bills no questions asked, but that’s not how the world works. A service hat will write all of the checks and handle all of the paperwork can’t be too bad either. Online bill pay is a relatively new part of finance, but it’s made life easier for some of us. Here’s 5 different ways that online bill pay services will save you money.
Less paper – With an online bill pay service, you no longer have to buy as many checks, envelopes, stamps and pens! Instead you can fill out a few simple forms online and take care of all of that electronically.
No More Late Fees – When Blockbuster said they were getting rid of late fees, they were probably full of it. But now online bill pay will eliminate the possibility of late fees, since your payments are sent automatically. As long as the money is in your account, you’re golden.
More Free Time – Your time is worth something to you. Don’t let it go to waste by performing menial duties all the time if you can automate them, Roomba anyone? Since you don’t have to pay the bills anymore, you’ve got more free time for friends and family.
Service Discounts – If you pay online, you are usually saving you and the company that is billing you money. Some utilities will often give you a discount if you pay online as opposed to in the mail.
More Control – Now that your money is deducted automatically when you pay a bill, you have a lot more control over the exact dollar amount that you are sending off. You’re money’s not in financial limbo anymore, and you know exactly where it’s at. You don’t have to worry about when a check will be cashed, because now you know when it will be cashed. This will make it easier to put money away for the future and sooner, so you can get more interest for your buck.