Tips for Online Bill Pay
Paying monthly bills is not a fun thing to do. Sitting down to write all of those checks can actually be very stressful, but using online bill pay can eliminate that. Paying your bills online is faster and more convenient, and it can even save you a bit of money. Instead of filling up your check book with monthly bills, setting up online bill pay can save you time every month. Paying your bills online also saves you money on stamps and you’ll have to buy checks less often.
Recurring Payments or Manual Payments
Choosing between manual bill payments and recurring payments depends on how much your bills fluctuate from month to month and how tight your budget is. If you are worried that you won’t have enough money for groceries after paying your mortgage, you might choose to manually pay your bills online, so you can decide when that money leaves your account. On the other hand, if you don’t want to be bothered with actually paying your bills, you can set up recurring payments, so the money is automatically transferred at the same time every month.
Splitting Up Payments
One way to easily pay all your bills without draining your account at any one time is to split up your payments. If you have smaller recurring payments for your car payment each week, you can pay the entire amount by the due date without taking the entire amount out at one time. You can do the same thing with other bills like your electric bill, by calculating the average monthly payment over a 6 month period, dividing by 4, and paying that amount weekly. You’ll over pay some months, but that will build you a credit balance that you can use in the months with bigger electric bills.
These tips will help you use your online bill pay to your advantage. With this system, your bills will practically pay themselves, and you won’t have to worry about a bit of it.
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