Does anyone like paying bills? Opening your mail, checking the balance, seeing it isn’t due until next week and putting it down, panicking – oh no the bill is due today. Save the stress and time – set up automatic bill payments. Paying bills automatically also ensures you don’t miss a payment and end up paying interest.
This will make your life easier and your credit score better. Most bills you pay impact your credit score. We all expect a late payment to our credit card to impact our credit score but late payments for cell phones, utilities, and other bills also show up on your credit. Being late on payments is a red flag on your credit report that can cost you money.
Three steps to save time every month
1. Check for any promotions – I saved $25 off my energy bill by setting up auto payments
2. Set up automatic withdrawals for all of your reoccurring bills
3. Use the time you reclaimed each month to track your budget
Still not convinced?
What is holding you back? For most people it is simply inertia. The effort to set up an automatic bill pay is the same as paying a single entry. Most companies would prefer auto pay as it decreases their admin as well; as a result they make the application quick and easy.
What if your bill is wrong? This sounds scary – they could charge the wrong amount or worse. Setting up automatic bill pay doesn’t stop you from reviewing your bill, calling in with any errors, and ensuring you aren’t over charged. It just takes the mundane work of paying bills every month out of your life. And let’s be real, if you didn’t take the time to check your bills and call in to fight wrong charges before this isn’t going to change that.