Ten Minute Tip: Setup Online Bill Payment

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Get your checkbook, find ten minutes, and setup online bill payment for your credit cards, mortgage, and any monthly recurring bills you may have. Even if you don’t like the idea of paying online because you don’t “trust” that the payment will make it on time, set up the online bill payment just in case. Murphy’s law states that if you forget to make a payment to an important bill, you’ll make that mistake after the post office has closed… so beat Murphy at his game by setting up online payment so you can log on late at night and push the payment you forgot.

If you need an additional incentive, think of all the trees you’ll save by not using envelopes and all the money you’ll save by not having to use stamps (which will only get more and more expensive). Plus, if you setup online bill pay with a credit card, you can even earn points for paying with your card!

{ 5 comments, please add your thoughts now! }

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5 Responses to “Ten Minute Tip: Setup Online Bill Payment”

  1. Sydney says:

    I never let anyplace con me into automatic payments because since I usually have around $100 in my bank account at all times, sometimes less, if they make a mistake and take too much or too early, then I’m screwed in a big way. Overdraft fees from my bank and then if I bounce anything, fees from that.

    Auto payments are nice, but instead I use my calendar to remind me when things are due. I do most payments online, but I do them manually when my computer beeps at me and says “Pay your bills, you’re a grown-up now!”

  2. jim says:

    Sydney: In this particular case, I’m not talking about automatic payments but just linking things up. I agree with you, manual payments are crucial, I don’t like auto-payments either.

  3. iarenoob says:

    Web bill pay is wonderful since you can set reminders to pay your bill (if you do not have it set to automatic). For those of you who have your budget laid out you can have that money taken out every month, every day, every week, whatever you please!

  4. Mrs. Micah says:

    Indeed. Mr. Micah and I have set this up. We pay online, a few days before it possible but sometimes we just squeeze in.

  5. Mark says:

    There is nothing wrong with automatic payments, especially if you manage your bank account well enough. I only use it for a few things like my AT&T account among other things. One suggestion is if you are concerned with bouncing your bills is to set a date after your paycheck but before the deadline.

    Another suggestion is to set up the online payment for 80 percent of the bill, in other words, if the bill is 100 a month, set it up for 80 dollars a month and when you are confident you will have $20 dollars to pay the difference between now and the next deadline, you can easily send off the difference separately as a manual payment. I find this works for me well and the companies I pay rarely complain. I don’t know if this suggestion would work for anyone but it does for me and my bank account has been happy ever since.

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