Automate Payments to Save Time and Money

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Automate Payments to Save Time and Money

Automate Payments to Save Time and Money

Paying bills on time is imperative to for a good credit score.  Just one or two late payments can really affect your credit which turns into higher interest rates and those costly late payment fees can really take a toll on your budget.

Luckily, staying on top of your bills is easier than ever.  Just about every bank or company you do business with now has the option of automatic payments these days, so there is no excuse for any more late payments.

Set it and forget it

The best part about automatic payments is that you set it up one time and you are done.  No more time spent month after month writing checks and wasting money on postage. Or logging into multiple online accounts every month to schedule a onetime payment. Not to mention trying to remember you log in for each and every site.

Pick a method

There two options when setting up automatic payments.  The first is to set up auto pay with the company you are paying. These days just about every company has a direct payment or auto pay program.  All you have to do is give them permission to withdraw your monthly payment from your bank, credit union or credit card.  

The second is to set up auto bill pay through your bank.  All you need to do to set this up is log into your online banking site and tell the bank who you want to pay, how much money to send monthly and what day of the month to send the payment.

It doesn’t really matter which method you use, either is pretty easy and it is a one time deal.  You don’t have to do anything more once after the initial setup.

Use alerts and reminders

Once you have you automatic payments set up you need should set up a system to keep track of when and how much money will be coming out of your accounts.  This way you will always have a heads up on how much money you need to keep in your account to make sure you are not hit with overdraft charges or late fee charges.

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Most banks and other companies that offer auto pay have the option of sending you reminders either via email or text as to when and how much money will be taken out of your account. If this is not a feature that is offered then you can set up calendar reminders or alerts on your smart phone to give you a heads up so you can alway be on top of things and avoid costly charges.

By using the automatic payment method you will streamline the process of paying bills every month which will save you a ton of time.  It will also keep one step ahead on paying bills on time every time which will improve your credit history and will save you money in the long run. And keep you on your path to having a strong financial future.

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Automate Payments to Save Time and Money

Automate Payments to Save Time and Money

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