Lots of us have a bill we dread each month. For some, it’s that pesky student loan payment. Others can’t stand those winter heating bills. But some financial experts suggest you can take some of the pain out of paying your monthly bills by setting up an automatic bill payment plan.
Just like automating your savings, automating your monthly bills can help you keep on top of your finances – particularly when it comes to avoiding any penalties that come when you forget a payment. Automating monthly bills can also take a bit of the psychological sting out of writing those checks each month. At Ally, Bill Pay comes standard with our Interest Checking account. You might even be able to pay some of your bills with Popmoney, an easy-to-use person-to-person (or “P2P”) system.
And the benefits of automating your bills go further than that. Electronic bill pay means less mail, which is good for the environment. And paying online gives thieves fewer opportunities to intercept sensitive financial information through the mail.
But don’t let automatic bill pay lead to financial neglect. It’s probably a good idea to continue to keep records of which bills are due each month, and to keep an eye on your bank or credit card statement for any errors or inconsistencies. If you ever have questions or spot a mistake, be sure to contact the company you’re paying as soon as possible, as well as your financial institution.
Do you use automatic bill pay to ease the stress of paying your monthly bills? What bill are you least happy to see each month?