My Dad gave me a great idea for a post and that is the benefit of automation. Automation is not only a time saver but can result in some reduced expenses and may even contribute to a higher savings rate.
Electronically Paying Your Bills
Most banks (or perhaps all banks) have an online portal to your account where you can set up bill pay. You are able to enter your different bills and pay them electronically each month. My bank even allows me to pay private individuals through this service and they will mail them a check at no cost to me.
Additionally, you can link certain accounts so that your bank will even notify you when bills are due.
You can essentially pay bills via this service one of two ways:
- Set up recurring automatic bills – this works well if the same amount is due every month.
- Manually log in and pay your bill when it’s due – this works well if the balance is different each month.