Save Money by Paying Bills Online
I have used online bill pay since March 11, 2011 when my bank sent me an email asking me to sign up for online bill payment and offered me a $50 bonus for registering. At the time, I signed up just to receive the $50 bonus, but as time went on I continued to use online bill payment because of the convenience and monetary savings. Eventually, I realized this habit had saved our family a significant amount of money in the past seventeen months.
I did some figuring and broke it down to see how much money I have saved over the past seventeenth months. I currently have twelve bills that I pay every month and one bill that I pay twice a year.
I wasn’t sure about the cost of a postage stamp since the invention of the Forever Stamp, so I had to check online to make sure that a postage stamp costs 45 cents.
My checks come from Carousel Checks, since they have always been the least expensive checks for me. I can order only half a box of checks, since one box will last me for years, which is 125 checks for $3.99, which works out to 3¢ per check.
Cost of Checks 3¢ per check
Cost of Stamps -45¢ per stamp
12 monthly bills would cost me $5.76 per month
4 bi-yearly bills would cost me $1.92
Yearly Cost $71.04
Total Cost Saved Over 17 Months: $100.08
This amount might not seem significant to some people, but to me $100.08 would go a long way in my budget because every penny I save is a penny I don’t need to earn. It is enough money to pay for at least four of my monthly bills. For many people this number will be significantly higher depending on the number of bills they have each month.
If your bank charges for online bill pay you can shop around and find a new bank that does not charge for this service. Banks need your business and there are many large reputable banks that offer free online bill pay. Personally, I bank with First Tennessee and have been very pleased with their online bill pay service.
Do you use online bill pay? If so leave a comment and tell us about your experience with online bill pay.
© Belinda Richardson and Frugal Workshop, 2012.
“Use it up, wear it out, make it do, do without”