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How Online Banking Can Save You Hundreds

Published September 27, 2019

3 minute read

Joshua Williams

By Joshua Williams

No one likes paying their bills. When you sit down each month to do your budgeting, it can be a real struggle for many families to make ends meet. Stretching your dollars to cover all the costs may leave you feeling strung out before all is said and done.

But what if I told you there are simple ways you can save money just by switching your old bill-paying habits? Thanks to the growing convenience of the Internet, thousands of businesses from insurance agents and mortgage companies to cell phone service providers and utility companies now offer their customers the option to pay each month online.

Cut Down on Checks

Depending on how much your bank charges you each time you order checks, you could save $40 to $100 a year on the cost of checks alone. Cutting back on the number of checks you write by directly connecting your accounts to your checking account or credit card is a real money saver.

Credit Card Rewards

Another perk, if you happen to use a credit card with a rewards program, is that every time you pay your bills, you’ll earn rewards that can be used toward flight points and free products, depending on your program.

Cut Out Stamps

The cost of stamps seems to go up every six months. While $9 might not seem like much to drop on a book of stamps, you will spend around $100 on stamps throughout the year if you’ve got 10 to 20 bills to pay each month. Combined with cutting down on the cost of checks, you’ve already saved around $200 by switching to online billing.

You can also save money on gas if you have to drive to the post office to drop off your letters, and with the cost of gas always on the rise, an opportunity to save a few dollars on gas is always welcome.

Paperless Billing

Many companies also offer their customers a monthly bonus for choosing paperless billing and setting up an auto-pay feature with a valid credit card or bank account. If 10 companies offer you a $3 to $5 credit even once for signing up for paperless billing, that’s another $30 to $50 in savings.

Avoid Late Payments

Mailing back your payments every month occasionally puts you at risk of late payments. Many of us wait until the last minute to drop our payments in the mail. So, when they arrive late, we wind up paying a late fee during the next billing cycle.

Online billing allows you to wait until the last minute and still pay before the due date without incurring any late fees. Late fee charges can range anywhere from $25 to $30, so consistently paying late can add up over time.

Start Saving Now

They say the economy is getting better, but unfortunately, most of us haven’t seen the boost yet. Every opportunity to save money is welcomed, as so many of us struggle regularly to make ends meet.

On top of the financial struggle, many of us work so hard, we barely have time to sit down and budget properly. Taking a few minutes to set up automatic payments and online billing will save you time and money, and you can’t beat that! Don’t have a bank account yet? Find about about the real cost of living without a bank account so you can decide if you want to sign up for one in the future.

Joshua Williams

Contributor

Joshua is a freelance writer with years of experience blogging about business and finance, and a whole host of other things too. When he's not writing, he enjoys camping with his dog, a golden retriever named Oakley.

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