Prosper Lending | Borrowing Tips

These days, many of our payees offer online bill payment options. This is a great savings in money, not to mention time.Many credit card, utilities, and cell phone companies offer payments via an online bill payment service. The thing is, you have to create a separate account for each one of these and manage it separately. The best thing to do would be to set up these accounts through your bank. I personally have Bank of America and they have a great online bill payment service that is free. All I have to do is add each one of my payees and just remember one login and one password for all my accounts. You can manage all your payments via the web and never have to use a stamp again to pay bills! I pay an average of about 15 bills a month through this online bill payment service. Now let’s do the math on the savings:

• 15 * $0.39/stamp = $5.85 per month
• $5.85 * 12 months = $70.20 in annual savings =)

This doesn’t even include the envelopes, address labels, and checks. Another important thing this saves is time and you can’t put a price on that.One cool thing I want to mention about Bank of America’s bill payment service is that it compiles the spending data for you so you can see where all your money is going. They even have cool pie charts that is included in an annual report. In addition to Bank of America, I know that Washington Mutual has the same type of free service. I know because I setup the bill payment service for my parents. My mom is very meticulous and I know that she spends a lot of time with the bookkeeping and check writing of all her monthly bills. She was so happy to see that all of her bill payments could be automated. It was the least I could do for her for putting up with me all these years.