Wanna Save $73.80?
, 2004
Summary of the Year's Headlines
Now that the cost of mailing a letter - or a bill payment - has risen to 41 cents, it's time to take a fresh look at money-saving alternatives.
“Paying three-quarters of your bills electronically could save you $73.80 a year in postage, not to mention the cost of 180 checks”
Online Bill Payment
This is similar to writing and mailing a check each month, except you do it all online. Many banks offer online bill-paying services at little or no cost. You can set up account information for all of your monthly bills and, when those bills come in the mail each month, simply go online to the website of each company that sends you a bill and make your payment electronically there.
Direct Payment
You can authorize that funds be automatically withdrawn from your bank account for regular bills such as your mortgage, utilities, car payments and credit cards. There is usually no cost for this service. To get started, you'll need to enroll with the companies that send you monthly bills, authorizing them to debit funds from your account.
Either way, the savings can add up. The National Automated Clearinghouse Association estimates that an average household receives 20 bills each month. Paying three-quarters of those elctronically - 15 bills a month - could save $73.80 a year in postage, not to mention the cost of 180 checks.
Note: This communication is intended to provide general information about the subject matter covered or an idea that is discussed on this web site, with the understanding that HPHA is not rendering legal, accounting, or tax advice. You should consult appropriate counsel or other advisors on all matters pertaining to legal, tax, and accounting obligations and requirements.