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BillPay, here I come!

February 23rd, 2007 at 02:10 pm

I was reading Pat's blog yesterday(http://patverettosfrugalliving.blogspot.com/) when it dawned on me that before long, I will be paying almost $1 for every two pieces of mail that I put into the mailbox! I was stunned! Doesn't that seem like a lot of money to mail two bills? So, I'm doing something that I should have done a long time ago. I'm finally jumping on the "online bill pay" bandwagon. I'm sure that most of you are already on that wagon. I'm not the most computer savvy person around, so I've been dragging on feet on this money saving option. NO MORE! I set up my first online payment today and it was very painlessSmile

The cost of a first class stamp is going up to .42. I mail approx. 10 bills every month. That means I will be paying $50.40 every year to mail my bills! Not THIS tightwad...not anymore. I only have one bill that can not be paid online. So, now the US Postal Service will only get a measly $5.04 from me. Oh, I'm sure I'll have the occasional bill or whatever that I'll have to send through the mail, but not very often. I opted several years ago not to send out Christmas cards anymore. All of my family live close so I don't have to send birthday cards or packages to far off relatives.

My new mission: Avoid the post office at all "costs"....

8 Responses to “BillPay, here I come!”

  1. Amber Says:

    I love bill pay, I have been paying my bills online now for at least 6+ years...you'll like it

  2. Lux Living Frugalis Says:

    When does the increase take place??

    I've been budgeting 78 cents a month for my last two snailmail bills for awhile now! I love bill-pay and auto-deduct. YEAH!

    Razzlefratzle, raising my costs by a nickle - it may seem like small change to other people, but drat it all, I do get SO tired of people increasing the prices on everything while wages stay stagnant here!!

  3. moneycents Says:

    You are aslo saving by not having to buy checksSmile

  4. monkeymama Says:

    Gosh I hadn't heard the rate raise.

    I am writing on average 4-5 checks per month. Gardener, preschool, car payment (all hand delivered) and then mail/hand deliver a couple here and there. But everything else is bill pay or even better yet through credit card where I earn 1%+ back. Woohoo.

    I agree - 3 cents ain't much, but come one, on a percentage basis US mail is getting expensive very fast. AND to boot the mail service has been declining if you ask me. Lately stuff keeps disappearing for weeks.

    I am glad to pay most my bills electronically to avoid the hassles of late payments due to slow mail.

  5. rduell Says:

    I hadn't heard about the postage rate increase either. I'm glad I went to paying every bill I can on-line a couple of months ago. I only have about 3 that I have to mail in.

  6. Ima saver Says:

    I am still in the ice age and pay bills by mail. I am not computer savvy at all.

  7. scfr Says:

    I love bill pay too because it is so easy. I like being able to set up payment for bills a couple weeks in advance.

    But I will point out one downside to bill pay that I have never seen discussed, and I think this is why the banks are promoting bill pay so heavily. The funds are debited from your account the very same day you instruct your bank to pay the bill. This means you lose at least a few days interest (because when you send a check by mail your account isn't debited until the check clears the bank). In one example, I sent a gift check via bill pay. The recipient did not deposit the check for a few months and I found out because the bank sent it back because it was past the allowed length of time to deposit the check. What I realized was that for several months the money had been out of my account (and not earning interest) but had not been in the gift recipients account, so obviously the bank came out WAAAAY ahead on that one.

  8. Lux Living Frugalis Says:

    I try to use the merchant's portal to pay my CC bills, and auto-deduct on most utilities which I think would eliminate what scfr is talking about.

    There is only one of my utilities that doesn't have it's own portal and I used to write out their check and hand deliver - it's rural water and it's about 1/2 mile over and on the way out of the neighborhood, but once our bank went to FREE bill pay over their former $5.95 a month gouging, then I started letting them physically mail out that bill.

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