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Money Girl

229 MG Use Online Bill Pay to Save Money

Find out how to spend less money and time paying bills.

Broadcast on:
03 Aug 2011
Audio Format:
other

Find out how to spend less money and time paying bills.

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Contact us before canceling entire account to continue bill credits or credit stop and balance on a required finance agreement to bill credits and if you pay off devices early, ctmobile.com. Hi, friends. You're listening to the Money Girl Podcast. I'm Laura Adams. Before we get started, I'm excited to tell you about my new ebook, Money Girl's post-graduation survival guide set yourself up for financial success. If you're worried about your financial situation but aren't sure what to do or where to start, stop stressing. No matter how much you earn or how much you owe, you can take control of your money and it won't be nearly as hard as you think. This special edition ebook will give you the guidance, tips and tricks you need to make the most of your money for just a couple bucks. Download your copy from online book retailers like Amazon, Barnes & Noble and the iBook store. Many people use online banking to check their account balances or to transfer funds between accounts. But if you're not using your online bank account to consolidate and pay your bills, you're missing out on the best part. How online bill pay works is pretty simple. You enter a person or company you want to pay and the service sends your funds electronically or prints out a paper check and mails it to the payee. You can receive, view and pay an unlimited number of bills for up to a year in advance of the due date on one website. I'll discuss more about the security of paying bills online in just a moment. Most large companies, like lenders and insurers, are set up for electronic payments. So your funds can be received in a day or two when you use online bill pay. But if you're like me, you also need to pay small companies or individuals who don't accept electronic payments. That's no problem because as I mentioned, the bank's bill pay service actually cuts a check, puts it in an envelope and mails it to anyone in the United States for free. Since paper checks take three to five business days to arrive, the system prompts you to enter the day you want the check to be received. So there's enough time for processing and delivery. I can't say that using online bill pay makes paying bills fun, but it sure makes it easy. You never have to write a check again. You just click a few buttons instead. Plus, you save money by eliminating the expense of paper checks, envelopes, and stamps. Not to mention the time that you save paying bills from one place online. Imagine spending just 10 or 15 minutes each week to pay bills instead of toiling away for hours. In addition to paying bills, most bill pay services offer the following five features to help you stay organized and manage your money better. Number one, aggregating e-bills. You can have electronic copies of your bills sent directly to your bill pay center instead of to your email inbox, which centralizes your information. Number two, alerts. For each biller that you set up, you can create customized email alerts that inform you when an e-bill has arrived or remind you about the due date. That's a really handy way to make sure your bills are paid on time so you eliminate late fees and boost your credit score. Number three, history. At a glance, you can see all your pending online payments and the payment history for each biller in your system. Number four, multiple accounts. You can choose to pay a bill from multiple accounts that you might have with the bank, like a checking or a money market deposit account. And five, automatic payments. For bills that you pay on a regular basis, you can automate them by setting up recurring payments. Just be sure that you have a good handle on your available funds so you don't overdraft your account. Dave's your supply chain wizard. He also has diabetes. Maybe it's time for a group dental plan with support for chronic conditions. Grin from within, United Concordia Dental. Learn more at grin with ucd.com products under written by United Concordia Insurance Company. The five dollar meal deal at McDonald's means you get to pick between them a double or a chicken. Then get a small fry, a small drink, and a four piece McNuggets. That's a lot of McDonald's for not a lot of money. Get the five dollar meal deal today. Prices and participation may vary. We're limited time only. Earning your degree online doesn't mean you have to go about it alone. At Capella University, we're here to support you when you're ready. From enrollment counselors who get to know you and your goals to academic coaches who can help you form a plan to stay on track. We care about your success and are dedicated to helping you pursue your goals. Going back to school is a big step, but having support at every step of your academic journey can make a big difference. Imagine your future differently at Capella.edu. If you're ready to get started paying your bills online, the first step is to make sure that your bank or credit union offers it. If not, I recommend that you switch to a high-yield FDIC insured checking account that charges absolutely no fees and comes with free online bill pay. You can find one of these great bank or credit union accounts at sites like checkingfinder.com and depositaccounts.com. Once you've created your online banking account, you can register for the bill pay service and get started. To set up the companies and people you want to pay, you enter their name, mailing address, and your account number if you have one. There's no need to enter all your payees at once. Simply enter each paper bill or e-bill as you receive it. Once you save this information in the system, all you have to enter is the amount to pay and the date you want the biller to receive your money. When I talk about any type of online money management, people always want to know if it's really safe. It's crucial to understand that most identity theft does not occur due to computer hacking. In fact, most cyber crimes happen when a thief steals your wallet, your trash, or reroute your incoming mail without you knowing. One of the best ways to protect yourself from identity theft is to stop sending and receiving paper documents through the mail that have your confidential information, like checks, bank statements, credit card statements, and bills. When you switch to e-bills and e-statements, you're in control of your sensitive information and can password protect your computer or mobile device. Banks use the highest levels of security and guarantee protection against unauthorized transactions. Additionally, you can give yourself an added layer of protection by logging onto your bank's website using a secure internet connection only. Never access your financial accounts from an open wireless network, like in a coffee shop or library. By monitoring your account activity and setting up strong passwords that you change on a regular basis, you can reduce the likelihood of fraudulent activity. For more tips about how to stay safe, be sure to listen to podcast number 199, 8 Tips for Identity Theft Protection. Online bill pay can simplify your financial life by eliminating expenses, reducing the amount of paper you have to handle, and saving time. So you can spend it doing something you enjoy. You'll find links to the resources I mentioned in this show, episode number 229 on the Money Girl section of quickanddirtytips.com. While you're there, be sure to sign up for the free Money Girl newsletter. There are lots of ways you can connect with me or ask your money question, like Facebook. You just do a search for Money Girl. Twitter, my username is @lauraadams. LinkedIn, just do a search for the Money Girl Personal Finance Group. Google Plus, I'm there under my name, Laura Adams. You can email me at money@quickanddirtytips.com or leave a message on the voicemail line, 206-333-1610. And of course, if you're not already subscribed to the podcast on iTunes, that's where most people get the show, because you can get each new episode as soon as it's released on the web. I'm glad you're listening to Ching. That's all for now. Courtesy of Money Girl, your guide to our richer life. Imagine earning a degree that prepares you with real skills for the real world. Capella University's programs teach skills relevant to your career, so you can apply what you learn right away. Learn how Capella can make a difference in your life at Capella.edu. Life can throw a lot your way in the morning. You might be battling drop-off times, while your kids are battling imaginary monsters, or their shoelaces. But no matter what life brings, life cereal puts a smile on everyone's face. With 24 grams of whole grains and unexpected sweetness in every serving, it's sure to please even the pickiest eaters. Help start your mornings with life cereal. I really love my life. [BLANK_AUDIO]