NEW YORK (MONEY Magazine) -
You open 'em, toss 'em on the desk...and forget 'em. If you frequently find unpaid bills weeks past their due dates lying beneath a pile of papers, it's time to automate.
Solution: Bank online
Not only does postponing bill paying put you at risk of needless late fees and tarnished credit but it also leaves you grimacing at the end of the month when you're forced to empty your bank account to cover an entire stack of bills at once.
And consider this: Research has found that people who pay their bills immediately are happier than those who wait.
These days, nearly every bank, big or small, is online, and most offer electronic bill paying for free or, at most, the cost of a month's worth of stamps. To get started, all you need to do is enter your account and Social Security numbers and pick a password.
Even inputting your biller's address and phone number has become pretty easy. Many banks have information on hundreds of billers stored at their sites. You simply pick your cable company or insurer from a menu and enter your account number. If setup still feels daunting, take three minutes to input each bill when it arrives, thus spreading the job over the month.
Once the data entry is out of the way, see if your bank will let you schedule automatic payments for bills that don't change from month to month. Aim to pay the rest as soon as they come in. Most sites let you schedule payments for a later date.
Just don't cut it too close. Even though your account will be debited on the day you select, your biller may not receive the money for three to five business days.
Investment: Five minutes to set up the account; three minutes to enter each bill
The payoff: No more stressing over lost bills or getting socked with overdue charges.
Problem 2: Too much telecom
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