No matter how old you get, you never outgrow bills. Paying your bills on time helps keep your credit score high and can prevent you from paying a lot of extra fees. But paying bills can be a tedious and time-consuming task. One solution to make it a little easier is using automatic bill payment services.
When you set up automatic bill payments, you agree to have the money for a monthly bill automatically transferred out of your bank account to the company or lender you're paying. You'll choose a date — often the due date for the bill — and the amount you want to pay. Once it's set up, you don't have to do anything else to pay those bills. The money comes out automatically each month.
You can set up these automatic payments through each lender or company. For instance, you can go to your credit card online account and set up the auto pay option. You'll enter your bank account information and other details, such as when you want the payment to occur. Banks also usually let you set up automatic payments through your online bank account. You enter information about the company that should receive the money as well as the amount you want to send and when you want it paid.
Setting up automatic bill payment means you don't have to write checks every month or remember to make an online payment. It's a convenient option for older adults. Some of the perks include:
Despite the convenience, auto bill pay comes with some potential drawbacks. Understanding these cons can help you avoid them. Some potential negatives include:
Looking at the pros and cons of automatic bill payments can help you decide if it's a good option for you. Here are some tips to make it more effective if you decide to try it:
Another way to simplify your finances is to move into an assisted living community such as Collinwood. You'll enjoy the community amenities included in your monthly costs. Your utilities, cable TV and internet are all included in what you pay to live here, which means you'll have fewer individual bills to pay.
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