Automatically Pay Bills

A lot of companies you send checks to will automatically deduct monthly payments from your checking account or money market fund. Typically included are your mortgage lender, utility company and car-loan holder.

If just three bills are paid automatically you will save writing 36 checks a year and $11.88 in postage. Many auto lenders will lower the interest rate on your loan if payments are deducted automatically.

An expanding universe of other options exist for check-free bill-paying, but most involve mastering a computer program or other technology plus paying a fee. By the end of 1997, an estimated 4.5 million U.S. households were banking on-line through software programs. Typical fees usually range from $6 to $10 for 20 payments.

Source: Odious task #3 - paying bills. (1998, January). Forecast 98, 92.