7 Ways Putting Bills on Autopay Can Save You Money
Written by
Katie Wudel
Edited by
Renee Ross
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Paying bills is a part of life, but it doesn’t have to be a hassle. Setting up automatic payments, or autopay, can make it easier and even save you money. Here’s how autopay can be beneficial for your finances.
1. Avoid Late Fees
The most obvious benefit of autopay is avoiding late fees. By setting up automatic payments, you ensure your bills are paid on time, every time. Late fees can add up quickly, so autopay keeps that money in your pocket.
2. Better Budget Management
With autopay, your bills are paid on the same day each month. This predictability helps you manage your budget better. You know exactly when money will leave your account, making it easier to plan your spending and savings.
3. Improved Credit Score
Autopay allows you to make consistent, on-time payments. Consequently, your credit score benefits. Autopay ensures that your payments are never late, which can positively impact your credit score over time. A higher credit score can help you get lower interest rates on loans and credit cards, saving you money in the long run.
4. Save on Postage and Check Costs
There are benefits to going paperless. If you’re still mailing checks to pay bills, autopay can save you the cost of checks and postage. Over a year, this can add up to a significant amount, not to mention it’s more environmentally friendly.
5. Reduce Stress and Save Time
 Autopay takes the stress out of remembering due dates. It also saves you time since you don’t have to manually pay each bill. This extra time and reduced stress are valuable and can indirectly lead to better financial decisions.
6. Potential Discounts from Companies
 Some companies offer discounts or incentives for customers who use autopay. These discounts, though small per bill, can accumulate to a noticeable amount over time, leading to more savings.
7. Fewer Impulse Purchases
When you know exactly when and how much money will leave your account, you’re less likely to make impulse purchases. This control over your finances can help you save more money and spend wisely.
The Takeaway
Autopay isn’t just about convenience; it’s a smart financial strategy. From saving on late fees and postage to improving your credit score and managing your budget more effectively, autopay offers several benefits that can add up to significant savings.
Consider setting up autopay for your bills and enjoy both the financial and practical perks it brings. Autopay can be beneficial for personal finances by helping you stay on track with your goals.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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