By automating your bill payments you can avoid the stress that comes with missed due dates and penalty fees.
Making the effort to get organised and streamlining your finances can save you time and money. Here are three easy steps to help get you on the right track.
Step 1: Consider consolidating
Some people juggle multiple bank accounts so they can keep everyday spending separate from money they need to pay bills. Others have a joint account with their partner and keep another solely in their name. But if you’ve got a bank account or a credit card that you hardly use, it may be worth closing that account to save on monthly account fees.
The same principle applies to your super account. If you’ve moved jobs you may have several accounts; by bringing your super together in one you can avoid paying multiple sets of fees.
Step 2: Avoid late payment fees and automate
Late fees are the most common consequence of not paying bills on time. So knowing when a payment is due means you can avoid getting stung by late fees. Many companies also offer a reduction on bills for early payment, so remember to check your bill.
You can get your bills sent straight to NetBank and the CommBank app so you can see, pay and track them all in one place.
Once you have a system that works for you, there are a variety of ways to pay:
- Schedule a bill to be paid automatically
- Set up a direct debit so a biller deducts a payment directly from your chosen account
- Make a transfer from your account to the biller
- Pay using BPAY either straight away or as a scheduled payment to be deducted at a later date.
You can set alerts and reminders in NetBank and the CommBank app so you’re warned before a bill is due. And you can also schedule automatic bill payments using credit card AutoPay and BPAY View AutoPay.
Step 3: Go paperless
For many companies, paper bills are a thing of the past and something they charge to mail out, so it could be cheaper for you to opt for online statements and bills instead. Online statements and bills also mean less clutter since you can download, save and print them out only if you need to.