Saturday, January 3, 2009

$100+ saved with Online Bill Payment

A few days ago, I posted about the interest earned on my ING Savings accounts in 2008. On a lark, I calculated the savings from using online bill payments (ING Electric Orange) to pay most of my bills. Last year, I made 166 payments. At 42 cents postage per bill, the minimum amount I saved was $69.72. If you add in the cost of a box of envelopes ($7 for a box of 50) and gasoline to deliver some of the bills to the post office, I probably saved $100.

Furthermore, I could confidently schedule the payment of bills close to the due date without fear of incurring late fees or interest charges.

2008 Late Fees Paid = $0

2008 Credit Card Interest Paid = $0.


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