Every month it is the same routine: pay my internet bill online, then walk around town to pay the rent, water and electric bills. I would love to pay these online but the landlord and the water company are not set up for this and the electric company wants to charge almost $3 for the privilege.
It takes a couple of hours (if not longer) to walk to these places, stand in line and (finally) pay the bill.
As I was writing the checks out this month it occurred to me that even if it cost 50 cents a stamp to mail them I save only $1.50 when I walk around town to pay them by hand. This means I’m saving only 50 to 75 cents an hour for my effort.
If I started mailing in these payments I could free up this time every month to work on my business or write my next book. If I could use this time to generate just one extra book sale a month I would earn more money than I save by using that time to walk around town and pay bills.
Not too shabby for the price of a stamp.
I was rather surprised at that revelation; I’m so accustomed to saving money it never occurred to me that my thrift could actually cost me money especially on such a simple subject. As a result I mailed in two of the three bills this month and hope to get permission from the landlord to mail in his rent payment as well.
Periodically we all need to analyze the things we do to see if they save us money or are costing us instead. Sometimes the results are surprising.
Have you ever analyzed your habits to discover that one of your habits was costing you more than you gained? Please share your stories in the comments below.
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12 Comments
Hi, I use online bill paying with my credit union, and I can send out checks through them for bills not set up to take online bill paying. I am not sure how they get their money for postage, but I know I only pay for my personal checks which I rarely use anymore. I’m guessing it is paid through funds where folks are charged for being overdrawn or penalties. Anyway, this has worked great for me.
I have not written a check in about 15 years. I use bill pay for everything. I can’t imagine that your electric company won’t accept bill pay. Maybe they want to charge you $3 to pay from their site. There are still some people who don’t understand the concept of bill pay. I just ask “Can I mail you a check” that works each time. I bet your landlord would not mind either…
I pay my Internet online and saved almost $5 a month off the bill when I registered a card to use when I tell them to. I pay the auto insurance online or over the phone, over the phone if the bill generated before the actual was figured it’s cheaper, and neither has a convenience fee. If I pay it 6 months in advance I save anywhere from $30 to $100 because they don’t add $5 to send a bill each month.
I only have two bills, one is for my internet I drop this off in an outdoor lock box rather than dealing with standing in line. My rent I pay in person and have never had a problem with a line. Sure it takes me a bit of time to run these errands as I do them on the same day, but it’s nice to get out and have a purpose to wander around town. I do see your point, but for me I have plenty of time and am happy for the excuse.
Like the poster above said, I use my credit union bill pay service. It allows me to pay any bill online free of charge. If the person or company isn’t set up to receive online payments they mail them a check. It works wonderfully and allows me to schedule payments for whenever I’d like them sent. Just one of the many reasons I <3 credit unions.
You are correct that your time is worth more than 75c per hour. There is no doubt about that. But did you also consider the fresh air and exercise you are getting by walking around town to pay your bills. AS you see there is more to consider than the dollar value.
Not only are you saving yourself time for more productive work, you are helping keep the post office afloat. I would hate to see the post office taken over by a for-profit corporation and watch the price of stamps increase much more frequently!
Although the walking is good exercise…
Walking is a good exercise, but at a point… It seem like Anny has to walk several hours just to go pay her bills.
I am like Anny, I walk by way around, but I sometimes I used public transportation. Enough of walking, especially in the cold winter.
I like Anny the way you are soooo old fashion!!! Its fantastic, reading someone who’s doing the efforts to save like that. I love it.
I pay online through my credit union too–but many utility companies let you log in to your account and pay online w/o having a credit company. usually for free.
That’s too bad you can’t pay all of them online. Thankfully I can do so. Does you bank offer online bill pay? I don’t have to use that now but I used to in past.
You make A LOT of sense.
I receive all my bills via email and pay them all online with my debit card. The only one that I need a check for is rent and that gets dropped off @ the office on my way out of the parking lot of my apartment complex. EASY. My Energy company charges pay by phone but not for online.
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