How Bill Pay Works

Have you ever heard of bill pay?  If not, bill pay is a great thing that a lot of banks are now providing for their customers.  We all hate paying bills because it is always a hassle, we have to mail out 10 different bills to different addresses, get stamps, envelopes, and it can be pretty time consuming.  Since none of us like paying bills, the banks have provided an extremely easy way to do it now.

If you’re bank has bill pay, many do for example one bank that does it Bank of America.  What you’ll do is go online into your bank accounts.  Sign in and go to your home page.  You’ll see something that says bill pay, click on that, and you can pay your bills right there.  All you need to do now is simply type in the address of the bill that you’re going to mail, and then type in how much money you want to send them.  Click send, and right there, they will send the person or company your money. 

What is great is that all your billing companies and names will be saved so that the next time you want to pay your bill again, they will be saved, and ready to go.  That means all you have to do is type in how much you want to pay them. 

Bill pay is extremely easy, and is very beneficial.  People have been doing this for a while, haven’t seen any problems, and the money always gets delivered.  Once your bill goes through, your bank account will be deducted that certain amount of money.  You’ll just always want to make sure you have money in your account to avoid any fees.   Because obviously if there is no money in your account, you can’t pay your bills

So, if you’re looking for an extremely easy way to pay your bills, check and see if your bank has bill pay.  It is the best way to pay all your bills, and literally only takes a minute or two for your bills to be sent out.  Also, did I mention bill pay is FREE?

The Benefits of a Money Market

A lot of people have an ordinary savings account that is barely collecting any interest.  What people often don’t know is that you can make money on your money, in fact, you can make A LOT of money on your money. How can you do this?  Savings accounts like money markets are a perfect example. If you’re not informed on the many benefits of a money market, continue to read below.

Ordinary -  If you have an ordinary bank account at your bank right now, and you’re not even making 1 or 2%, it’s time to change that.  Open up a money market, and it will be the same thing as having a bank account like the one you have now. 

Banks will give you a good interest rate because you’re letting them borrow your money for awhile.  You can keep all your money safe in your bank account, but the catch is that you can only make a few transactions from the account each month.  Although, this won’t be a problem if you have money set aside in your checking account.  It is very easy, and is just like having an ordinary bank account.

Making money - What’s better than making money off your money that is just sitting there?  People underestimate the benefits of a money market, and how much you can really make off of them.  Imagine having a interest rate at 4 or 5% and times that by how much you’ll have in there.  That can be a lot of money made!

Good interest rates - An ordinary bank gives you awful interest rates.  It seems like every month or so you only see a couple dollar difference if that.  Stop getting a bad interest rate, and start getting an excellent one!

Rewarding - If you’re planning on retiring in a few years, the best way to make money is by letting the majority of your money sit in a money market for a few years. You should have one throughout your whole life, but to make even more money before you retire, a money market is perfect, and is very rewarding.  You’re actually making money, and not even working!

As you can see, money markets are very rewarding!  You’ll love when you get one, and will never want to go back to an ordinary savings account.  Just keep in mind all the benefits there are to having a money market, so that way to choose the right kind of account!

How to Save Money During a Recession

When times are tough, it is hard to keep a positive attitude.  We see that we have to start spending less money, and that it’s hard to save more money.  If you’re finding it difficult to add to your life savings during this recession, there IS hope for you now, and in the future.  Continue reading below for helpful tips on how you can start saving more money today.

Slash bills - First, you’re going to want to think of all your bills.  Write down all your bills, and how much they’re costing you monthly.  Are there any that you can eliminate or at least cut down?  For example, your TV bill, are you spending extra right now for HD or a large amount of channels?  If so, maybe cut back for a while or call them up to see if you can get it lowered.  Do this will all your bills, and you’re see a difference in no time.

Watch leisure - What are you doing for fun every week?  Are you going to the bar to have a few drinks, spending money at the movies when it’s $10 a ticket, or getting the latest electronics that come out?    Leisure can be very expensive if we don’t set a budget.  Set a reasonable budget for yourself, and find alternatives for leisure that are cost free.  Spring is coming, spend some time outside getting fresh air, and some exercise!

How do you save? - How are you saving your money right now?  Do you have the majority of it in your checking, your ordinary savings account at the bank or is it collecting interest?  The best way to save money, and make money is by making money off your money.  It is the easiest way to make money, and is very rewarding.  Open up a money market or a mutual fund now to start earning ALOT more interest.

Where does it go? - Try writing down every penny that you spend.  It sounds silly but it really helps you understand where your money goes.  You can see if you’re spending too much on food, leisure, on unnecessary bills, etc. 

Coupons - Use coupons as often as you can.  Everything that you spend money on you can easily get discounts for.  Whether you’re looking to spend money on your next oil change, to the next pizza you’re going to order or simply groceries.  There are always coupons out there so keep your eyes pealed!

Saving money during a recession may sound difficult, but if you spend your money wisely, and look to save as much as possible, you can make it a lot easier.  Consider the tips listed above for guidance and help during this recession.

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Disclaimer:This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.

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