We all have “senior moments” and briefly forget a name, something at the store, or even why we went downstairs in the first place. Such a slip-up might be embarrassing or disconcerting, but it usually doesn’t cost anything—unless the moment is financial in nature, such as forgetting to pay a bill. In that case, online bill payment can be a lifesaver.
A quarter of Americans pay their bills late and the top reason—cited by 61% of late payers in one survey—is that they simply forgot. The No. 3 reason is they lost the bill and No. 5 is that they procrastinated past the due date.
In each of those cases, online bill payment is an easy fix. With bank payment tools and many other apps you can enter a payment in any amount the day you get a bill, and choose the day you want to make the payment. Done. No forgetting. No lost bills. No procrastination issues.
Better still, you can set automatic monthly payments for recurring charges like a mortgage or car payment. You may want to set automatic minimum monthly payments for a regularly used credit card—so that you won’t incur a late fee if you miss a payment. (You will, however, suffer an interest charge if the balance is not paid in full.)