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Out of Debt, Into Savings
It's a simple fact: Times are hard. Credit card debt is at an all-time high, while millions of Americans live without a safety net of savings. Mortgages are a mess, the gas pump leaves you gasping, and you can't even escape to the movies without paying a ridiculous $5 for popcorn. But you don't need to wave a magic wand and win the lottery or even give yourself a big raise. One thing you can do is start managing your money online. It's pretty simple. My wife and I have been banking online for years. Once you learn the tricks -- how to use the tools and resources -- you can save and even make more money. You could say you owe it to yourself.Get Started
Sign up with your current bank (most have an online component). Or check out larger banks like Chase and Bank of America; they have easy-to-follow demonstrations on their websites. Avoid banks that charge for online banking or that limit the number of bills you can pay for free.
Basics: Online banking saves you time and saves you late fees -- which in turn helps safeguard your credit rating. To pay your bills, enter the names and addresses of payees. Many companies will already be listed, so you'll just need to type in your account number.
Automatic Payments: You can manually request payments, which gives you the most flexibility, but it's best to set up automatic payments, especially for the mortgage and car. Don't dismiss smaller accounts, though. We pay our son's cello teacher automatically, for instance. In either case, just select a payment date (and an end date).
Bonus: My wife and I got a quarter-point shaved off our mortgage interest rate by signing up for auto payments, and our home insurer waived the installment billing fee.
Other Options: For bills that vary month to month (your phone bill, credit cards, utilities), set up "e-bill" payments and request minimum or full payment. Your bank will alert you by e-mail that your bill will be paid, telling you when the transaction will go through and the amount to be sent. You can always view your statement electronically on the bank's website.
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