More Banking Savings

  1. Pay bills by ACH and online
    1. It costs about $1 to process a paper check: the check stock, envelope, ink, stamp, and time all add up.
    2. Paying bills online is cheaper (there are still bank processing fees and time) and has some residual benefits. Your money stays in your bank account longer and you can earn a little more interest. You know when a bill was paid because you’re controlling when the money goes out the door; you avoid payments getting “lost in the mail.” It is easier to reconcile bank statements when bills are paid online.
  2. Use a Rewards Credit Card
    1. If you have a church credit card, ensure that it accrues rewards. Over time, you’ll earn enough points to get some neat things, even a computer or tablet. When redeeming points, I suggest getting things which have a lifespan as opposed to airline miles or hotel stays. The latter are one and done whereas tangible things last several months or years which means you’re getting a better value.
    2. Some rewards cards have an annual fee. Do the math to see if you charge enough in a year to far more than offset that fee to make it worthwhile to get the card.

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