I Love Online Bill Pay!
At this point in my life I can easily believe the stories of Residents/Interns in years past having their power/water or telephone cut off because they spent so much time at the hospital that they didn’t have time to pay their bills.
Last week was one of those weeks that I thank those who came before me and the ideas they instituted, which include the ACGME 80 hour work week and the invention of online bill pay. These two developements coupled with direct deposit enabled me to:
- automatically deposit my paycheck without ever being off during banking hours
- Pay my Rent, credit card bills and electricity without ever having to check my mail
I would have never been able to accomplish those tasks during normal banking hours which were not intended for anyone working their way up the career ladder.
My second thought last week was that I don’t think the point of making saving/investing automatic and effortless can be emphasized enough. As humans for whatever reason we tend to gravitate to the path of least resistance. Every respected financial writer makes automating your savings a point of emphasis, yet I still have managed to rationalize not doing yet.
My current reason is that I am using my excess income to pay down my credit card debt and develop an emergency fund before I automate my investments. Is this a rational reason, for me at this time, yes but it does not follow the principle of “pay yourself first”
Once again I have this funny feeling that my life is an example of why markets are not completly efficient and most American’s are not prepared for retirement.
Hope you are having more luck with this than I am.
