Financial Smarties: Automatic Is Where It's At

If you read our post Financial Smarties: Simplify Your Debt, you may have set up a plan to pay down debt.  If you did, there is no easier way to move your plan from paper to reality than by setting up automatic payments.

Automatic payments can be set up by giving the creditor permission to pull money from your account or you can have more control and set it up through your online bill pay account. In either case, setting up your payments to automatically get paid will help you make your payments on time and keep your payment plan moving in the right direction.  Everyone has good intentions to stay on track and do things on time, but life gets busy and that's when it's easy to let plans go by the wayside or worse, forget to make payments altogether. 

Though handy, automatic payments are not necessarily “set it and forget it.”  You do have to have the money in your account for the payment to come out.  Many people find that automatic payments encourages them to keep an eye on spending and on their balances so they know they’ll have enough in their account to make their payments. (And that’s not a bad habit to get into.)

If you’re going to simplify your debt, simplify your process too and try automatic payments.

For members of Service Plus Credit Union, you can request automatic payments be set up for your loan payments by calling the credit union.  We also offer Online Bill Payment through Online and Mobile Banking.