The Financial and Environmental Benefits of Going Paperless
Today’s guest post comes from our good friend Zack Oliva @ CollegeFinance101.com. Zack has a degree in political science and international relations from The Ohio State University. Currently, he is attending law school in Columbus, Ohio. He learned the hard way in college about budgeting his money, and decided to help other students avoid the same headache.
The Financial and Environmental Benefits of Going Paperless
By Zack Oliva @ CollegeFinance101.com
When I first started online banking, I was a little nervous. I’m the type of person who likes to be able to put their hands on a something - a real bill, a hand written check, etc. I like to see the envelope sealed with the check in it, and I like to see it falling into the post office box. I even open up the door on top twice to make sure it fell in. I used to shy away from online banking. But then I become more comfortable with it…
It’s convenient
When you know you got paid, or have a credit card bill due, all you have to do is sign in and pay your bill. Just link up your bank account to your credit card or retail credit card account on their website, and you’re good to go. The information is saved for you, so all you have to do is verify the amount of withdrawal from your checking account to pay your bill.
It’s Efficient
It’s 2009. The world wide web is extremely efficient, and for the most part it’s safe. You really think Capital One or Discover doesn’t have security measures in place to prevent hackers?
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Same day pay
Most credit card companies withdraw funds from your checking the same day that you pay your bill. This definitely beats writing a check and waiting for the withdrawal of your funds. It cuts down on the dreaded float time, too.
Instant Roth IRA contribution
For Roth IRA contributions, the withdrawal is the same day. Plus, the funds you contribute to your Roth are available to be invested immediately. So if you find a deal on stock you want to buy, and have money to contribute to a Roth, you can contribute and within a few minutes invest.
Saves postage for you
Because there’s nothing to “mail in”, you really save on postage costs. Think about all the bills you’ve written or mailed in the past few years - that’s a lot of money… stamps aren’t cheap!
Saves paper for companies - free for you
Receiving online statements is usually free nowadays, and requesting paper statements costs money. Smart move on the companies part! But requesting online statements saves the company money, and saves you money. It’s the best of both worlds.
Access any place, any time
Because all your statements are online, you can access them any place, any time. You don’t have to worry about digging them out of your shoebox in your room.
Saves trees
Most importantly, you’re saving trees by requesting paperless statements. Stop and think about all the paper statements that go out to all of America’s banking customers, individuals who own Roth IRAs, and savings statements. Can you imagine how many trees that is! Paperless statements preserves our trees.
