Why should you bundle your bills?
Simplify your life and save money by bundling your bills into one convenient monthly payment. With bill bundling, you can automate the process, reduce stress, and protect your credit score. Discover the benefits of bill bundling in this post.
With multiple utility companies and suppliers to deal with at any given time, bill bundling can be an effective way of consolidating your regular bills into one simple, monthly payment. Not only does bundling your bills help you streamline your payments, paying your bills in this way can save you time, money and a lot of stress.
What is bill bundling?
Bill bundling allows you to take your regular bills such as gas, electricity, broadband, water, TV licence and even council tax, then combine them into one simple monthly payment. There are multiple benefits of bundling, so let’s take a look at some of the reasons why you should bundle your bills.
Your provider takes care of the setup process
At JMI, we have some great partners who specialise in bill bundling. All you need to do is sign up for the services you require and they’ll then put together a package for you, meaning you don’t need to do anything else. They offer flexible options so if, for example, you have a TV licence that you’re already paying for, or don’t need one, you can simply exclude this from your package.
Access to excellent deals with suppliers
Companies such as The Bunch (who are a great partner of ours) have relationships with suppliers and can therefore provide you with great deals on your broadband and energy supply. You might be surprised at some of the offers you could get access to, compared with going to the same provider directly.
Less stress
There’s so much going on in our daily lives that it’s so easy to slip up and forget to pay a bill. When you multiply that with several different bills for multiple utilities and services, it can easily become overwhelming, especially as different suppliers have different billing cycles and due dates. Bill bundling can eradicate this problem so you can focus on the important things in your life.
Fair payments for students and house sharers
One of the trickiest parts of living in a student house or a house share is ensuring you only pay your fair share of the bills for the house. Luckily, a bill bundling company will calculate a fair split so you only pay what you owe. You also don’t need to set up a joint bank account for this, which means you pay your share directly from your own bank account.
No need to chase housemates
It’s not just a fair split that can be difficult to figure out, but if you have several housemates who constantly need to be reminded to pay their bills, it can add unnecessary stress and anxiety if you are the main account holder. With a bill bundling package, your provider will do all the chasing for you.
No risk of damage to your credit score
If you fall behind on your bills because your housemates aren’t paying their share on time, you could end up paying admin or penalty charges, and missed payments could also affect your credit score. This may make it difficult to sign up for credit cards and take out any loans in the future. By signing up with a company such as The Bunch or Billing Better, this worry is gone as you’re only liable for your portion.
Low service fee with no setup cost
Most providers do not have a setup cost and just charge a low monthly fee. It can be as little as £8-9 per person, per month to sign up for a bill bundling service. Not bad in the grand scheme of things.
Summary
Paying bills isn’t the most exciting of activities, and when you add the fact that there can be so many different bills due at different times, it can be even more mentally taxing. Bundling your bills can be a great way of automating the bill-paying process through a monthly payment for all your bills. Not only does this reduce stress, it gives you more time to focus on the important things in your life.
For students and housemates, bill bundling can be invaluable. The fact that several sharers can simply be liable for their portion of the household bill, and that the bill bundling company will chase up any housemates who don’t pay their share, means it’s the perfect solution for several people living in one house. It also provides maximum protection to your credit score, as there’s no risk of a housemate not paying their share of their bill resulting in a missed payment.
With a low service fee of around £8-9 per person per month, it’s a low-cost solution that can provide a high rate of return. Our team at JMI are always on hand to help and are able to provide you with more information on how bill bundling can work.