With Telecom [now Spark] people often pay about $15 per fortnight directly to the company via automatic payment to cover their bill before it comes in. Paying a little more than the monthly rental will cover a toll call or two that they might make. This way, when the bill comes in you don’t have to worry about it as it is taken care of. It’s the same with your electricity supplier. In the meantime the company has your money sitting in their bank account collecting interest from yours and everyone else’s money! Just look at the annual profit they make! Isn’t that enough to tell you its time to put your money into your own high interest bearing account? I have an account set up with the BNZ, which I call my bills account. I get 5% interest annually with a bonus of 2% if I withdraw only once a month. The bills are paid once a month so I am getting 2.5% interest because I draw enough money to cover all the bill sat one time. With my system I pay $60 fortnightly into my account to cover my electricity for the year. When the bill comes, I only draw what is necessary to cover it, the rest stays there to cover the increased winter charges. At the same time I am claiming my interest back out of their pockets and putting it into my own pocket.
31
May