Stash Learn


Mar 26, 2021

Here’s Why You Should Pay Your Bills on Time

By Team Stash
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Receiving bills can be stressful.

Letting the bills stack up without paying them can be even more upsetting. That’s one reason it’s important to build a budget that lets you cover all of your monthly expenses, including your credit card, utility, and other bills. And by paying your bills on time, you can ensure that you’re not overspending. It can also help you build credit, so you can achieve your larger financial goals, like owning a home, and saving for retirement. 

Stash’s Bill Pay tool can work with your budget, allowing you to manage and pay your bills in one place, in-app and online, and on time.1 

How to budget for paying your bills

If you don’t already have a budget, creating one should be the first step in building your financial plan. When you make a budget, you’ll account for the money you have coming in each month, the money you need to spend on essentials, the money you spend on non-essentials, and money that you save or invest. 

There are many different ways to budget. One method you might use is the 50-30-20 budget, which divides your income into three categories: essential, fixed expenses (50%), non-essential, variable expenses (30%), and investments and saving (20%). Your essential, fixed expenses include the bills you pay each month, such as rent, utilities, credit card payments, student loan payments, and more. 

So when you’re building a budget, take a look at your bills from the previous month to see what you typically spend paying them, and build those expenses into your budget. Then you’ll know how much money needs to go towards your bills each month, so you won’t be as tempted to spend on take-out dinners, or online shopping. 

Why it’s important to pay your bills on time

Paying your bills on time and in full is crucial to maintaining your financial health, and preventing debt. It can also help you to build good credit. Missing a payment on a bill one month can make it more difficult to catch up on payments. For example, if you miss a credit card payment, the credit card company may charge you more interest leading to you owing even more money than you initially did. 

By paying your bills on time, you can also increase your credit score, which is a point-based rating system that assesses how responsible you are with loans and debt over time. Credit scores, developed by a company called Fair, Isaac Co., are sometimes called FICO scores. Credit scores can run from a low of 300 to a high of 850, which is considered perfect credit. A score of 670 or above is generally considered good credit. Paying your bills on time and in full can contribute to a good credit score.

Having a solid credit score can help you reach your financial goals. If you apply to get a loan for buying a car or a house, or opening your own business, your potential lenders will likely look at your credit score to see how you’d handle that money.

Using Bill Pay with Stash

With Stash, you can use Bill Pay1 to help you keep track of bill payments. Bill Pay can help you make sure that you pay all of your bills on time and in full by keeping all of your bills in one place. 

After setting up a Stash investment account, in order to use the Bill Pay feature, you need an active Stash Stock-Back® Card2 and you need to verify your phone number. Once your card is activated and your phone number is verified, you can set up Bill Pay in the Stash app.

If you’re paying a utility, cable, internet, or credit card bill, you can use Bill Pay to send that company your payment electronically. This electronic payment should be fulfilled through Stash’s third-party payment service in three to five business days. If the recipient requires a paper check, you can also use Bill Pay to send a paper check. Remember that you’ll need to update bill recipients with your Stash routing and account numbers, which you can find under “Account and routing numbers” in your Bank settings. 

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Written by

Team Stash

1 Not all payees are provisioned to accept electronic payments. Please see the Bill Pay Terms and Conditions.

2 All rewards earned through use of the Stash Visa Debit card (Stock-Back® Card) will be fulfilled by Stash Investments LLC. Rewards will go to your Stash personal investment account, which is not FDIC insured. You will bear the standard fees and expenses reflected in the pricing of the investments that you earn, plus fees for various ancillary services charged by Stash. Stash Stock-Back® Rewards is not sponsored or endorsed by Green Dot Bank, Green Dot Corporation, Visa U.S.A., or any of their respective affiliates.

*NO DEPOSIT, PURCHASE OR PAYMENT NECESSARY TO ENTER OR WIN A PRIZE. A DEPOSIT, PURCHASE OR PAYMENT DOES NOT IMPROVE YOUR CHANCES OF WINNING. Sweepstakes begins on 3/1/21 at 12:00:01 AM Eastern Standard Time (“EST”) and ends on 3/31/21 at 11:59:59 PM EST. Sweepstakes open to legal residents of the 50 U.S., D.C., and PR who are at least 18 years of age and a Stash Invest Account Holder (as defined in the Official Rules) at the time of entry. In order to enter the sweepstakes you must (i) have (or open) a Stash Banking account powered by Green Dot Bank, Member FDIC , that is in good standing (“Stash Banking Account”), (ii) be enrolled as a participant in the Stash Stock-Back® Rewards program, which is governed by the Stock-Back® Rewards Terms and Conditions (the “Stock-Back® Program Terms”) and adhere to the Stock-Back® Program Terms and meet the eligibility requirements set forth therein, and (iii) initiate and complete a “qualifying purchase” with your Stock-Back® Card and earn a corresponding “Stock Reward”, as such terms are defined in the Stock-Back® Program Terms; provided, however, that in order to qualify for the ten (10) Entries, the Stock Reward you’ve earned in connection with any such qualifying purchase must be comprised of a different Stock than any Stock Reward you’ve previously earned in connection with a prior qualifying purchase you’ve made during the Promotion Period. For the avoidance of doubt, any qualifying purchases made with your Stock-Back® Card prior to the Promotion Period will not be eligible for purposes of this Sweepstakes. To enter without earning a Stock Reward, complete and submit one (1) designated online survey during the Promotion Period to earn ten (10) Entries into the Sweepstakes by visiting the following link: (1) Grand Prize valued at $1,000, (1) First Prize valued at up to $1,000 and (148) Second Prizes each valued at $20 will be awarded in Monthly Entry Period. Total value of all prizes awarded: $4,960. Odds of winning depend upon the number of entries received. Limit up to fifty (50) Entries per Entrant during the Promotion Period, regardless of Entry Method. Void in all U.S. territories and possessions and where prohibited by law. See Official Rules for complete details at Sponsor: Stash Investments, LLC, 500 Seventh Avenue, 8th Floor, New York, NY, 10018. 

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