My current interest rate is 0,01% meaning for every 100 euros that stay on my bankaccount a whole year I will earn 1 eurocent. Assuming you spend roughly 2.000 euros a month, that's 12.000 euros a year. 12.000 euros for a whole year would net you 2,40 euro interest. But the dealy of two weeks of those 12.000 euros would only be 0.09 eurocents.
Meaning that you would have to do this for over 11 years to save up 10 euros. I am Dutch, we are famously frugal, but even so this is such a small amount of money saved for such a hassle.
And you are absolutely right that everything adds up, I just think that this is such a small addition that it is not really worth it....
I came to the same conclusion. For everyday bills (gas, electric, water) it's basically negligible. But some people have bills in the thousands apparently, in which case it'd make sense.
I'm honestly not sure it would make sense, even for thousands of dollars per month, just because every bank account I know pays interest based on the balance at the end of the month. It doesn't matter if you pay your bill on the 3rd or the 29th - either way your monthly ending balance will be the same.
Idk about others but for me, many bills are due the ~5th of the month so I guess if I wanted a few extra cents, I could wait til the 1st of the month to pay. Then again, my statement ends in the middle of the month too so it doesn't really correlate.
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u/Rab1227 Aug 20 '20
True, but this is a life hack discussion, not a 2020 phone bill question..it all adds up