Simple Tips to Pay Your Monthly Bills on Time Every Month

23
April

It is very important to pay your monthly bills on time. Every time you are late paying a bill to a company, they are going to tack on additional charges. This is like giving your hard earned dollars away for no reason. There are a number of simple ways to make sure this doesn’t happen.

First of all, you must establish a system for the mail that you receive each day. Decide on a location to store it. This can be as simple as a basket on your kitchen counter. It’s important to locate the mail in one place only, so that when you are looking for it, you know exactly where to find it. If you don’t have room, then plan to deal with your mail as soon as you receive it. A cross-cut shredder is an important addition to your home. Keep it in a convenient location. As you go through each piece of mail, make four piles. One pile is for recycling. This pile includes envelopes, inserts, etc., but never anything with your name and address on it. The second pile is for anything with your name and address on it. These will go straight to the shredder. The third pile is your important papers, including bills and financial information. Establish a location for paying and organizing your bills and financial paperwork. This third pile should go there. The fourth pile is your pile with advertisements, coupons, etc. If you keep a coupon box, the fourth pile will go straight into that box to be sorted at a later time.

There are a few different ways to pay your bills and to insure that they are always paid on time. The simplest way is to set up a four-file system. Since most people get paid on Friday, you would have four files—one for each Friday. A calendar is also essential. When you receive a bill, you immediately look at the due date, check the calendar and plan the date to pay the bill. If you are paying your bills through traditional snail mail, then remember to allow enough time for the bill to be received. Once you decide the date, you can either write the check immediately and save both the bill and check in your Friday folder or you can wait and write the check on Friday. Every Friday, you will need to pull out the particular folder and pay your bills. Of course, you can use whatever day of the week works best for you.

Many of you are most likely using a computer to track and pay your bills. In fact, if you have a computer, you should be using it to do this. The computer is a timesaver and a lifesaver. There are different software programs for tracking your money but most likely you will be using Quicken. This software will talk you through setting up your bank accounts and other financial data. You can enter your bill information into Quicken, tell Quicken when the bill is due and the software will remind you to pay your bill. Once again, a system of paying your bills each Friday, or whatever day works for you is best. Establishing a set day to pay your bills each week will help you stay on task and keep you paying your bills on time. When it is time to pay the bills, using the folder system described above in conjunction with Quicken will help you know exactly where to find them.

The third way to insure that you always pay your bills on time is to use an online bank account bill paying service. This is the easiest, most efficient way to pay your bills. Most banks include this service for free. Once you establish a list of payees, for instance your electric company or your phone company, all you have to do is go to the bill pay webpage and enter an amount and date. Your bank will confirm your information; you double check it and you are finished. Usually, the bank will give you an estimate of how long it will take for the payment to reach the payee. The great thing about paying your bills this way is that you can enter them, decide the date that they will be paid and forget about them. You will never be late paying a bill, but equally important is that your money will stay in your account until it’s time to pay your bill.

Using one of the above methods should prevent you from ever having to pay a late charge on a bill. This will help you keep your money where it belongs, in your pocket!

This post was written by

jason – who has written posts on Budget Clowns.
Father of three and married to a lovely women. Always looking for ways to save money, and invest it properly for my children's future.

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