Ah, bills... When it comes to paying your bills, it seems like it’s a never-ending wheel of madness. It's as if you're juggling a thousand things at once just to keep track of everything and pay on time.
It doesn’t have to be a struggle though! Here are 6 easy tips to help you manage your bills and save time for other things you really enjoy, like making more money.
1. Schedule
This is the #1 important thing you need to do to simplify your bill payments. Choose a day and time to go through each and every regularly occurring bill you pay, whether it’s paid manually or automatically deducted from your account and write down the date that it’s paid on.
If you have bills that are not due the same date each month but are usually due around the same time of the month, go ahead and schedule out a date for them that is early enough to avoid any late fees.
Writing out all of your bills in the order they are due is not only helpful to organize payments, but it’s also a great way to update your monthly budget and calculate just how much you are spending.
2. Pay On Time
This should be a given, but too often we forget or simply can’t afford to pay a bill on time. Don’t make this mistake. Always stay ahead and pay either before the due date or be sure to make on the due date. Going over the due date, even with a small bill, can result in damage to your credit, your account and future accounts.
3. Automate
There are many companies and services that now allow for automatic drafts to be deducted from your bank account. You may not want to automatically schedule out ALL of your bill payments, but getting as many of them set up on auto-draft as possible will really go a long way to keep you organized.
Sometimes there are even rewards for setting up auto-pay, like lower interest rates or discounted payments! Just make sure you are on top of the draft dates (see step #1 Schedule) so that you can stay on top of what is coming out.
4. Consolidate
Did you know that many of your bills can be paid directly from your bank’s online banking center? If you have online bill payment capabilities with your bank, try to put as many of your bills into this system. It keeps you right in front of your banking balance so you always know how much money is available.
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5. Pay Online
This is an option if you can’t pay directly through your bank. Pay bills online, either directly through the billing company’s website or through a trusted 3rd party that accepts payments on their behalf.
Paying online means the funds are deducted automatically so you don’t have to worry about being caught off guard by a check clearing several days later or something not getting processed manually. Paying online means you almost always have updated account information as well.
6. Shop Around
By staying on top of your bills, you also stay on top of how much you are being charged for different goods and services. If you notice your cable bill has gone up, first verify that the charges are correct and then make a decision to either contact your provider or shop other company rates for a better rate.
Staying on top of bills doesn’t have to be a headache. Stay organized, stay aware and stay ahead of any surprises. Check out more informational content on our blog for more home investment tips!
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