Paying your monthly bills on time is quick, easy and will save you exorbitant amounts money in the long run. Organization and setting time for administrative tasks like paying your bills are the first steps to always being on time with your monthly payments. Between mortgages, credit card bills, rent, utility bills, student loans, cable bills and more–all due at different times of the month–staying on top of all your bills is far more than a fiscal responsibility. Fortunately, paying all your bills on time each month is rather simple when you break it down and don’t put too much pressure on yourself all at once. Monthly bills can be easily taken care of by following these steps.
1. Organize all your bills. Place your incoming bills in a special file the moment you receive them. You can even separate your bills by their origin by having a different “To Be Paid” file for each company.
2. Mark your calendar. When you receive a bill, make a small note in your day planner or digital calendar that that specific bill arrived. Perhaps even more importantly, mark down the date when the bill is due and then a few days before when you need to actually mail it by. Having a separate calendar just for your bills will only help organizing your monthly fiscal schedule. Cross out all Sundays and federal holidays on the calendar, too, since the post office will not be open these days.
3. Prepare yourself with plenty of envelopes, stamps and checks on hand. Make sure you are always stocked with the necessary bill-paying supplies. This ensures that no matter how last second you are in sending a payment out, you won’t have to worry about not having the resources to do so.
4. Check your calendar at the beginning of each week. See what bills need to be paid over the next 7 days. If you have the funds to do so, send the bill out early and cross it off your calendar. Being early is always better than being late when it comes to bill payment. Paying all your week’s bills on one day will save you a lot of headaches. Instead of having to figure out which bills need to be paid on which day, you can clear all your week’s worth of fiscal administration at once and in just a few minutes.
5. Set up automatic bill pay with the organizations you pay each month. Provide each of your credit card, lending and utility companies with your credit card or checking account information. Find out on which dates each will be deducting your monthly payment. Write down those dates and make sure you have enough money or credit on these accounts so the payments will be made on time.
6. Mark down which bills have been paid and file them accordingly. Keep a copy of your check and the original bill stub in a separate file of paid bills. This way, if there is any doubt regarding your payment of the bill from the company you owed, you will have full proof of payment.
- Keeping your checkbook balanced is another great way to ensure financial organization.