Effective Bill Paying System
Posted February 13th, 2010 and last modified June 23rd, 2011Are you struggling with paying bills on time? If so this article will show you simple ways that can help you get control over your finances. There should be no excuse for failure after reading the information in this handy guide.
Finding ways to keep up with paying bills when finances are tight can be stressful. Not only is it more difficult to catch up once you’re behind, but you may also be incurring late fees and penalty interest charges, which only add to your problems and your debt balances.
Ways to Organise Paying Bills:
Creating a bill paying system to help you avoid late fees or penalty interest sounds easy enough, but many people already know the difficulty of finding enough cash when the bills fall due.
Learning to rearrange your finances just a little can seriously help to keep you on track with all your bills. Once you have everything back under your control again, you’re in a position to work on chipping away at those debt balances.
Create a Budget
Most people cringe when they hear the word ‘budget‘, but a budget is really nothing more than a list of your total income and your total bills, expenses and costs.
Usually when people see these figures written down on paper, they gain a much clearer understanding of exactly where their money is going. This also helps them to understand where they might begin cutting back on a few costs.
Gather all Your Bills
Keep all your bills in a folder labelled ‘Bills to be Paid’. Include credit cards, mortgage or rent payments, utilities bills, phone bills, insurance and any other bills that you need to pay.
Put them in order of the payment due date and remember to keep track of them.
Bill Planners
It’s possible to print out bill planners from the Internet, or even create your own on a computer. Simply print out a monthly calendar and hang it on the fridge or somewhere you can see it.
Each time you receive a bill, write down the due date on your calendar and place the bill in your folder.
Ways of Paying Bills
When you’re paying bills, you don’t have to stick to the manual payment systems if you think you might forget. Many creditors now supply BPay details, along with other electronic means of paying bills.
You’re also given the option of arranging a direct debit agreement with some creditors, where they’ll deduct the payment directly from your account on an agreed date. This can really help to keep on track with all your payments, but it’s important to be sure there are enough funds in the account to cover the payment or you’ll be charged penalty fees.
Regardless of which method you choose for paying bills and keeping up with your repayments on other obligations, it’s important to find a way that suits you and your income frequency best.
If you know a bill is coming up and you have another 3 weeks before it’s due, then begin putting money aside to help cover it. This way you won’t be caught short needing a large amount on the due date and you’ll find it much easier to keep up with paying bills.
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