Is your bill paying like clockwork or is it more of a random event that happens when panic strikes or a “Final Notice” arrives in the mail? Bill paying is stressful enough without scrambling through piles to find the bills or trying to remember if something was paid or not. The sinking feeling when your insurance was canceled, or a hefty late fee has been added to your bill can be avoided. Here are some Timely Tips to bring peace of mind to your bill paying experience.
Timely Tips for bill paying peace of mind
1. Gather all your bills together and create a home for them.
For many, who don’t have a designated spot for bills, this is revolutionary step. It’s easy to walk in and toss the mail randomly about. Make sure the home for your bills is easily accessible and visible. It could be near the front door, on your kitchen counter, or in your home office. Use a decorative basket or a table-top or wall-mount file holder. Warning: Don’t mix other mail (coupons, ads, etc.) with the bills to pay. It will take all the will power you can muster to walk the bills to this spot every day, but it will be worth it.
2. Track your bill paying.
Don’t leave it to memory to know if you paid a bill or not. Create a spreadsheet, use a paper, pencil, and ruler, or click here for a Bill Payment Record. When you pay the bill, record the date and amount paid in the month column. On another sheet list the bills you have on auto pay with the dates those payments are deducted from your account. Store the Bill Payment Record sheets with the bills and you'll be able to see at a glance what's been paid.
3. Create a bill paying schedule.
Based on income, due dates, and preferences, decide when you’re going to pay bills. Maybe you prefer paying them as they arrive. If not, schedule a couple times per month to sit down and pay bills. Put it on your calendar like a dentist appointment. Set reminders on your phone so you don't miss your scheduled time.You may want to have a Bill Payment Record sheet for those you pay on the first and for those you pay on the 15th of the month. Label them as such.
4. Online assistance
For bill payment tracking, reminders, and budgeting help consider using one of these top-rated online sites: Mint.com, PersonalCapital.com, YouNeedaBudget.com, or Tillerhq.com.
5. Resources for kids.
Give your kids a head start to financial responsibility with one of these teaching tools: Bankaroo.com, DaveRamsey.com, FamZoo.com, or products from Money Savvy Generation.
6. Prepare for emergency.
If your kids are adults make sure they, or someone else you trust, has access to your financial records (bill payments, bank accounts, online passwords, etc.) in the event that someone needs to fill in for you. Click here to download a form: Personal Account Information.
Comical Words
Why must I prove that I am me when I pay bills over the phone? Did someone else call to pay my bills, and if they did, why didn't you let them? --Anonymous