I know that stress-free and bill paying are not terms that usually go together, but here are some easy tips to consider when handling your monthly bills that will lighten your experience:
1. Keep a tray or box to place any incoming bills as soon as you bring in the mail. Whether by the front door, or in your home office, place it in a convenient clutter-free area so that you have no question where your bills are.
2. Write the date due on the outer edge of the envelope & place them in date order as a reminder of when the next one needs to be mailed. You may even want to psyche yourself out by writing down a date four or five days before the due date to prevent sending them out late. This is what I do for the bills that have to be mailed, and for those expected bills without envelopes I will make them out ahead of time.
4. Use a reminder service like WhatBills? so that you don’t forget to pay them. This is a great service for your Mortgage or Rent which may not come to you in the mail. Even if you honestly did not receive the bill, collectors still need to be paid, so it is your responsibility to catch a mistake before it becomes a problem later on.
5. Come up with a reminder of your own – I have a simple form that I use as a monthly reminder CLICK HERE to download a list of basic recurring collectors. I keep a permanent list of all my bills in my check register & write in the date that I paid them so that I know by the end of the month that they were all taken care of. This is a form that you can print out at the end of each month to refer back to as you pay.
6. Pay your bills online. Most banking institutions now offer Bill Pay – a free service to electronically pay your bills. This makes it so simple and stress-free with just a click of your mouse. Keep in mind that depending on the day of week, you may have to wait a day or two before it will actually go though, so you will need to think ahead.
7. Designate a “Bill Drawer” in your desk or kitchen with all of the necessary tools. In mine, I keep the checks, balance ledger (or checkbook), due-date form, spending spreadsheet, date stamp, envelopes, calculator, stamps & a pen so that it is all together and ready for bill day.
8. Create a budget – With QuickBooks and other helpful home registers, it is easier than ever to monitor your spending. A home budget keeps you informed of where your money is going and you may be shocked at just how much you are really spending at the grocery store. CLICK HERE to download a free budget sheet.
9. Consider using a Ledger to record your transactions. I found THIS ONE at Office Max a few years ago and I really enjoy using this, versus those pocket checkbook records you receive from the bank. I think I have had my ledger for about seven years now & I love that I can go back a couple of years to look up a purchase or verify when a new account started.
10. Filing your statements – Keep a manila file folder handy to place your statements in when you receive them. Simply place the newest statement in the front of the file & you will always know where to go when you need to reconcile. Any statements over a year old can be Archived. Create separate files for each account & label them clearly for easy retrieval.
You can eliminate so much stress in your life simply by being more prepared and having a bill-paying routine. The money you save in overdraft fees or late charges will surely be a weight off your shoulders and will protect your credit score in the end.
