Scheduling bill payment
Every one has bills, from utilities to monthly internet bills and phone bills, they come monthly and they all have separate due dates.
A lot of people wind up forgetting these bills, paying them late, and being charged with a late fee that they could have completely avoided. There’s no real excuse for this, it’s really just poor organization. I’m just as guilty of it as the next person, but not any more. I have fixed my issues with late payments.
By getting organized. This article will overview some of the ways I work to keep myself organized and avoid all late fees.
List every bill that you have and their due dates
Whether you do this on a calendar or merely in a financial journal, make a list of every single bill that you have coming in, when it will be due, and the amount (when the amount comes in). This will help you keep track of exactly what expenses that you guys have.
Averaging the cost of your bills
Use the tally you’ve been keeping to average out each of your bills per month. This allows you to begin to anticipate costs as well as due dates. This level of organization makes it easy to ensure that you’re getting the best possible deal from your current providers, and that you’re not paying late fees.
Automate small bills
Anything under $100 should be absolutely automated. Small amounts are classic things to forget, and you have to do everything that you can to empower your own memory.
Always check bigger bills between $100-$500
When you have a bill that’s larger than $100, you have a substantial bill, one that merits checking. You need to check over for inaccuracies before paying, just in case there’s some of the cost that could be recouped.
Write reminders for anything over $500
This again reminds you to check the bill for accuracy, but also to pay it on time. Late fees for a bill over $500 tend to be significant, and a real hit to the bank account. By staying organized you can completely avoid them.
Use multiple methods of backing up payment
If your memory is really bad, try more than one payment reminding and recording method. When you get the bill, pay it, stamp it, and doubly record the payment in your financial journal so that you can be absolutely certain you’ve paid the bill – and remind yourself for next month about the due date.
These tips may not seem like much, but they work together to ensure that you’re organized and able to avoid late fees.