BILL PAYING TIPS
One of the biggest obstacles for achieving good
paying bills and
managing debt. Bill paying is much more complex than merely
writing checks for the amount you are being billed for and then
waiting for the creditor to cash the checks. If you are looking to
avoid overdraft charges and/or late fees, you will need to develop a
bill paying strategy. Outlined below are some simple tips that when
followed, will equate to effective bill management and payment. We
suggest you also learn about
how to keep bills organized. You can also apply for a loan for paying medical bills.
Bill payment is a priority over leisure.
The urge to spend money on pleasure as opposed to settling bills
can be overwhelming. You will face major penalties for neglecting to
pay your bills. Alternatively, there aren't any consequences for not
spending on leisure. Always make sure you pay all of your fiscal
responsibilities first and then utilize any leftover funds on fun.
Remit your payments before the due dates.
Make sure that you give your bill payee time to receive your
payments by mailing your bills early. If you wait too late to send
your payments, you run the risk of missing the due date and
incurring late payment fees. A good idea would be to enroll in
online bill paying if available and pay a few days early. There are
online bill paying services like
Pay Trust that work with
thousands of different merchants and service providers that will
allow you to make all of your payments from one portal.
If you can not make your payment, CALL!
Never wait until after the due date to contact and ask about
making plans for payment. It is more difficult to evade the
penalties of a neglected payment that way. Instead, get in touch
with your service providers and creditors the instant you think that
you may not be able to make your payment. Request for an extension
and for any associated late fees to be waived. But, it is very
important that you satisfy any arrangements that are made. If you do
not, you will likely eliminate the opportunity of making any type of
future payment plan.
Look for billing mistakes.
It is always a good idea to review all of your bills and make sure
that they are accurate. If they are not, contact your service
provider or creditor and discuss the issue. Don't take matters into
your own hands and pay a lesser amount.
Spread your bill payment out over multiple paychecks.
In the event that you are not collecting a weekly paycheck, it
is important that you balance your bill paying so that you don't run
out of money for everyday expenses. That may mean that you don't pay
all of your bills at once. Instead, spread payments out over the
entire month. A good idea would be to set-up a
budget that will detail how much of your paycheck is going where
Make sure you write your account numbers on every check.
No matter if you are paying your credit card company or one of
your utility service providers, every account that you have will
have a unique identifier associated with it. This is your account
number. Writing your account number on your checks pretty much
guarantees that you account is credited with your payment.
Balance your check book.
Only when all of the checks you have out clear will your
checking account reflect the actual amount of money that you have.
It is important that you balance your checkbook by subtracting all
outstanding checks from your balance so that you are fully aware
exactly how much money you have to spend. If you neglect to balance
your checkbook, you run the risk of inadvertently overspending and
bouncing checks. The cost of bouncing checks is very expensive and
can result in damaging your credit and/or having the services being
provided to be cut off as a result of non-payment.
If you build all of the above tactics into your
regular bill paying routine, you will most likely be able to balance
your financial well-being.
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