You want to pay your bills, on time and in full every month. It just seems that there are so many, and you consistently miss one. This article will help you turn around and enjoy the feeling of financial success that comes with timely bill paying.
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Steps
Gather all of your bills for the past several months, as well as your last month's pay stubs.
Start with a solid financial plan. First, figure out how much you (and if applicable, your spouse) make monthly. Write this down.
Next, compile a list of your bills. Make sure you note the name of the payee, your average (or exact) amount due, and the due date.
Break down the bills into two categories: Those that can be paid after the 15th, and those that are due before. Try and work with the bills so that you owe approximately the same amount on each big "bill paying" day.
An example plan is: 1st - Rent (700) Electric (50) | 15th Car (250) Insurance (75) CC1 (75) CC2 (100) Small loan (150) Cable (100)
If need be, call the payees and see if you can extend your due date so that it falls after the 15th.
Most companies will take bill payment online. Typically it's free, fast, reliable and secure.
On the 1st of the month, pay all of the bills you've scheduled to pay.
On the 15th of the month, pay all of the bills you've scheduled to pay.
Enjoy your entire month knowing that you are caught up on your bills, paid them on time, and focus on another hobby.
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Tips
many people who get a weekly paycheck have trouble paying bills in full at the end of the month. Often, it's possible to pay your bills (car, utilities, phone etc.) the day after pay day. So, you can pay by the week. To calculate the weekly bill rate, multiply the average monthly bill by 12, then divide by 52. For example, if your monthly phone bill is $31.80, then your phone service costs $381.60 per year, or $7.34 (rounded up) per week. If you have free automatic bill pay set up with your bank, have the money sent the day after your paycheck is deposited. Most companies will gladly accept your money at any time so long as the balance due is zero by the end of the month. If you have doubts, just ask the billing department.
If you move to a new address with new services, if you have the money, pay the first months' estimated bill the week you have your service started. this will reduce the chance of a future late payment as billing cycles can be a little erratic the first 60 days at a new address.
Keep your check book balanced on a weekly basis using your bank account's online feature.
If it makes more sense to change the dates around based on how often you are paid, do it, but keep the bi-monthly payment amounts roughly the same.
If you decide to pay your bills online, keep a password protected spreadsheet of all the website addresses, your username, and password. Try not to use the same password at every place.
If your company offers direct deposit for payroll, create a separate account just for bills. Have exactly the amount you need to pay every bill in full deposited into that account every payday, and have the rest of your check sent to your normal account. Set up automatic payment from that account for each bill, and never touch the account again. Now you have a regular account with only the money you can afford to spend!
Warnings
If you fall off the wagon, hop right back on. Create a "catch up" payment plan and stick to it!
