How to Set up a Household Bill Pay Schedule
A household bill pay schedule allows you to track personal finances and manage debt. This bill pay system can be applied to any household schedule.
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Instructions
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First download a bill pay software schedule template or create on yourself using a spreadsheet program like Microsoft Excel.
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Next decide a type of schedule that best suits your normal bill pay procedure for your family.
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Set up your bill pay system every two weeks or on your pay schedule if you are a dual income household, or monthly if that suits your needs better.
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Next make a list of all your household income sources including salary, bonuses, commissions, investment or family business earnings, etc. and group them together as total income for bill pay purposes.
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If you have your bill pay schedule set monthly then just group all this income together monthly, or divide according if you have multiple pay periods.
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Then make a list of all your monthly bill payments and group them together by priority.
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Start with fixed bill amounts that must be payed the same every month like mortgage, insurance, savings plans, etc.
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Next group other bill pay items according to need such as utilities, food, fuel, personal allowance, entertainment, emergency fund, etc.
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Now divide your bill pay categories according to their due dates to fit your household earning schedules, while balancing them as best you can.
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Subtract your bill amounts from your pay schedule to get a balance for your household making adjustments where necessary.
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