Comments on: How to Pay Monthly Bills on Time

on 11/16/2008 This is a great site. Also visit http://www.chillmybills.com for more great ideas on saving money and reducing debt.

on 11/16/2008 Visit http://www.chillmybills.com for more great ideas on saving money and reducing debt.

on 10/22/2008 Another tip to be added: Make the scheduled bill paying days as your paydays each month. Then make sure you pay bills, then whatever is left, budget for expenses (food,gas,etc) and then set aside an amount for savings. Now what is left....you can blow!

on 8/8/2006 Paying half your monthly mortgage payment twice a month will save you tons of money! Paying twice a month will equal one extra payment a year; no big deal right? Wrong! To get an idea of how much this will save you use this equation:

Monthly Principle and interest payment X (60 months for a 30 year note or 36 months for a 20 year note) = Life of loan savings!

on 8/8/2006 There are various excel (.xls) files, which are formatted in a specific format in order to track everyday spending. They report with the use of graphs spread over the whole year.
Those owning a computer or a laptop could find their stress being busted.

on 3/21/2006 I keep a daily journal. In my journal I write everything I think I will need to remember later. One of the most convenient things I do is keep a record of my spending in this journal. Like I might buy gas, lunch,
toiletries, use the ATM, as soon as possible these items are recorded in my journal. I also use my voice mail to remind me to make sure I have recorded all.

on 2/14/2006 Open a checking account at Chase and any other bank that has free checking. When you set up direct deposit, use this account to pay all your bills online. Free. You can even post date your payments.

on 2/14/2006 I get paid twice a month. As soon as I get a bill I place the due date on the envelope (near the stamp) and place it in date order in my bill basket.
Once I get paid I get the bills that are soon to be due and never pay the exact amount. I always round it to the next even amount. i.e, if the bill is $122.34 then I pay $125.00. This keeps you in good credit standings and it is easier to balance your checkbook!

on 1/23/2006 I updated my Yahoo online calender with my payment dates. It sends reminder e-mail and an SMS to my cell phone. I use one day of the month to complete all my bill pay and I don't worry about it for the rest of the month.

on 1/23/2006 For a small monthly bill, for example, $12/month, pay in $100 or even $144 in the first month. Each month you will get a bill, but there will be no balance due, instead, your account will have a credit balance. It is easier to write one check for $144 then 12 checks for $12 each.

on 1/23/2006 If you have the resources, use a spreadsheet software application. I have a listing of all my bills due each month with the following columns:

+ Name (Electric/gas company name, credit card name, etc)
+ Payment Amount
+ Date Due
+ Date Paid (if you use online payments, this is usually more useful)
+ Processed? (either Yes or No, or "x" and blank - as soon as it clears your bank account, you can mark it off making your "true" bank balance easier to track with less surprises or forgotten payments)
+ Notes (like online payment confirmation numbers, check number used to pay, etc.)

In my case I use a new tab for every month - that way when a new month starts, I can just copy over last month's data and clear out the information I entered but keep the column setup.

Using the spreadsheet also comes in handy if you have a payment dispute - you know the date paid and the confirmation number.

Over the years, my spreadsheet has developed where I have done calculations (like total household costs; or total credit card payments per month) and it has allowed me to budget much more effectively. In combination with this spreadsheet and online payments, I can pay all my bills within 45 minutes!

on 1/23/2006 Set up automatic payments through your utility companies or bank. You'll never miss a payment and they may not charge a service fee. I have been using this method for several years with no problems.

on 1/23/2006 If you use electronic banking, you can arrange to pay many bills online. You can even create scheduled payments for a later date.

Whenever I get a bill in, I log onto my online banking website, create a scheduled payment for two to three business days before the due date on the bill, and then forget about it. I always maintain an ample balance in my checking account to cover payments and unexpected expenses.

on 2/14/2006 I either write the check to the company right when it comes in and set it aside for mailing later. Or, since I get paid the same days each month and so does my husband, I write in the deposit and write the fixed payments out immediately so they are out of my account right away!

on 2/14/2006 I use Microsoft Money to manage my personal finances. In addition to having much greater control on my financial situation, it gives me great control on bills. I've set it up in a way that it reminds me of an upcoming bill. I usually give a buffer (have a scheduled bill date 7-10 days prior to the pay-by date) and Money prompts me which bills are overdue (but you still have time to pay it).

For the actual payments, I use online banking - most banks offer it for free. That way, I can look up for a bill either on my bank account or with Money.

I've found this a great way not to miss any bills...and keep my sanity :)