15 February 2013

Paying Your Bills On Time


Did you know that credit card companies make more money from late fees than they make from those very high interest rates? Banks rely on late fees for revenue so let them rely on someone else's tardiness. Check out these tips and save some real money.

Make a bill paying calendar
A particular bill is usually due about the same time each month. Write down all your bills on a calendar that you'll see on regular basis. The calendar will serve as a reminder of what's due and when. You'll never forget to pay a bill again. Use the Cheapskates Bill Paying System to get your bill paying organized and under control.

Set aside one day a week to pay your bills
Pick a day to sit down each week and pay all the bills that are due in 7-14 days. The bills that are due in 0-7 days will have been paid last week. This way the speed of the mail is never an issue, and you have time to deal with any unexpected challenges.

Go electronic
Paying bills online is faster and easier and it is very safe (it's certainly much safer than sending credit card details through the post or giving them to someone over the phone!). Once everything is set up, you'll just need to enter the amount and click 'send'. You can even set everything up on your bank's website and pay all your bills at once from one website. Now that's fast and easy.

Consider automatic payments
Many bills can be set up to automatically debit your bank account. You can arrange payments by Bpay or if Bpay isn't available, and you have the account numbers set up a direct credit each month. DO NOT have any bills charged to your credit card, under any circumstances (this is one of the fastest ways to get into debt).  If a credit card is required, get a Mastercard or Visa debit card and use that. You'll change your automatic payment to go to your card account instead. You'll never be late, provided you always have sufficient funds in your bank account. The overdraft fees can really get you if you're not careful, so make a note of the date your payment will come through and ensure your bank account has the funds to pay the bill (the Bill Payment Reminder sheet will help you with this).

Reward yourself
Changing habits can be challenging. Promise you'll do something special for yourself each month you pay all your bills on time. A little reward can really help to reinforce a new habit.

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