26 August 2015

The 5 Commandments for Managing Bill Payments


Paying your bills each month is essential to continue to have the services you need and the credit you've earned without interruption. However, life happens and there are times when that doesn’t mean you are always on top of getting those bills paid.

How can you best manage recurring expenses?

These five commandments for managing bill payments can help you stay on track:

1. Focus on necessities first. In many cases, the challenge with bill payments comes from trying to manage expenses. You have a limited income, so you want to ensure the money is spent most efficiently. To do that, ensure you're paying for necessities first.

2. Review bills for accuracy. You'd be surprised how often billing companies make mistakes! In order to pay only what you're supposed to, constantly review your bills.

3. Set up recurring payments. Sometimes the challenge lies in trying to remember when to pay bills. If that's the case, and if the bill totals are usually the same each month, setup recurring payments.

4. Pay bills online. If time is a real issue for you, avoid standing in line to pay bills. Many companies facilitate online payments. Make use of it, it's easy and can be done when you have the time!

5. Know your due dates. Being able to keep track of due dates can help you manage bill payments.

These are pretty easy commandments to follow to effectively manage your bill payments.

Remember it's your responsibility to maintain a positive history of payments. Use these strategies and you'll be surprised at how easy it can be!



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3 comments:

  1. Hi Cath. I pay all my bills online, ive broken them down into weekly or monthly payments and set up either direct debits or recurring payments. It makes it so much easier knowing exactly how much money i have to have in the bank every week so cover all the payments xo

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  2. It just makes life so much easier doesn't it Karen? We work on a weekly budget - money goes in on Thursday, and bills etc are moved out on Friday. If there is anything left then I move it into our Emergency Fund. Right now I'm boosting that as much as I can ;)

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  3. Yes it does Cath and i cant wait till i can start adding to an emergency fund and saving fund, another couple of weeks now and i should be able to start. Been very good lol xo

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