Bill paying tips

We all have to pay bills, and we plan ahead for bill paying process, it can make our life easier and hassle free. These tips can help you maintain a simple process making bill paying habit easy and stress free for you.

First step towards bill paying is to organize your bills.

Organizing tips

- Designate one specific container for your bills – a file folder, basket or letter tray on your desk, etc. As soon as you get the mail, sort out the bills and put them in your designated place.
- Create a convenient place to pay your bills. Supply it with everything you need -- checkbook, calendar, notebook, pens/pencil, stamps, etc.
- Schedule a weekly time to do bills. Consider it a standing appointment that you keep, just like a doctor’s appointment or work meeting. It’s much easier to stay on top of your bills if you do it weekly
- Set up a simple filing system to keep track of your bills and when/how you’ve paid them.

Bill-Paying Tips

* When you open your bill, circle or highlight the due date, and put it in an organizer or calendar to pay one week prior to the due date. Paying bills late can affect your credit history. Being tagged as a “chronic late payer” affects your credit score, which can mean you’ll be denied, or have to pay more, for a loan in the future.
* After you’ve written the check or paid the bill (via money order or electronically), make a note on the bottom of the bill indicating the date paid and the check number. File the bill stub/receipt. Keeping a file of your paid bills will help you with budgeting and in the event you have disputes with creditors.
* Consider setting up automatic withdrawal for as many bills as possible – including direct deposit for savings! Automatic withdrawal will save you time, ensure that your bills are paid on time, and will help boost your chances of maintaining a good credit history (or improving your current record).

* If you have Internet access, look into online bill paying. There are three ways to pay bills online:
1) First, you can pay online through your creditors’ website (i.e. some utility, phone, and other companies will allow you to pay your bills by credit card online). If you choose to pay your bills online by using your credit card, make sure that you can pay the card off at the end of the month so you’re not accumulating more debt.
2) Second, you can use an online bank to pay your bills; or
3) Use an online bill payment system that charges a monthly fee to pay your bills for you.
* Eager to eliminate the paperwork? Check out money management software packages such as Microsoft Money or Intuit’s Quicken. These programs can help you create an electronic budget, track spending by category, prepare for taxes, and print checks electronically downloaded from your computer.
* You can tame the “bill beast” by adopting even just one of these tips. Remember, taking small, manageable steps makes it more likely that you’ll stick to it and be successful. Take a first step toward gaining control over your bills today!

Source: Tomorrow's money