Managing a huge number of bills at the same time — paying for electricity, loans, insurance, etc. — can be overwhelming without an organized approach. Implementing these simple techniques into your monthly routine will help to reduce late fees and pay on time. Here’s your brief guide to managing your bills.
1. Make a list of your bills
First off, start by making a list to include all of your monthly bills: utilities, subscription services, insurance, and credit card bills. If you’re taking a personal or payday loan from companies like Payday Depot, paying off your auto loan or mortgage, be sure to include it in the list. Some payments may be withdrawn automatically from your credit card, so be sure not to miss them out. Whether you’re using Microsoft Excel, various note-taking apps, or a notebook, lists will help you keep track of your bills and serve as a checklist.
2. Set up a bill-paying space
Creating separate spaces for paying bills is a great organizational technique that depends on how you pay them in the first place. If you prefer to deal with paper bills, set up a separate station that might include notebooks, calendars, pens, envelopes, and a file management system, both for incoming bills and those you’ve already paid for. Digital bills will also require organization: set up a separate email solely for bills and create separate folders on your computer for each month if necessary. Organizing your bills and documents into a simple and accessible system will help you deal with your payments in a faster and more efficient manner.
3. Set your priorities straight
Although paying all of your bills is important, some of them are more essential than others. The order might change depending on the circumstances, but it usually follows a simple pattern: first, pay for your rent or mortgage, and then pay for utilities like water, gas, etc. If you’re tight on money, you can also put on hold your non-essential bills, like a Netflix subscription or an expensive gym membership. Some lenders will give you some flexibility while repaying a loan, but you should always check with them beforehand.
4. Make a schedule
Many of your due dates will probably be dispersed around the calendar, but the majority are due on the first or fifteenth day of the month, so mark them on the calendar and set notifications if necessary. Planning ahead will enable you to work with collectors to adjust the payment day if you are short on funds.
There is also the possibility of automating the process by enabling automatic bill payments. Although it won’t always be possible, streamlining the payments will enable the majority of the work to be completed for you, saving you time and ensuring that you make your payments on time.
The majority of people find paying their bills to be a time-consuming and difficult task. You may streamline and automate this process while ensuring on-time payments by creating lists and timetables, setting up a designated area for paying bills, and highlighting due dates on the calendar.
