7 Ways to Organize Your Bills and Avoid Missed Payments
Most people don’t like paying bills, let alone organizing them. Yet having a systematic approach to making all of your payments on time and in full not only keeps your accounts in good standing, but also can go a long way to having a positive impact on your credit.
Once you find a method to organize your bill payments or a schedule that works for you, you can automate it so you won’t have the hassle of scrambling to pay the bills each month — saving you time and helping avoid financial stress.
Here are seven of the best ways to arrange your bills so you never miss a payment.
1. Arrange Them Chronologically
This method of bill organization is simple. Which of your bills is due next, or which is the most overdue? Gather your bills and arrange them by due date so the most immediate bill is on the top of the pile. This method helps you avoid falling further behind in your monthly bills.
2. Arrange Them By their Impact on Your Credit
Another way to organize your bills is to look at which of your unpaid bills have the biggest impact on your credit. Late payments on credit cards, mortgages, retail loans, student loans or auto loans could negatively impact your credit. This in turn could impact your ability to borrow more money.
3. Arrange Them By their Impact on Your Life
You could choose to organize your bill payments by the impact of each service on your lifestyle. For example, if you don’t pay your cable bill, you may miss your favorite television show. But if you miss a few heating bills, you could freeze, and if you miss a few mortgage payments or rental payments, you could soon find yourself without a home.
4. Schedule Them on a Paper Wall Calendar
If you prefer a more visual method of organizing your bill payments, you may consider posting them on a large wall calendar each month. Choose a central location (like your kitchen) for your bill payment calendar. This is easy to see, and you and your spouse have a constant reminder of when each bill comes due.
5. Use a Scheduling App
Today’s technology can keep your bill payment schedule at your fingertips, or at least in your pocket or purse. Use a mobile bill pay scheduling app to remind you to make your payments. These apps can send you a “push notification” or text to let you know a bill will soon be due.
6. Set Up Auto Payments Through Your Credit Card or Bank
Sometimes life gets so busy you don’t remember when bills are coming due. Why not set up automatic bill payment to pay your credit card? Or, you can schedule monthly payments directly through your bank. This lets you pay recurring bills automatically so you don’t have to worry about due dates or late fees.
7. Use an Online Bill Payment Service
You may have heard of online bill payment services and wondered if this could be the answer to arranging your monthly bills in a better system. This type of service lets users set up a secure online account for one-time or recurring bill payments, yet online bill payment providers often charge for their services. Before you pay for a service, see what’s available for free from your bank or credit card issuer.
Organizing your bills and finding the method that best suits your needs may take some time. Yet once you find a system that works, you’ll be better positioned to avoid late payment fees and penalties, and have less stress about missed due dates and the impact on your credit.