Paying Your Bills on Time

Have you had trouble paying your bills? If you are anything like me, the last thing that you want to think about when you return from a long day at the office is the bills that came in the mail. Billing companies know this too. In case you can’t tell from the photo above, this bill that came in the mail today says “Do Not Discard” on it. Companies are starting to realize what we have all known from personal experience for years – that is, what we all do when we get home. We set the mail on a pile and forget about it for a few days until we clean house and go through the pile of mail.

What happens when we do this is that we often miss important bills. Before we know it, we’ve missed bills that we could have afforded to pay for – whether it is a utility bill, internet, or credit card statement. Paying your bills on time is a very important aspect of managing your finances. Not only do late payments have the potential to ruin your credit, they also force you to pay extra fees for the delay. So, what can you do to pay our bills on time?

How to Pay Your Bills on Time

Pay Your Bills When You Get Them: One obvious option to paying your bills on time is to pay them when you get them. When you walk through the front door, take an extra minute, open the envelope and sit down at the computer to process the payment. It may be the last thing you want to do when you get home, but at least you aren’t kicking yourself later.

Set Reminders: Another practical way to pay your bills on time is to use calendar reminders to pay your bills on time. I personally like using my phone for reminders, so I can login to my various accounts and pay the bills when I need to. The only downside to this route is that it could ruin a relaxing evening or go off in the middle of a movie. It’s happened to me, but I have the ability to snooze it and be reminded hours later.

Set Up Automatic Payment: Another practical way to pay your bills is to set automatic payments for all of your regular bills. This ensures that it will always be paid (as long as you have a large enough balance in your savings account) and you don’t have to worry about it. The only downside, and why I don’t choose this route, is that bills can rise and you wouldn’t notice the changes. Then, by the time you realize the mistake (if ever) like I did when I was tracking my expenses, it would be too late.

How do you pay your bills on time?

9 Responses to Paying Your Bills on Time

  1. I pay mine as soon as I get them or else I forget!

  2. I automate everything except rent. It is much easier that way.

  3. I fairly organized so paying my bills on time isn’t an issue for me. I get my mail and as I open it, it goes on one of three piles: junk (needs to be shredded), trash, and bills. I then discard the trash pile, shred the junk pile and place the bill pile on my desk. That weekend, I sit down and go through the bills pile and pay everything. It’s simple and works.

  4. Christa says:

    I love automatic payments and bill reminders! I also have a bill stacker on my desk — very low tech, but it gets the job done in separating my bills from my unimportant mail. Oh, and junk mail gets shredded immediately every day. I used to put it in a pile and sort it every once in a while, but I love my new habit of keeping the shredder out and shredding immediately.

  5. Automatic bills payment here in the Philippines is actually catching up. Whenever I talk with my colleagues if they ever have a problem paying bills, most of them groan because they still have to take time to go to the mall or office. But when I mention that they can do it through their banks or even schedule their payments, they’re surprised even if they can use their credit cards (also with automatic payments).
    I guess information dissemination is very important so that a lot of people can actually forego the “hassle” that bills payment do and focus on earning more or managing their money better.

    I automate my allocations for stocks and mutual funds, and for phone bills. For rent, and utilities, i RUN to the offices. Going well for me.


  6. Andy Hough says:

    I pay mine as soon as I get them. I only use automatic bill payments for a couple of things because I like to have more control over my bill payments.

  7. I automate some of mine (the ones that are always the same amounts like student loan payments) but I don’t like to automate anything fluctuating (credit cards, cell phone bill, etc) because I’m afraid I won’t review it if I do. Instead, I set up my budget every month with a list of all of the bills I’m going to have to pay – and check off bills as the month goes on. This helps me feel much more confident that I’m not missing any bills.

  8. I agree with you. One thing that makes me want to pay my bills on time, especially utility bills is that I don’t want to pay the extra charges for paying late. Just thinking that I have to pay them anyway whether I like it or not motivates me to prioritize paying bills. And for big bills like house rent, 1 month delay means I have to pay twice the amount on the next month and that would be a really “big” bill for me to pay!

  9. Andrea says:

    What i normally do with that is list down all the important bills that i needed to pay first before moving to any luxury goods.Making that as a priority is really good attitude.