Ways to Better Organize Your Bills
Date: January 18, 2017
Keeping track of bills can be stressful, but developing a system to pay them on time at least ensures that you won't be hit with late fees and penalties. Here are some tips for a better payment experience to streamline your finances.
Paying With Your Credit Card
Most companies have the option to pay bills online automatically, which removes most of the hassle out of paying bills. The company charges your credit card for the amount you owe and sends you a confirmation email on the due date each month. The biggest drawback to paying this way is that you may have to pay credit card interest if you carry a credit card balance each month. Consider using your debit card if the companies you deal with offer that option.
Paying From Your Bank Website
If you prefer not to use your credit card for paying bills, you can pay many of them using your bank's website. When a bill comes in, log into your bank account, select the company, the amount, and which day you want the bill paid. Payment will happen automatically on that day, usually for a transaction fee. While you can pay many bills this way, some companies may not be set up for this service with your particular bank.
Using a Bill Payment Service
A bill payment service, like Quicken Bill Pay, gives you the convenience of paying online without jumping from website to website and without transaction fees. You're not forced to use your credit card. You can use your Quicken software or log on to your Quicken account at QuickenBillPay.com. For a flat monthly fee, you can specify when each bill is to be paid, in what amount, and review or update all your bill payments in one place.
Planning Your Payments
However you decide to pay your bills, if you automate the process, you should be able to pay all of your bills in one session of just a few minutes each month. For bills that need to be paid for the same amount on the same date every month, like your mortgage and car loan payments, use the recurring bill option. For the rest of your bills, schedule the date each bill should be paid and for what amount.