Pay on Time and Save!

No one likes paying bills. I know of several people who try to ignore paying their bills until the last possible minute. Of course there is a fine line not to cross because if you allow the payment to go too far past the due date of course then you will incur penalties.

Paying your bills on time is an important aspect of taking control of your financial life. Knowing when your bills are due and making a habit of paying them on time can reduce your stress and save you money.

Cultivate good payment habits

How can consumers pay their bills on time?

One way is to have an arrangement with the bank called a pre-authorized payment. This means that the amount for the bill is automatically deducted from the account. It certainly takes a lot of stress from wondering if you have paid the bill.

Why not schedule a specific bill-paying time?

Set aside time on your calendar to pay bills on a regular basis in the same way that you schedule time for the gym. By setting aside a regular time to pay your bills, you’ll create a habit that will make it much less likely for you to miss a due date. You can create alarms on your phone that will remind you of the due date.

Where do you pay your bills?

Create a bill-paying location. Stuffing a bill into your purse or briefcase, or throwing it on the kitchen counter when you come in from work, is a good way to forget (and miss) the payment due date.

Why not find a convenient place where you can keep and pay your bills?

Stock it with all of the items you need to pay your bills, including a computer and internet access (if you pay bills online and/or use financial software), your checkbook, stamps, pens, envelopes and a filing system to keep track of your paid statements.

Then when it’s time to pay your bills you’ll have a comfortable, convenient place to do so.

Are you an organized person?

If you are it will be easier to pay your bills  on time. If you arrange your bills according to due date and note the due date for a bill as soon as you open it (by circling or highlighting it). You may want a desk filing system where you can store bills according to due dates so you have an immediate visual reminder of which bills need to be paid next.

Some utility companies, such as The National Water Commission offers consumers $250.00 off their bill if they pay on time. It definitely pays to pay your bill on time!

What’s your take? Let me hear from you!

Teri Ann Renee Paisley

Gleaner online writer

Tags: bills