Seven Simple Bill-Paying Tips
Though it may not seem like it, bill paying is more than just writing checks for the billed amount then waiting for the checks to
get cashed. If you want to avoid late fees and overdraft charges, you should put some planning into paying your bills. Following
these tips will help you manage your bills and keep them from overwhelming you.
Pay bills before spending on recreation.
We have the urge to enjoy our money rather than sending it off to the utility or phone company. Remember there are consequences
to skipping bills. On the other hand, there are no consequences of holding out on recreational spending. Pay your financial obligations
first and use what's left over to have fun with.
Send payment early.
Mail your payments at least a week before your due date to give your biller time to receive them. Sending your payments too close to
the due date could lead to a late payment and a late payment fee. Pay a few days early, even if you're enrolled in online bill pay.
Call early if you can't make payment.
Don't wait until your due date has passed to ask about payment arrangements. It's harder to avoid the consequences of a missed payment
that way. Instead, call your lenders and service providers as soon as you realize you won't be able to make a payment. Ask for a due date
extension and request to have your late fee waived. Make sure you meet whatever arrangements you work out. If you don't, you could forfeit
your chance to make payment arrangements in the future.
Call to discuss billing errors.
When it comes to billing errors, don't try to correct it yourself by sending a lower payment amount. Instead, you should call your customer
service representative to calmly discuss the situation. Call to correct undercharges and overcredits, too. Chances are these will be discovered
in the future and you could end up with a higher monthly payment even though the error was the company's fault.
Don't try to pay all the bills with one check.
If you get paid bi-weekly, stagger your bills throughout the month. Avoid using an entire paycheck to cover bills. Sure, your next paycheck will
be "play money," but you'll spend the next two weeks barely making it. When you get paid multiple times throughout the month, use part of each to
pay the bills to even out your expenses.
Write your account number on checks.
Your billing statement will include a unique account number. Put that number on the check you send to the biller. That helps ensure your payment
is credited to your account.
Adjust your account balance to reflect the bills you've paid.
Until your bill checks are cashed, your checking account balance will be appear to be higher than it really is. Make sure you subtract
outstanding checks from your account balance so you know the exact amount you're able to spend. If you don't, you could accidentally overspend
your checking account triggering bounced checks and non-sufficient funds fees.
Build these practices into your bill-paying habits to keep your bills from ruining your financial life.
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