Managing Bills

Everyone needs a plan when it comes to paying bills! Below is a step-by-step guide to managing your bills and staying on top of payments to avoid additional charges.

  1. Make a list. Include rent and any utilities, credit cards, loan payments. You can use a notebook, spreadsheet, app, or just keep all your bills in one place. 
  2. Create a designated bill-paying space. It's easier to stay on top of bills when you can find them easily - hard copy or digital. You'll be ready when it's time to make payments or when you need to review your payment history.
  3. Check your statements. It's tempting to toss them into your bill-paying pile and save them for later or avoid them if you know you're behind. Save yourself the surprise of late fees and make sure your bills are correct. Check for fee increases - for example when a promotional rate ends.
  4. Review the due dates and mark them on a calendar. Note when your bills must be paid so you can manage your cash flow throughout the month.
  5. Ask about grace periods. You may have a short window between the payment due date and when a late fee is assessed. Grace periods are normally about 10-15 days. This can give you some leeway in timing your payments. If you find you are taking advantage of this often, you can check with the bill collector to see if they are able to change your due date. 
  6.  Designate a time. Scheduling an occasion to sit and review and pay your bills ahead of time can ease stress and anxiety and help you stay on top of bills. 
  7. Work smarter not harder - schedule automatic payments when and where you can. Even if the bill collector does not offer the option of automatic payments some banking institutions offer bill pay services in which you can schedule a payment to be sent on a timely basis from your bank account.
Was this article helpful?
1 out of 1 found this helpful