If you think that death and taxes are the only constant things in this world, think again. Another constant problem that you must face is the bills. The bills will keep coming each month, whether you like it or not. In this time and age of economic recessions, bill paying can be a very painful process. Here are some of the steps to ease the pain and help you manage your money better.
- Do not procrastinate. One of the most important ways of making bill payments less painful is by not procrastinating. As soon as you receive the bills and as soon as you have the money to pay it, go the utilities office and pay the bills. Keep in mind that almost every utility and city service will have corresponding surcharges for late payments. These can be as little as 2 percent and as high as 20 percent. Cumulatively, these surcharges can be very expensive.
- Budgeting. Even if you do not wish to procrastinate, bill payments can be very painful especially if you have no cash on hand. One of the best ways to ensure that you are always prepared for your bills is by budgeting your money each month or week, depending on how and when you receive your salary. Monthly salary payments are the easiest to work with since these will allow you to budget for the entire month. Weekly or bi-weekly salaries, however, can be more difficult especially if the bulk of your bills arrive during the first week of the month, which can leave you without any for a couple days before the next week’s payment arrives. In this case, you will need to set some money aside from your weekly salary, so that you will be able to create a fund for your bills.
- Create a bill payment system. There are plenty of ways today for you to pay your bills. Use these to your advantage. For instance, you can use the telephone or the internet to pay your utilities and other bills. These may seem difficult to use at first, especially since you will have to configure the system and set up your account. But once this is done, payment will only take a few seconds of your time each month – no more long lines in the billing office that cost you time and money.
- Automate. Apart from using the many payment options that are available for your convenience, you can also automate your bills. Many companies and services today will allow you to automatically deduct the payments from your bills. This can be done using your credit or debit account cards. Simply forward your card information to the billing office so that the bills you receive each month will be automatically withdrawn from your funds.
- Organize. Finally, organize the bills that you receive. There are plenty of bills today ranging from water, gas, electricity, telephone, internet, and a host of other services that makes life easier. These bills can be very difficult to manage. A way to easily keep track of all your bills is by creating a separate box, filing folder, or cabinet for your bills.
The key to reducing the pain when bills start coming in your mailbox is by organizing your payment options and plans. Through these steps, doing this is easy.