Develop a strong Bill Payment strategy

To avoid late fees by creditors and overdraft charges by your bank, you will need to develop a strong bill paying strategy. Detailed below are a few tips that when executed will equate to positive bill payment and management.

• Paying your bills should come before spending on pleasure.

If you don’t pay your bills, you are going to be hit with huge penalties. On the other hand, you won’t face any sort of negative impact for not expending on pleasure. A good rule of thumb should be to always put enough money aside every month so that you are able to pay all of your bills in full and on time and then use any additional leftover funds on fun.

• Pay your bills before they are due.

If you are slow at making your bill payments, your best bet is to pay your bills at least one week prior to their due date. You should check with each creditor and service provider to see if you are able to enroll your account into an automatic bill payment program.

Your bills will be deducted from your saving/checking account the same time every month.

• Check for billing errors.

Always review all of your bills to ensure that they are correct. The moment you recognize an error be sure to contact the bill agency and let them know immediately. Never just make a lower payment. That won’t fly.

• Don’t pay all of your bills at once.

If you do not get paid weekly, it is critical that you spread your bill paying out over several weeks so that you do not deprive yourself of having money for daily costs. You should develop a budget for your coming month detailing your living expenses and a plan for paying your coming bills.

If you are able to utilize the above strategies in recurring bill paying practices, you should be able to regain or maintain a positive financial situation for yourself.