WAIT!? Didn't I Already Pay That Bill?

I am sure it has happened to may of us.  You check that telephone bill to see the words "PAST DUE" at the bottom.  You just KNOW you paid it, and check your bank account.  Sure enough, you forgot to pay it.  So of course, you now owe the original amount PLUS a late fee.  GRRRR!!!!!

Keeping track of your bills can help save you time, money and stress!  So, what can you do to help yourself stay on top of your bills and important papers so they don't get lost in the shuffle?  Implementing a few simple and inexpensive (most of the time free) tips can save you time, money and STRESS!

One way to help yourself is to sign up for on-line banking.  This saves time AND money.  You no longer have to pay postage and it can take half the time to input your payments vs. writing those checks.  For me, I love going in every two weeks and setting up the payments to be paid on the date they are due.  I don't have to worry that they won't be paid on time.  As an added bonus, I even have a tracking number should there be a payment issue!

If you don't use on-line banking, you can easily write down the date you need to mail or submit your bill in your day planner or even on your phone.  I say the date you need to pay it and not the due date because if you notice it on the day it is due -- you're too late and will already begin accruing late charges.  If you use an electronic calender, be sure to set it up to remind you to make the payment.  This way, it will pop up on your phone or computer and you will not forget.  If you use a paper calendar or day runner, you will notice it when you check your day's events.

You can save paper, time and money if you sign up for on-line banking.  I honestly can't remember the last time I actually wrote a check myself and mailed it.  I set up my bills to be paid on the date that they are due -- once every two week period.  This not only allows my bills to be paid on time, but I have a transaction number for tracking, should any issues arise.  The only caution I add is to be sure to know how long it takes for your bank to mail any payments that can not be submitted electronically, to allow for time for it to be processed and mailed.  For example, my water,  bill can't be paid electronically.  My bank has to issue a check on my behalf.  As a result, the payment can't be acted upon for 5 days + mail time.  This means that if my bill is due on the 11th, I need to set it up for payment by the 4th, which allows 5 days for processing + 2 days for mailing.

Now, if you still love to pay your bills yourself, you can get a hanging file storage box.  Inside hag folders and tab them in it that say "Bills Due This Week", "Bills Due Next Week", etc.  When you get your bills, file them into the appropriate folder.  Just set aside time each week or other week to pull out the bills due this week and pay them accordingly.   Once this week's bills have been paid, check those due next week as well.  This is just another check and balance to be sure don't miss a due date.  Once your bills have been paid, go through the remaining bills in the folders and move them into the correct folder (i.e. take bills in the "Due Next Week" folder and move them into the "Due This Week" folder, etc).   By keeping your bills in one central location, you shouldn't have be searching around to find your bills when it is time to py them (or forget to pay them).

Another simple way to save money (and stress) is to keep your checking account balanced.  When you overdraw your account, you must not have had the money to pay the original withdrawal, so how is it that you have money to pay overdraft fees?  Simply put - you don't.  In addition, when your check bounces, your payment is considered not received - which means late fees.    To keep good records, deduct every check you write and every debit purchase made from your checking account register timely (read - immediately) so that you have an accurate balance at all times.  If your bank offers it, sign up for overdraft protection.  We all can make mathmatical errors, so this gives you coverage should this happen. 

If you do find that you forgot to pay a bill, don't immediately cut a check for the bill + late charges. Take a moment to call and ask the company  if they would waive them for you.  Advise them that you have never been late in the past and that it was an oversight on your part.  They should be able to pull up your account and see that this is true.   I have had companies do this for me in the past, with the stipulation that it is a one time service. 

Let's face it, we are all human and we can forget things such as paying a bill.  So, if we put some checks and balances in place, we can help ourselves to stay on top of our financial obligations, which in turn can reduce stress.