I have been so encouraged and greatly helped by the tips I have read here, I hope this little tip will help someone too!
I used to be easily discouraged about ever getting a handle on our finances. I just couldn't find a method that I could stick to or that actually made sense to me. After trying the usual methods for bill paying and keeping track of our expenditures, here is something that has helped me to not only pay our bills on time, but actually keep track of them.
I made the electronic leap of faith, and scheduled all regular bills to be paid automatically. On the plus side, there were no more late fees, but the challenge was making sure the money was there! So I bought a large, cheap wall calendar and wrote on it when each bill was due to be paid. I look at the calendar often anyway (it's the most useful tool to organization and planning, right?), so each week I know to be sure the money is there for the bills coming up for payment that week.
Sounds so simple, but just getting the paper clutter off my desk, the 'remembering' out of my head, made such a difference in my attitude. Now we are actually getting out of debt and improving our credit rating each month because of this simple start.
I hope this helps someone out there who feels overwhelmed - you can do it! As someone once said to me, "you can't start any sooner than today"
By MT from Tampa, FL
Always use an odd amount for transferring money electronically or paying bills. For example, if transferring monies, use $99.98, or $100.01, or $100.02, but never the same amount during a 6 month period.
I am on Social Security and I pay all my bills on the 3rd of each month. When a bill comes in I open it, write the amount in a notebook, and place the bill in a old refrigerator bin I keep in my desk.
A desk by the front door with a desk calendar are necessities for me. I open all mail immediately and log bill due dates on the calendar.
Every year, I buy a monthly planner at the dollar store. When my bills arrive, either in the mail or online, I put them in the appropriate month in my planner.
I use a Home Finance Bill Organizer to organize when and how much I pay each month. It has a page for each month with a pocket for bills and notes, a section to list date due, expense type, amount and when paid.
Keeping track of household expenditures does not need to be a complex process. This is a page about simple household bookkeeping system.
For several years now I've used the box folders, the ones that have handles on top and 18 or more slots) some have medical, rent, etc. I put my own labels on the folders in the order that works best for us.
As soon as I open a bill, I put it on my computer keyboard. Next time I'm online, I schedule the payment to be made 2 days before it is due.
When you are budgeting for the year ahead, I have one of the simplest and worry free ways to deal with big annual bills like car insurance, property taxes and any other bill that is going to hit your pocketbook once a year.
Do I need to keep a full year of bill statements?
By Karen
I print out a list of our bills by month for a year in columns. As I pay them, I check them off the list. That way I know at a glance what needs to be paid and I don't have any slip by unpaid that I had forgotten.
Years ago when I was in college, I got financial aid, and would pay all the bills for three months ahead, like rent, cable, insurance, etc. Then, my daughter and I would know that "this is our money for a cheap movie or a new jacket for school".
I start my checkbook register at the middle of the register. I have found that I can usually write a month's worth of checks on one page of the register using the front (and back if necessary).
Ever sit down and wonder where your money goes? Many of us put a lump sum of cash in our pocket and when that money is gone just withdraw more money from our checking account or use the good ole debit card.
Organizing the household bills and making sure they get paid on time shouldn't be a problem. I open all mail immediately upon bringing it into the house.
