Some Crucial Tips On Getting Bills Organized

2019/11/02

Considering the very fact that timely bill payments play a crucial role in increasing your credit score, it is very important for you to learn how to organize bills.

When it comes to getting your bills organized so that the late payments could be avoided, a key point is to not just to automate the bill payment system but also to save enough to ensure timely processing of the scheduled payments.

Organizing Bills That Come Through Mail

Though most of the bills these days can be managed and paid online, if you get some of the bills through mail, you must check your mails daily. Many people are not good at it and their bills often get lost in a pile of mails. They often happen to find those bills when the due date has already passed. The best way to avoid such things is to check all your mails daily. Filter out the bills and shed all the junk mails.

Schedule the payment for the bills, or if possible, pay it right away. If you can do neither, you should file your bills properly. It is always better to have a separate folder for the bills that you have already paid and for the bills that you have yet to pay. Also, add a reminder on your cell phone or a note at a visible place in your study room or office cabin. Each time you pay a bill, you should move it to the folder that contains paid bills. Your obvious goal is to empty the folder containing unpaid bills before the due dates.

Coordinate Due Dates

Coordinating the due dates is another important factor to work on when it comes to organizing your bills. If you are receiving your bills on different dates throughout the month with different due dates, it will take a lot of your time to manage them. An easy way to handle your bills quickly is to request your utility services providers to send their bills and keep the due dates around the same time every month. It will make things very easy for you, as you can simply set aside certain dates every month for bill payments.

File Your Receipts

The receipt of a paid bill is an important document. These receipts play a crucial role, especially when it comes to filing taxes and claiming deductions. Besides that, the receipts also prove to be a great help in defending yourself in cases of IRS audit or disputes with the service providers. Therefore, you are advised to keep your bills safely in separate folders, one for each type of bill. If there is a large number of bills that you have to organize, you can sort them by month, but if the number is small, it is better to sort them by year.

Last, but not the least, if you are using online banking facility, you can easily schedule many of your bill payments online. This option to organize your bills is particularly very useful in cases where you have to pay a certain amount of money every month by a set due date. You do not even need to keep written records of all such payments; instead, you can simply request your bank to send a printed record of such transactions.

Photo Credit: Associatemoney.com

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