Tips to Organize and Manage Your Bills

We all have bills – from mortgages and car payments to credit cards and student loans. Each month, we are required to pay money towards these outstanding balances. While it seems like a simple process, late and missed payments are more common than you may think.

According to a WalletHub survey, 47 million Americans expected to miss a credit card payment in 2021. Unfortunately, missed payments can lead to unnecessary fees and negatively impact your credit score. How can you organize and manage bills to maintain your creditworthiness?

Make a List

Start by making a complete list of all bills and recurring payments. Creating a spreadsheet can make it easier to keep track of current balances, payment due dates and the amount you’ve paid. Keep your bills organized in print and digital formats, for easy access whenever you need to refer back to one.

Create a Budget

Many Americans do not have a budget or fail to follow the one they have created. If you’re new to budgeting, one easy method is the 50/30/20 rule. Fifty percent of your income should be used for necessities, 30 percent for your “wants” and 20 percent for savings and debt repayment. No matter your method, it’s important not to set and forget a budget. As your income, expenses and priorities change, make sure to make proper budget adjustments.

Don’t Ignore Mail

When you check the mail and see a stack of bills, you might be tempted to set them aside. Yet when you let envelopes pile up, you risk missing a payment. As such, open all your bills as soon as they arrive.

Schedule Payments

Mark all due dates on a print and digital calendar, then set up a time to schedule all your payments. When possible, make payments automatic so you have less manual payments to worry about, but choose a payment that doesn’t fluctuate from month-to-month. 

Ask for Help

Contrary to popular belief, many credit card companies are willing to help you when needed. Inquire about the grace period – the time after your due date when a payment can be received without penalty – and late fee waivers or refunds. As late payments can stay on your credit report for seven years, it’s worth asking for assistance!

Check for Errors

Payment errors can happen for a number of reasons. Review all payments – even ones set to autopay – once they have been processed to spot and resolve any errors quickly. Federal law protects the cardholder for 60 days, so it’s important to check your statements regularly.

Online Banking with Bill Pay and Mobile Banking allow you to check account balances and transactions, schedule and edit bill payments from anywhere. Contact us to enroll today!