Last week we discussed the importance of organizing your bill payment and setting up a payment zone. Though this is a great first start, our NYC Professional Home Organizer points out that it is only the first step in effective bill payment processes. Scheduling your payments and using tech tools wisely both help you budget better, creating a well-rounded bill payment strategy!
Schedule It Out
Consider both your budget and your bill cycles when creating your bill payment system. Also keep in mind how long payments will take to arrive and be processed, as even online bill payment can take some time to go through. Your method should be entirely tailored to your needs. No matter when you choose to pay your bills, make sure you stay consistent and mark it on your calendar. Gentle reminders like preset alarms in your smart phone or emails from a service like WhatBills? may be necessary, and that’s okay! As long as your bills are going out on time, no one will care if you’ve set multiple reminders on your phone.
Use Tech Wisely
Automatic or online bill payments can make your life much easier: less running around to the post office, no more worrying about remembering to buy stamps, and zero chance of your check getting lost in the mail. There are three main types of tech that can help you go paperless with your bill payments. Our NYC Professional Home Organizer discusses them below:
- Automatic Draft: This allows you to set up automatic payments drafted from your account and sent directly to the utilities company, the bank associated with your mortgage, your cell service provider, and so on. Though this option does remove the worry that your payments will be received late, it does increase the likelihood of identity theft as you’ll have to provide your banking information and is means that you’ll have to keep a close eye on your account balance to ensure all payments can be covered.
- Online Payments: with this method, you manually make payments using your bank’s website. While this decreases risk of identity theft, you will need to factor more time in when making your payments for processing time. Additionally, depending on your bank, you may or may not be able to set up reoccurring payments.
- Third Party Tools – Several bill payment tools allow you to monitor your income, receive and pay bills, and balance your accounts. Here are the rankings of the most popular services from Top Ten Reviews.
With these simple steps, you’ll be well on your way to dramatically reducing the time you spend paying your bills and virtually eliminating potential late fees! If you need more individualized help setting up a bill payment zone, determining a payment schedule, or deciding on a tech tool to assist you, schedule an appointment with our NYC Professional Home Organizer.