What is the number one reason most people fail to pay their bills on time? It’s not keeping their bills organized. When you can’t find your bills, you will likely forget to pay them until you are reminded. There are penalties for late payment, and they include late payment fees and a reduced credit rating. So here are 5 tips for organizing your bills.
How To Organize Your Bills
Create a Central Depository For Unpaid Bills
Do not leave your bills lying on your bed, dining room table, TV, bookshelf, or dresser. They may get mixed up with other papers, torn into little pieces by your children, blown away by the wind, or accidentally thrown into the garbage. Create a central depository where all the bills will go to as soon as they arrive. It could be a file folder, paper tray or wall pocket. Arrange the bills in chronological order of due date so that you will know which bill to pay first.
Separate The Paid Bills Immediately
Mixing paid bills with unpaid bills creates confusion. As the stack of bills grows bigger, you may find it more and more difficult to find the one you are looking for. Separate the paid bills from the unpaid bills immediately after making the payment. Keep the paid bills in a separate folder or envelopes. Since you will accumulate hundreds of paid bills over time, place each bill in its own category so that it will be easy to find when you need to see it. For example, place all the electricity bills in a folder or envelope with ‘Electricity Bills’ written on it. [Read the full article]