Pay Your Bills Promptly, Automatically

Do you know what time it is?  Do you know what day of the week it is?  Sometimes time goes on without us, and that can cost money.  Put your bill payment program on automatic and enjoy the sweet rewards of low-cost living."

Hey, it's true for everyone.  Life can get pretty busy. Monday turns into Friday without even asking your permission, and pretty soon a whole month is gone. Who knew things could get so loco?  All those missing days can add up to late payments for your bills - mortgage, lights, phone.

So here's the good news:  you've got some assistance.  With the right combination, you really can run your personal finances like a well-oiled machine.  Just about every business and bank has a solution to help you meet your monthly payments safely, more efficiently than maling in your check by the due date.  Here are some good ideas on that.

Step #1:  "Know thyself" - these are the words placed above the Oracle at Delphi in Greece hundreds of years B.C..  They're just as true today.   The first thing to do is admit you need an assist, just like in those 12-step programs we hear so much about.  Everyone knows what a genius you are, so you can let go of trying to do everything.  When you acknowledge there's a problem, you can start to repair it.  Take a look at your payment options. 

Step #2:  Ask for some assistance - take a look at your bank's bill payment options.  Do they offer a free monthly deduction service?  They might, but odds are... they don't.  Even if it's not free, the $10 monthly charge most of them assess is far less than the penalty for paying even 1 credit card bill late. 

Step #3:   Take a look at each individual company's payment options.  Your mortgage banker, utility company and insurance carrier may all have automatic payment plans.  You can have payments deducted directly from your bank account with an Electronic Funds Transfer, or EFT.  Most of the time this service is free, and some companies (like, say, T-Mobile) will give you a small monthly credit for doing business this way.

Another option is to use a computer program for your monthly payments.  A lot of money minders, such as Microsoft Money and Quicken, will not only link to your bank account to help you reconcile your bank statements, they will also remind you when payments are due.  Some will even make the payment for you.  My personal favorite is Ace Money Lite.  It's not as sophisticated as the commercial programs, but that also means it's not as complicated.  It's  open source software WHICH MEANS IT'S FREE.  You've got to love that!

If you're at all nervous about having your information out there and trusting someone else to pay your bills, you still have a couple of options.  One is that you can set a recurring reminder on your calendar.  If you use the calendar on your computer, you can set it and forget it.  Every time you log on, the reminders will automatically pop up.  Another idea is to use an online reminder system, many of which are free.  They will send you an e-mail reminding you of just about anything.  That's not such a bad way to go, either - bills or birthdays.

And finally, if you don't have a computer... Lord help you.
 

Special to SectorMatic Money Site
JackSchmidt@SectorMatic.com