5 ways to track your monthly bills Loop Jamaica
Black Immigrant Daily News
Knowing how to keep track of your bills and payments is integral to managing your finances.
Making your payments on time helps to impact other areas of your finances, like your ability to borrow money to buy your dream home or car.
Also, losing track of your bills and payments can lead to late payment fees, which may result in penalties such as interest fees and higher interest rates when you are ready to borrow money.
To keep track of how to pay your bills, you first need to learn how to be organised.
Here are five ways to keep track of your monthly bills:
Create a list of bills to be paid
This involves creating a list of bills that need to be paid monthly or yearly. Ensure that you make a note of how much they are and when they are due. Monthly bills include rent or mortgage, utilities, and car loans, while yearly bills are car insurance, property taxes, and homeowners insurance. Create this list and check it twice because if you don’t know your money then you can’t grow your money.
Add your bills to your calendar
Add your bills to a paper planner or digital calendar and the amount due. By leveraging the benefits of technology you can get text or email reminders when your bills are due so you can ensure that you make the payments on time.
Set reminders to pay your bills
This is to ensure that you don’t forget to pay your bills. If you are using a digital calendar, this can be done when adding the bill to the calendar. You can use apps on your phone, such as the calendar app to set reminders.
Put your bills on autopay
By automating your finances, you are setting up your bill payments and account savings to be paid every month automatically. This will ensure that the bills are always paid on time to avoid costly late fees. This can be done through your service providers. Another way is to set up bill payment through your bank, which will issue the payment to your service provider on your behalf. Note, however, this is not a set-it-and-forget-it activity. Ensure that from time to time, you check on payments and make any adjustments if needed.
Create a bill organisation system
Organisation is key! One way to organise your bills is to convert them to a digital format. This can be done by opting to receive your bills via email. By doing so, you can create folders and once paid you can transfer bills to the “PAID” folder. Not all of us are quite ready to switch to digital bills, which is just fine. Instead, you can have a specific place or folder for storing your paper bills. Once paid you can transfer them to a paid pile.
Please bear in mind that there is no one right way to keep track of your bills.
Also, don’t burden yourself and over track your bills. Focus on the bigger picture and ensure all major monthly payments are consistently made on time.
Creating discipline around your monthly bills and payments will develop the habit of consistency which is critical to becoming a successful investor and building wealth faster. Get started today because wealth waits for no one.
Keisha Bailey is an experienced investment strategist who teaches people how to earn passive income, create wealth, reclaim time and reach financial freedom by investing.
She works with investors to create highly profitable portfolios so that they can build wealth faster. If you are looking to learn how to level up your money, she can be reached at keisha@profitjumpstarter.com.
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