There are lots of things that it is possible to simplify in life, from your home to your wardrobe to your budget, but few of us ever think about simplifying the way we pay our bills. Some of us think that the way we pay bills currently is the only way to do so, while others think that paying bills takes so little time that it isn’t worth it, but are either of these things actually true? For some of you they may be, but for many of you reading this right now, there is a simpler way to pay your bills, keep track of your cash and save time.
Sound good? Check out these five ways to simplify the process of paying your bills right now:*This is a collaborative post.
A very simple way of making bill payment easier, and ensuring that you don’t forget to pay any of your bills, is by setting a standard date for all of your bills. Most companies, from credit card companies to utility providers will allow you to specify a specific date to pay on and having as many (ideally all) of your bills come due on this date will make life much easier for you.
I know a ton of people who are really awesome at paying their bills with their credit cards. By doing this they are able to gain rewards or cash back and ultimately add to their finances. Paying all of your bills by credit card can make it a lot easier to keep track of them, and of course, it also negates the need for drawing out money, setting up automatic payments and ensuring that you have enough cash in a specific account to cover your bills. If you use a maybank credit card, then it could even earn you a decent amount of cashback, rewards or air miles too. Obviously, you should only go down this route if you’re disciplined enough to pay off the balance in full each month, otherwise, your finances will end up being anything but simple! Personally, this is a strategy I am not ready to try because I have struggled with credit card debt so much in the past!
Automating your bill paying whether that be using a financial management app or by setting up an automatic payment with your bank to ensure that the amount due is debited from your account on the relevant day is probably the ultimate in simplifying your money when it comes to bills. Of course, it isn’t for everyone – if you don’t always know exactly how much money you’ll have in your account and you occasionally don’t have enough to cover your bills, then you could end up being charged a penalty, so think about that before you automate.
There are numerous things from pet insurance to membership fees that often give you the option to renew annually. If you know that you can afford to do this, then it is a great way of simplifying your bill paying by minimizing the amount of payments you need to make on a weekly/monthly basis.
Before you do anything else, pay yourself. Why? Because if you have a little nest egg saved up in the form of an emergency fund, then you will always have enough money to cover the cost of your bills, which is going to simplify this particular area of your life quite a lot, I’m sure you’ll agree.
If you do these five things and you keep track of bills that have and have not been paid, you should find the whole process much simpler, and you’ll be amazed at how much time and energy it actually does save you to have your bill payments sorted.
Renee is the blogger behind The Fun Sized Life. After downsizing with her family, she also took the time to get serious about he finances. Now she is sharing the wealth with all of her readers.