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How To Ensure You Pay Your Bills On Time

Business : Money Management

Although many bills today will come off your bank or building society account automatically, there are still many that you receive by post and that have a due date on them: phone bills and other household bills, credit card bills, repair bills and so on. It is very easy to put them aside and then not remember they are to be paid until you receive the reminder.

To avoid this, allocate a set place for putting bills so that they are not scattered all over the house, but in one place as soon as they come in. This could be a drawer in the kitchen or bedroom, or a basket or tray in your study. Always check the due date and mark it on a calendar or in your diary.

Plan a few times each month which you will use to pay bills, every fortnight or so, but make sure they fit in with the due dates. This way you have an allocated time for writing cheques and envelopes and doing the other administration.

Always keep a log of the cheques you send, and mark on the bill the date you send the cheque, or on a separate piece of paper. If you are paying the bills in a bank or post office, make sure you obtain a receipt and keep this, together with the bill, in a file, alongside all your other paid bills. This is very important as it is the proof you have paid them.

If you are able to pay bills before the due date, then do so - don't feel you have to wait until then. It is best to get them paid as soon as possible.

If you receive a reminder notice and you have just paid the bill, it could simply be that the payment has not yet been logged on to the computer. However, in any instance of this, you should ring the company and explain the situation, just to be safe.

By: Bev Woolfson on Sat, Jun 15th 2002

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