We all know that paying bills isn’t sexy or fun, but it is part of having a healthy financial life. Everyone pays their bills differently, but I’d argue that the more steady your strategy is the better. Most of us have some kind of system in place, but it’s always good to take a look to see if everything is working. Some questions to ask when developing your bill pay system:

  • Do you pay yourself first? This is a must.
  • Do you have all of your bills estimated and know when they are due?
  • Do you have an automated system where you don’t have to think about this fun task?
  • Does your strategy prevent you from getting dinged with late fees? If you ever get hit with these, rethink your system.
  • Is the money left over at the end of the month working for you in an interest bearing account?

Here are some advantages of a good bill pay system:

  • Peace of mind – knowing that you won’t be spending your money on late fees.
  • Multiplying $ – watching your interest grow.
  • Saving First – there’s no other way.

Happy bill pay!

Miel

Dedicated to my dear James, who continues to sort his bill pay system.

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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