Just wondering how people organize their bills. Seems we're always getting late fees because we don't have the money when it's due. How are you making sure your bills get paid on time when moneys tight??
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05-03-2012 11:46 #1
05-03-2012 12:04 #2
Plan in advance. We know when all oir bills are coming before we even get them so we know what we need to have put aside.
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05-03-2012 12:08 #3
I pay all bills with how my husbands pay period works. He gets paid monthly so I make sure I negotiate with my billers to ensure everything is due to come out after the 15th of the month this ensures that there is money to pay it all. As for phone bills I get paid fortnightly so I will pay half of the bill each pay therefore it's not like trying to pay a monthly bill out of a fortnights pay. So I guess my suggestion is if you get paid weekly divide the amounts due on all bills by the weekly amount and ensure that is put aside for when the bill is due or pay direct to the biller weekly so it builds up and enough is in there by the due date. This also works with the bigger bills like rego just estimate the expected cost and put away for it weekly as you get paid. You can also set up weekly direct debits for your rates or electricity to come out after you get paid also to ensure that it's not once again this huge monthly bill being paid out of a weeks wage... It's hard to catch up if you have to use a whole weeks pay on one bill.
05-03-2012 12:20 #4Senior Member
- Join Date
- Feb 2012
I worked out how much each expense was on whatever basis, ie monthly, fortnightly, annually, etc and multiplied it by the number of times it comes up to get an annual amount and then divided the annual amount by 26. That helped me work out how much per fortnight we need to put aside to ensure we have enough to pay all our bills when they come due.
So every fortnight we use some of our pay to pay whatever bills are due but also put aside money for the rest that are coming up. It works so well because we don't have any nasty surprises and even though I am not earning much at the moment I always make sure that there is enough to do that and pay our debts, even before I buy us food.
I also add a little bit more to some of the bill amoounts that I know go up each year, like rates, and adjust my budget as necessary if anything else changes. I keep a track of how much we have paid for each bill so that I can track whether we are putting enough aside or too much, etc. Budgeting is key.
We also put a small amount aside (where possible) into a separate savings account so that if anything unexpected comes up we have some cash there as a back up. It doesn't have to be much, just whatever is left over from our pay that isn't going to pay debts and other expenses. Beats putting it on a credit card.
05-03-2012 12:24 #5Senior Member
- Join Date
- Jul 2010
Yeah planning in advance!
We know how much the bills will be so have a certain amount put aside each week to allow for monthly bills. Our rego and insurance on the car are in the financial year so comes out of the tax return.
Not sure if it's possible with all providers but we have a payment plan with our electricity company by which our bill is always $100 a month. So with our solar some months are more and some months are less, and depending on time of year it varies too. At the moment we are paying more than our usage, but when winter hits and the heater starts getting used again and solar slows down it'll even out and and we'll be in credit again.
Worst case scenario if something big pops up we didn't know about we use the credit card and pay if off as soon as we have extra cash, we have 40 days interest free so as long as it's paid off before then it ends up being ok.
05-03-2012 13:09 #6
I have a high-interest online "bills" account. I estimated how much all of the bills would add up to annually and divided it by 26 to get a fortnightly amount.
Every pay I have an automatic debit from my bank account to the bills account for that amount (plus a little more to give me some wiggle room on the estimate).
Once a fortnight I pay all of the bills that are coming due over the following two weeks and take the money out of the bills account to pay them. In the mean time, the balance of the bills account is earning a nice bit of interest.
05-03-2012 13:34 #7
I rang my elec company and found out how much my usage amount is each fortnight and have it centrepaid comes out of my $ before I see it is great I bpay all my other bills after figuring out how much they are each cycle and divide into amount to match my pay cycle if u get what I mean I find I sometimes don't have the $ so make a part payment same as my rent I put extra $20 week in rent so I've got credit there if I fall short
05-03-2012 13:45 #8Senior Member
- Join Date
- Mar 2010
I pay all my bills weekly by either BPAY or direct debit depending on the payment method. So when the bills come in I either have nothing to pay or just a small amount. I used to get really stressed when all my bills would come in at once. Now by doing it this way I don't have to stress at all.
05-03-2012 14:46 #9
I allocate a certain amount each week for bills and transfer it over to my bills account. All bills are set up with direct debit and the money gets debited from the bills account either fortnightly or monthly, depending on the bill.
It's a good system
05-03-2012 14:54 #10
We have a monthly budget which has all of our expenses broken up and a savings account for bills. If we stick to the budget, there should be enough money for that particular bill when it's due to be paid.
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