Bill paying - my method

[Jo Bo]

I never pay bills early - the cash is worth more in my home equity loan, saving me interest which is calculated daily. As bills arrive I attach them to a clipboard next to my desk, in order, with the first one requiring payment on top. For all regular bills such as utilities, on the due date I pay on line or by phone using my credit card, (more cash left in my home equity loan!). Some monthly/quarterly bills such as insurances, subscriptions, union fees, etc. are also paid automatically by direct debit from my credit card - there is no charge for this. Random bills, such as tradesmen, I try to pay cash at the time, asking for a discount for cash of course! If there is no discount for cash I ask them to send me an account. Otherwise these are paid when due by credit card, if possible, or cash - cheques cost money! My credit card is paid monthly, (any charge which is due to accrue interest), by direct debit so I never pay any interest charges. I can't remember the last time I paid a bill by mail - if I had to remember to buy stamps and post a letter they would probably be late all the time! The only thing with this method is you have to remember to look at the clipboard - if you have a calender or diary you use daily a reminder in there would work just as well.

Regards

Jo

[crosses]

I have a similar method as Jo Bo. As soon as the bills come in, I tack them to a cork board I have above my desk and place a Post-It note on each with the date they need to be paid in red pen on the outside. Since I work some at this desk everyday, it means that I never forget to send out a bill.

All the bills that allow me to pay directly from my bank account I have set it. I had to arrange with some of the utilities to change the date they charged me so that I could always be sure the account didn't get overdrawn.

The important thind to remember if you have them take the money out of your bank account directly is to make sure you know how much you have in the accouont. I wasn't very diligent at the beginning and had some big overdraft charges.