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How to Organize Bill Payment?

Author: 
Elie Toubiana
 | 
Date: 
September 1, 2022

Are you being charged late fees? It would be ideal if you devised a strategy for paying your expenses. Learn how to stay on top of your payments and avoid pricey fees, higher interest rates, and credit report blemishes. To create an invoice online, we recommend this handy tool called Invoice Builder.

Make a list

Make a list of your bills, including utilities, credit cards, and rent or mortgage payments. Include any other loan payments as well. Use an app, spreadsheet, or even a notepad to keep track of all your invoices in one location. This can help you track them and act as a monthly checklist to ensure you don't miss any payments. If you don't already have one, this list can serve as the foundation for one.

Create bill-paying spaces

It is a lot easier to pay bills when they are immediately accessible. Set aside specific locations to keep your bills—both hard copy and digital—so you can find them quickly when you're ready to pay and return to the ones you've already paid.

Check your statements

To begin, always open your bills. It might be tempting to escape the realities of your billing bills if you are behind on your payments. Resist the urge—you don't want to be startled by late penalties or extra payments. You should also ensure that your invoices are correct. Regularly reviewing your invoices can help you detect charge increases, such as when special pricing on a premium add-on ends. This also makes it easier to keep spending under control—you may opt to decrease it sooner.

Review your due dates

Most of your invoices are due on the first or fifteenth of the month. Put their deadlines on a calendar. You have choices if such dates seem disjointed or come during times when your account balance is low. Bill collectors may frequently be worked with to adjust due dates to coincide with when you receive your income or have the most cash available. Bank of America customers can receive email or text alerts to inform when their invoices are due and when payments are due.

Ask about your grace periods.

There may be a short period between when your bill is due and when you are charged a late fee. Grace periods are typically 15 days. This might allow you more freedom in scheduling your bills—but don't overdo it. You may want to inquire about altering your due date if you use it every month. See tip number four above.

Make a bill-paying date with yourself

Please choose a time to pay your bills, whether once a month, twice a month, or more frequently. If you only sit down monthly to make payments, ensure you do so on time or ahead of schedule.

Streamline the payment process

When feasible, set up automated bill payments to alleviate some of the stress and time strain associated with bill payments. Your bank may set up automatic payments for you, or your biller may be able to send the amount of your bill from your account. Automation streamlines the bill-paying procedure and assures you that you pay your payments on time. Learn how to use Bank of America Mobile and Online banking to set up monthly payments.

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