Week 7: Organize
your Bill-Paying System
Yes, another co-project with The Hubs. And yet, another project
that isn’t my thang. As usual, the book makes a great point that no one likes
paying bills, but by organizing an
efficient system, you will save time that can be spent on more enjoyable tasks.
·
Decide on
a comfortable place to pay your bills. Someplace you like being. So you’ll
go there. And pay your bills.
·
Set it up
with the tools you’ll need. Calculator, envelopes, stamps, pens, computer,
etc…
·
Implement
an organized system for paying bills. Maybe paper, maybe online? Do what
works best for you. I love online bill paying.
·
Speaking
of online bill pay… If you don’t already do this, check it out. It’s fast,
green and easy! It also guarantees that you’ll never have a late bill!
·
Schedule
your bill paying time. Weekly, monthly, whatever. I find its best on
pay-day.
·
After your
bills are paid, file them away. Mark them paid and the date that you paid
it. Utilize a file drawer or a 3-ring binder. This will make it easy to
reference.
·
Keep a
calendar with your bill paying tools. Once you open the bill, write the
amount down on the date its due on the calendar.
·
Fewer
bills means less time paying them – consolidate when possible!
·
What to
keep, what to toss:
- Keep:
·
Current insurance policies
·
Current credit card statements
·
Medical bills –for 3 years
·
Mortgage info – for as long as you own the
property
·
Selling records of prior properties – forever
·
Mutual funds/stocks – current statements
·
Social security – current statements
·
Tax records – 7 years
- Toss:
·
ATM & POS receipts – unless they are for
something of value
·
Past credit card statements – unless they show a
paid & closed balance, or proof of purchase of something of value
·
Utility bills – after 12 months
·
Once a Month: Keep up with your filing… balance your checkbook.
·
Every 3-6 Months: Replenish your supplies. Shred & recycle your ‘toss’ items.
·
Once a Year: Sort bills for taxes. Put away “keep” papers.
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