Money $marts

Bill-Paying Tips

Two ways to set money aside for bills:

1. Budget Box System A small box with dividers, one for each day of the month. When you receive a bill, check the due date and place it behind the corresponding divider. Pay bills as they are due - unless doing so will keep you from getting food, medicine or shelter.

2. Expense Envelope System This tool is useful if you pay bills in cash. Make an envelope for each expense category, label the envelope with the amount and due date. Pay bills immediately - unless doing so will make it impossible to pay for necessities such as food, medicine or shelter.

Where does your money go? Find out with a daily spending diary. Carry a small notepad with you for a week or two and write down every purchase you make and the cost. You are far more likely to save your money when you see how much small, miscellaneous purchases can add up.

FINANCIAL FACT: 50% of late fees occur because the consumer simply forgot to pay the bill on time.