Still in the midst of a global pandemic, many Queenslanders may be feeling the strain of the bills stacking up.
But ignoring the bills in the mailbox will not make them go away.
Learning how to prioritise and manage your power bills and getting into the habit of paying them on time will not only reduce your stress but will also help save you money long-term.
There are a variety of different of different methods to help get you ahead on bill payments.
Know your billing cycles
Bills are issued either monthly, bi-monthly or quarterly. Most likely your bills also come in two date groups—either they will be due in the first five or so days of each month or due later in the last 10 days of the month. Review several months’ worth of paid bill statements and place the bills in the order that they are due.
Use email for your bill delivery
Request to go paperless when receiving your bills. Once it comes into your inbox, use it as a prompt to immediately pay the bill. This will ensue you never miss a due date again.
Keep Bills Organised
Create a designated bill-paying location in your apartment where all your bills are stored. For emails, keep a dedicated folder for all your bills. Stuffing a bill into your handbag or briefcase or throwing it on the kitchen table when you come in from work are good ways to forget—and often miss—the payment due date.
Create a Routine
Set aside a regular time to pay your bills. This habit will make you much less likely to miss a due date and will eliminate the need to pay late fees.
Some experts suggest storing and arranging your bills by their due dates, others say you should instead set aside a certain date each month to pay your invoices. Do whatever works best for you.
Budget Ahead of Time
You may be surprised how much you can save by prepaying some bills in advance.
Set aside an amount each month to cover bills.
Rather than paying out a lump sum each time you get a bill, your funds will already be allocated in your account and it won’t feel like a big chunk has been taken out because you’ve already budgeted for it.
If you experience any sort of financial hardship, make contact immediately for a payment extension or payment plan – this will prevent disconnection of utilities and your bills being in arrears.
Confidence for the Future
Getting ahead on bill payments is a significant stress reliever and major achievement for anybody struggling financially.
By getting yourself into a regular routine for paying bills, you can be confident that you will be able to meet your obligations as well as the concern of how much you are likely to be charged in late payment fees.
By making the paying of your bills a priority, you’ll feel more assured about your ability to manage your finances and save money at the same time.
