How To Organise Bills And Pay Them On Time

Overview

• Why keeping bills organised matters
• Types of bills to keep organised
• 8 best ways to organise bills
  • Create a monthly budget
  • Use a bills checklist
  • Track your receipts
  • Set up calendar reminders
  • Set up automatic payments
  • Implement budgeting tools
  • Use a digital filing system</li>
  • Consolidate bills with a loan

Organising your bills is more than just a tidying exercise; it’s a fundamental aspect of sound financial management. Here’s why it’s so important:

• Avoid late fees and penalties: paying bills is hard enough sometimes without tacking on an extra fee because you were a few days late.
• Maintain a good credit score: banks and loan companies look at your financial history to determine whether you’re suitable for a loan. Missed payments for bills can negatively affect your score.
• Reduce financial stress and anxiety: getting hit by unexpected bills can leave you stressed and disrupt other plans, leaving you always wondering when the next big hit is coming.
• Improve budgeting and financial planning: having money set aside for your bills means you know exactly how much you can put away for savings or spend on something fun!
• Easier tax preparation and record-keeping: a detailed record of your bills makes tax time easy, especially if you need to claim back portions of your bills paid.

There are plenty of bills to keep track of in every household. Some things might not immediately spring to mind when you think about bills, like music or streaming subscription services. So when organising your bills, don’t forget to include:

• Home, health, and car insurance
• Rent or mortgage payments
• Car registration
• Pet-related expenses
• Council rates or strata fees
• Utility bills (electricity, water, gas)
• Internet and phone bills
• Streaming services subscriptions

 
But you can’t plan for every bill. Emergencies like vet bills can crop up at the worst time to disrupt even the most well laid plans, which is why it’s important to have an emergency fund set aside so you don’t have to dip into your bills money.

There are also seasonal bills that occur regularly, but the amounts might fluctuate. Things like energy and water bills can change dramatically depending on the time of year, but it’s still important to know when they’re coming. Looking at past years might help you figure out your most expensive months and calculate an average you can work towards.

It can be daunting to look at your past bills and try to untangle them. But the hardest part is getting started, so here are a few tips to help you organise your bills and make future payments a breeze.

Creating a detailed monthly budget is one of the easiest ways to save big on your expenses. This means you can invest extra money into your savings account each month.

You can easily create a monthly budget in just a few steps:

• Put all of your monthly expenses into a spreadsheet (Try looking at your last bank statement and reviewing how you spend your money)
• Add up all of your expenses
• Set a spending limit
• Decide on a savings goal
• Adjust your budget to fit with your lifestyle

Listing out all your bills in a checklist helps you keep organised from month to month. This way there are no surprises when you’re hit with a hefty bill. You can break down your bills and include the price, due date, and the months you need to pay so your finances can be easily tracked.

You bills spreadsheet can take whatever form you find most helpful, whether that’s a whiteboard on the fridge, a notebook in your study, or a spreadsheet you can access anywhere. Either way, make sure you can tick them off once each bill has been taken out for the month.

By tracking your receipts you can have a clear overview of your financial transactions, which makes it easier to manage your expenses. This is especially useful when you’re making small purchases with cash, as everything adds up over time.

Whether you choose a more traditional method of keeping your physical copies in a file or scanning them digitally to store in a tracking app, reviewing your bills and receipts regularly allows you to maintain a solid record of your expenses. You can also scroll through your payment history in your internet banking app to find any payments you might have missed or didn’t get a physical receipt for.

By adding this to your routine, you will not only stay on top of your bill payments, but you will also recognise your spending habits, which may help you to rethink some of your financial decisions in the future.

One of the best ways to keep bills organised is to use your phone’s calendar app to set reminders for upcoming bill due dates. This simple yet effective method ensures you never miss a payment. Set reminders a few days before the actual due date to give yourself time to prepare.

Use your calendar for bills that come around the same time each month, like car or home insurance.

No matter how organised you are, we’ve all forgotten to pay a bill at one time or another. By setting up automatic payments, you can take the stress out of manually organising all your bills. However, the catch is you will need to make sure there are enough funds in your account.

While automatic payments are convenient, some people prefer to pay bills manually for better control over their finances. If this is your preference, be sure to set a specific day each month to review and pay bills. Keep detailed records of payments if you need them for tax purposes. You can also use online banking to schedule your manual payments so they aren’t forgotten.

There are a wide variety of helpful budgeting tools that can be super useful for your day-to-day finances and saving goals. You can easily put your monthly expenses into this tool and create a comprehensive plan. Most budgeting tools also give you organisation and saving tips.
 

What are the best apps to organise bills?

There are plenty of apps on the market that can help you take control of your finances and organise your bills. Some popular apps available via Apple and Android include:

• Frollo: a free money management app to help you track finances and stay ahead of bills.
• Goodbudget: an app that uses the envelope theory of budgeting. You create different envelopes for where your money should go, like electricity, water, food, or rent, and set an amount. That means when your pay comes in, you know exactly how much to allocate for each expense.
• GetReminded: ever been caught unaware by a utility or other bill automatically renewing? GetReminded sends you alerts before the due date, even comparing other plans to help you find a better price.

 
Most banking apps include a bills organiser or budgeting tool to help you stay on track too.

Instead of sorting through piles and piles of old documents, the easiest way to organise your bills is by using a digital filing system. This modern approach allows you to:

• Scan and store bills electronically
• Create folders for different bill categories
• Use cloud storage for easy access from any device
• Set up automatic backups to prevent data loss

 
Alternatively, you can download a free bill storage template online that allows you to store all your bills and other documents in an easy system.

Staying on top of multiple bills can be challenging, especially when unexpected expenses arise. Getting a fast loan specifically designed to cover unexpected bills can be a great option.

With a loan for bills, you can easily consolidate all of your bills into one manageable payment. Think of it as a kind of debt consolidation loan. This not only ensures that your bills will be paid on time, but it also helps you to avoid any late fees or potential impacts to your credit score.

Now that you know our top tips on how to keep your bills organised, you might be set for the future. But life is all about the unexpected, and if you’ve been hit with a few bills you just can’t afford, Red Tree Finance can help.

A loan to cover bills will help you stay on top of your finances, avoid late fees, and eliminate any stress. Don’t let finances overwhelm you anymore. Apply for a loan online today and start your journey towards a more financially secure and stress-free future. If you have any questions about our loans for bills, contact one of our friendly loan assessors today.

How can I organise my bills and paperwork at home?

If you prefer to keep a physical copy of your bills at home, there are plenty of organisation tips you can implement, including:

• Discard any unnecessary documents, including paid bills
• Separate your documents into categories in folders
• Clearly label each category or even colour code them
• Move them into alphabetical order
• Store them in a file cabinet or desk

What is the 50, 30, 20 budget rule?

The 50, 30, 20 rule explains that 50% of your budget should go towards your needs, 30% for things you want and 20% for your savings and debts. This budgeting rule can easily be implemented into your monthly budget plan.

What is the best way to keep track of bills?

The best way to keep track of bills is to create a monthly budget that includes all expenses, set up a bill checklist to monitor due dates, and use calendar reminders for timely payments. Implementing automatic payments can reduce the risk of missed bills, while digital tools and apps can help organise and track expenses efficiently. Additionally, consider consolidating bills into a single file and discarding unnecessary paper copies to streamline your financial management.

The information provided in this blog is of a general nature and is provided without considering your specific objectives, financial situation, or needs. It is intended for informational purposes only and should not be relied upon as financial, investment, or other professional advice.

Before making any financial decisions or taking action based on the information presented, you are strongly encouraged to assess its appropriateness in light of your individual circumstances. Red Tree Finance does not intend to provide personalised financial advice, and you should seek independent financial, legal, tax, and other relevant advice tailored to your unique situation.