While there are a lot more fun things to do at college than deal with paying bills, you just have to do it. Besides, if you get stressed out because you forgot to pay a bill, overdrew your account, were socked with late fees or overdraft fees, just how much fun can you be having?
Organizing your bills and finances really can help you have less stress – and ultimately more fun. Here are some tips to make bill paying smooth.
Have a home for bills. Begin by designating one spot for the bills that come in the mail. Stick them to the bulletin board, put them under a paper weight or pile them in a basket. The important thing is they are all in one spot.
Open your mail. When you get the mail, do open the bills. Discard the envelope and junk mail inserts that come in the bills. Take a brief glance at the balance. Better to know now while you have a week or two than be shocked on due date. Put the bill in your “spot.” Not opening your mail – or getting real about that balance- will lull you into believing you can spend more than you should.
Use online banking. If you are not familiar or get stuck in setting it up, someone at the bank will walk you through it. It is absolutely worth the effort. For bills that are due monthly, like car payment or cell phone, you’ll be able to set up reminders which will be emailed to you.
Utilize a reminder. You can set up a pop-up reminder program on your computer, such as Outlook, or you can use a free online service, such as MemoToMe.com to email you a reminder. Make use of your cell phone. Set up your regular bills as appointments so your phone will remind you. For bills that are not on a set date, schedule a reminder every two weeks to pay them.
Check your balance. Make it a habit to check your balance every day online especially if you are using a debit card often for items such as meals on campus or quick purchases. Those amounts add up quickly. Always know how much money is in the bank. Get in the habit of doing it every day before you check your email.
Consider having two accounts. Look for a bank with free student accounts. If you open two accounts, you can designate one for your spending money and one for bills. When you get paid, pay yourself an “allowance” into the spending money account. Use that debit card for your daily life. This way, you won’t discover you accidentally dipped into your bill money and find it is gone.
Get a file box. Stock it with some folders. Label them for the personal files you must keep. You’ll probably need the following folders: PAID BILLS, AUTO PAPERS, CREDIT CARD PAPERS, HEALTH RECORDS, PERSONAL PAPERS, and WARRENTIES. Add any other categories you may have. Sort out your papers and put them in the folders. When you need a paper, you’ll be glad you did.
Deal with papers. File papers in your box after paying bills. Most receipts can be trashed after you’ve checked online or on your credit card statement to make sure you were charged the right amount. If the receipt is for paying a bill, such as your tuition, hang on to those. If it’s for buying a pizza you already ate, let those go. Make sure there are not credit card numbers on receipts or papers you discard.
Keep track of warranties. When you buy anything, from a computer to a phone to a car, be sure to keep the warranty paperwork AND the receipt. Staple the receipt to the warranty information or instructional booklet. When the item breaks or needs repair, you’ll have to pay for repair if you can’t provide proof of purchase.
Professional Organizer Lea Schneider is the author of Growing-Up Organized. Visit her website at www.organizerightnow.com.
