How to manage bill payments

Paying bills is a necessary part of life, but it doesn't have to be a tedious chore. Whether you're managing household expenses like utilities and rent or reviewing your credit card statements, staying on top of your bill payments goes hand in hand with budgeting and saving.

This article includes tips, suggestions and general information. We recommend that you always do your own research and consider getting independent tax, financial and legal advice before making any important decision.

From setting up automatic payments to using personal budgeting apps there are different ways to simplify the process of managing and paying bills. Read on to learn about managing bill payments.

Paying bills when they’re due

Have you ever asked yourself, “When are my bills due?” With expenses scattered across multiple payment sources and on different schedules, it’s understandable that you might get overwhelmed with paying every bill when it's due.

However, paying bills on time can help people maintain their financial health, potentially avoid possible late fees and penalties, and may be a factor in helping to maintain a credit score. On the other hand, late payments have the potential to lead to damaged credit, higher interest rates, and even difficulty obtaining credit in the future.

Paying bills online

Many companies offer online bill payment options, making it possible to stay on top of bills and avoid the pitfalls of late payments.

Whether for utilities, credit cards, insurance premiums, or other expenses, payments can usually be made online through a secure payment portal. Plus, when you pay bills online, you can normally schedule payments in advance, receive alerts when bills are due, and keep track of your payment history.

Besides paying bills online, many businesses offer direct debit or automatic payment options. With direct debit, bills are automatically paid from a bank account, while automatic payments are scheduled in advance, to help you make timely payments with minimal effort on your part.

Paying bills at the Post Office

It’s possible to pay for bills with cash or card at the Post Office. Fees and other associated costs may apply.

What kind of bills might you need to pay?

There are many types of bills people pay on a regular basis. Some common examples include:

• Utility bills, like electric or gas bill payments
• Rent or mortgage payments
• Insurance premiums
• Credit card bills
• Phone and internet bills
• Subscription services
• Taxes
• Medical bills
• Car payments
• Student loans