When it comes to financial organizing, there is a great myth that online banking is the answer to a disorganized person’s financial woes. This is not always the case. However, there is one part of online banking that everyone (organized and not, under or over age 40, computer wiz or not) can benefit from. Automated payments can help you avoid fees and keep your accounts in good standing.
Just in case you think I’m on my high horse, pretending I’m perfect, let me just correct that idea, because this is where I’ve messed up this last year. I missed two payments to a certain retailer just because I forgot. That whole time goes faster as you get older thing… So I’ll be re-establishing an automated minimum payment on that store credit card this year so I don’t get dinged the next time it happens, because I could use that $40 for other stuff!
Today, your 30 minute organizing challenge is to review your expenses, and set up full or minimum payments for your bills.
- Review your list of expenses. See which accounts you have ever had a late payment fee on, and contact them first. Establish automatic payment of either a minimum or full balance. Either way, you have the peace of mind knowing that (as long as you have the funds in your bank account), you should never miss a bill again.
I’m not giving you specific instructions on how to do this because…there are about a million different ways to manage online billing. You can set these up out of your bank account, and most banks and credit unions give you website access to accomplish this.
Or you can contact the utility or credit card and set it up from their end.
Or you can use a service like Mint to create a centralized place where you manage all different types of accounts, including frequent flier miles.
GOOD JOB! That’s it for financial organizing. Tomorrow, we’re back to something fun, like sock drawer organizing.
This post is part of my 31 days of 30-minute Organizing Projects. Be sure to subscribe to blog for daily emails with projects you can complete in just a few minutes to start your New Year off right.