How to Simplify Your Finances-Start Small with Automatic Bill Payments

by RC on April 21, 2008

pennies.jpg Setting up your bills for automatic payment can be great, you don’t have to worry about paying late, late fees, and you can even save yourself postage in some cases. But many people trying to organize and simplify their finances often have a big concern. You do give up some control, so to speak, of your money when you give someone permission to go ahead and take it out at a predetermined time. Many people still aren’t very comfortable with giving up that control, and may also be concerned with providing their financial information over the internet, even if many of the companies seem quite trustworthy, such as utilities, city services, etc. If I set up all my bills for automatic payment, and I am still trying to get my finances under control, will I cause myself more problems by over-drafting my account, or running low on money before I get paid again? Also, many of your bills could be due close to the same time of the month, and you may be worried about paying them all at the same time of the month and how that will effect your available bank balance.

One way to dip your toes in the water and become comfortable with automatic bill payments is to start small. You don’t have to set up all of your bills for auto-pay at once, and if you are still trying to get your finances into shape, you probably shouldn’t do so anyway.  To get started, start by picking your smallest recurring monthly bill, or two, and set them up for auto-pay. After a month or so with no hiccups, go ahead and add another one or two.  Before you know it, you will have the majority of your bills being paid automatically, with little to no stress on your part on whether you you will be able to handle or be comfortable with the payments automatically going through.

Image by r-z

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