Comments on: Avoid the Worry- Don’t Just Pay Bills on Time, Pay Them Early!

By: * Weekly Highlights: January 29, 2009

* Weekly Highlights: January 29, 2009 — Wed, 08 Apr 2009 02:01:53 +0000

[...] price book here, but this is a good article to read if you’re interested in saving money.Avoid the Worry- Don’t Just Pay Bills on Time, Pay Them Early! at Think Your Way To Wealth — I used to pay my bill at the very last minute. Not because I [...]

By: RC

RC — Sat, 31 Jan 2009 01:33:55 +0000

@Moneymonk & TStrump-Sounds like you both have a good approach!

@Singleguy- A calendar is a pretty good idea-then you can be sure you don’t forget anything-I think as long as you have a few days cushion, you should be fine.

By: Single Guy Money

Single Guy Money — Fri, 30 Jan 2009 11:39:12 +0000

I keep a small calendar to record the due dates of my bills. I try to pay them at least 3-4 days in advance. If there is a problem, I have a few days to try and fix it.

I would love to pay my bills as soon as I get them but, like you, I have the mindset of keeping my money to as long as possible to earn more interest.

By: TStrump

TStrump — Fri, 30 Jan 2009 05:41:36 +0000

I pay most of my bills early at one time in the month.
It gives me piece of mind, I think.

By: Moneymonk

Moneymonk — Thu, 29 Jan 2009 22:12:51 +0000

I pay my bills as soon as I get them except for my mortgage

By: Free E-Filing, Financial Risk Management, Falling Home Prices

Free E-Filing, Financial Risk Management, Falling Home Prices — Thu, 29 Jan 2009 04:35:34 +0000

[...] Think Your Way To Wealth: Avoid the Worry — Don’t Just Pay Bills on Time, Pay Them Early! [...]

By: RC

RC — Thu, 29 Jan 2009 03:57:53 +0000

@Slinky- I’ve only been doing it about a month, but so far, I just budget for each 2 week period just like I was doing 2 pay periods a month-Whatever bills are due for that 2 week period, I try to pay right away, and whatever is left over is for discretionary spending, debt reduction, and savings. Over the course of a year, it gives me sightly less per check, getting 26 checks instead of 24. I am planning on projecting out over the upcoming year to see if there might be any hiccups. So far it has been easy though-will keep you updated.

By: Slinky

Slinky — Wed, 28 Jan 2009 15:12:34 +0000

I’d be interested to see how you budget. I also get paid bi-weekly, but I budget on a monthly basis. It makes a lot more sense to me since the only money I spend on a biweekly basis is groceries. My fiance does his budget biweekly to match his paycheck, and it really does seem like more work. You’re always worrying about when the bill is actually due and if you should pay it this paycheck or next paycheck, and sometimes you have to carry money over from one period to the next. It all sounds unnecessarily complicated and stressful.

By: RC

RC — Wed, 28 Jan 2009 03:14:19 +0000

@Slinky- I do something similar, but I get paid bi-weekly, so lately I have been budgeting 2 weeks at a time-each paycheck-it sounds like a lot more work, but it really isn’t-I’ll post about my biweekly budgeting sometime in the near future.

By: RC

RC — Wed, 28 Jan 2009 03:12:16 +0000

@Chris- Thanks! Sounds like you are on the right track.

By: Slinky

Slinky — Tue, 27 Jan 2009 18:22:59 +0000

I pay mine as soon as I get them. That way I don’t lose the bill and forget about it! It’s also wonderful to never have to worry…all my bills are always paid. I also use a budget and update my spending on the 1st and 15th. This makes it easy to do a quick double check that all the bills have been paid. (I’m a little paranoid!)

By: Chris Holdheide

Chris Holdheide — Tue, 27 Jan 2009 17:57:50 +0000

Great point. If you wait till the last moment you can really get yourself in a bind. I’ve fallen into this trap as well. Now that I’m clear of that situation I no better than do it again.