1. Get Organized
Start by establishing a clear division of which spouse pays which bills, or put one of you in charge of all payments. When the next bill arrives, toss out the junky extra paper stuffed inside and file your statement in a specific place -- your organizer, a filing cabinet, or anywhere that's easy to access. Then go to the calendar you check every day, write the bill’s name on its due date (or the date you need to mail the check by), and highlight it in green. With your paydays in mind, select one or two days of each month (preferably the day you get paid) to write checks. This way, you can budget the rest of your month based on what’s left.
2. Consolidate Billing Cycles
It’s no fun to feel like everyone is demanding a piece of your paycheck all the time. But getting your statements on a schedule that works for you will allow you to attack other projects. Ask your credit card and utility companies if you can select a new due date. Depending on your financial situation, you might want all bills due at one time and be done with them, or have them spaced out twice a month. After the first schedule is made, you'll know what to expect every month.
3. Cancel Some Credit Cards
Opening up that Gap card to get 10 percent off a pair of khakis seemed like a good deal at the time, but now you have one more bill to add to the pile. As long as you’re paying these babies on time, they aren’t hurting your credit score. But if you could use one less thing to keep track of or if you tend to carry a balance, you should consolidate your cards to save money and time.
Plan to have three cards total. Choose three major credit cards (the ones with the best interest rates or money-back offers/rewards), and designate them as His Card, Her Card, and the Joint Purchases Card. Make sure you have one in your own name to keep a good line of credit, and then transfer your balances from the old cards to the personal one you're keeping.
As for a store card, if there’s a shop you love and you get great deals using its card, keep it. But make sure you have the cash to pay for your purchases -- these store cards have notoriously high interest rates.
4. Pay Online
Set up an online account with your bank and be sure to ask for a calendar reminder when it’s time to pay. Sticking to the organized system explained above, go online around payday and divvy up what's owed. Want an even easier option? Schedule automatic payments for certain withdrawal dates. This way, you won’t have to worry about missing due dates, paying finance charges, or having enough cash on reserve. Just set your calendar to remind you the day before each bill is paid so you can see your account balances and check online statements for any inaccuracies.
[Nestpert] Carol Buchman, a CPA and CFP in New York City and member of Best Buy’s Geek Squad
-- Grace Jidoun
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