/ Finance 101

4 tips to managing multiple bills

Managing multiple bills can seem tedious and time consuming if you’re not well prepared. Whatever method or technique you follow—and there are many—staying in control is key to avoiding money management burnout. Below are our top four tips for effectively managing multiple bills.

Tip 1: Turn many bills into one

Credit cards, cell phones, rent or mortgage, utilities, car payments. If you feel like bills are piling up or you’ve let payments slip, consider the value of consolidation. A debt consolidation loan can pay off what you owe, reduce the amount you’re paying each month and help you save money — all in a single, affordable payment. Learn more about a Fairstone debt consolidation loan.

Tip 2: Stay organized

With so many things on the go, it can be easy to forget a misplaced bill. Dedicate a place for bills that are managed online and in paper statements. It can be a folder in your inbox, a desk drawer or the top of your fridge — whatever works best for you. Organize your bills in the order that they have to be paid and check in on them regularly.

Consolidating your payment due dates into one or two days a month can make bill payments simple."

Tip 3: Merge payment dates

If you’re like most Canadians, chances are you’ve acquired more bills over time, and none of them are due on the same day. Consolidating your payment due dates into one or two days a month can make bill payments simple. Most companies can easily adjust your due date if you provide notice, and if you set a date that is soon after your pay cheque comes in, you help ensure that you won’t be short on a bill.

Tip 4: Set up a ‘bills’ account

Many people already have separate spending and savings accounts. But did you know that adding a third account just for bill payments can also help keep your budget in check? Deposit your pay cheque directly into an account that you pay your bills from, and then move funds for household expenses and savings into their own respective accounts. This way you can track bill payments and household expenses, and look for spending cut-backs while never missing a payment.

Just a few small changes to your regular money management routine can help you build positive financial habits. Spark the conversation by sharing this article with your social networks.

This article is for informational purposes only. For personalized financial advice, you should contact a qualified financial advisor.

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