8 Ways to Get Organized for Online Bill Payment
The bill payment process can feel overwhelming. You may find yourself asking how do I pay my bill or what bills do I have to pay?
Keeping organized can be challenging, especially when moving to a new home and changing your address. It may lead to mail delays and even missed bills. One of the best things you can do for your financial future is to set up online bill payment. Doing so can help you keep up with your financial obligations, avoid late fees, and lower your stress.
October 15, 2020 in Learn
1. Create a checklist to categorize your bills
A monthly checklist of your recurring bills can be a good method to ensure that you are keeping up with all your obligations. To break it down even further, you may want to consider organizing your bill payments into different categories such as utilities or credit card bills. Categorizing expenses can also help you make key decisions about your spending habits while finding credit card offers that provide reward points for spending within certain categories.
You can organize your checklist in an excel spreadsheet, using a bullet journal, or simply by writing down the list in a notebook.
2. Dedicate a bill-paying space and a schedule for the bill payment process
If you’re still receiving paper bills, dedicate a space in your home for storing and staying on top of them.
Using a folder system to outline incoming and paid bills can be a great way to make sure that you aren’t confusing what bills you’ve already paid. In addition, you’ll probably need a calendar to manage when your bills are due so that you don’t miss a payment.
Dedicate specific time slots every week and month to understand what bill payments are coming up and when you need to pay them.
If you have an American Express Card, you may choose to use online bill payment or the Amex App. You can also automate bill payments so you don’t have to remember to pay bills.
3. Keep track of your online bill payments regularly
If most of your bills are accessed online, you may want to develop a method to track your online bill payments. Leveraging an online calendar is a great way to stay organized in this case. In addition, it’s important to go back and double check that you’re not getting double charged for any bills in error. To do so, cross-reference your list of bill payments to what has actually gone through your bank account.
4. Set up reminders for online bill payment
We all have a lot going on in our lives, and it can be challenging to remember everything we need to do on a daily, weekly, or monthly basis. Setting up online reminders, notifications, or alerts that your bills are coming due is a great way to stay on top of the bill payment process. If the vendor doesn’t provide online reminders, you can always set up recurring notifications on your own calendar.
5. Set up recurring online bill payment with banks or service providers
For bills that occur regularly, such as your mortgage or a streaming service, consider setting up an automatic recurring payment to help streamline your finances. If you set up these recurring payments on your American Express Card, you may be able to earn rewards while paying for your regular expenses!
6. Use two bank accounts for the bill payment process
Having at least two bank accounts can help you separate your money. One account can be dedicated to savings and the other account for paying your bills. By paying your bills with only the account meant for bill payments, you can protect your savings and organize your budget.
7. Coordinate with your partner
If you share expenses with a partner, it will be important to keep track of your combined spending and bills. Sitting down to go through any shared expenses and bills by having weekly or monthly money meetings is a great way to ensure that neither of you miss a bill payment. Being able to talk openly with each other about your financial situation can help improve the bill payment process.
8. Review your monthly budget
Lastly, it’s always important to review what you are spending your money on. A regular review of your finances and your bills can help you catch anything that seems out of the ordinary. You want to look for fluctuations in bill payments and unusual charges to make sure that you are protecting your bank account and your financial future.
These learnings can also help you find a Card that works for you. For example, if you notice consistent payments for food delivery, the American Express CobaltTM Card may be a good option because you can earn 5 points for every $1 spent on eligible delivery and takeout purchases in Canada, up to $30,000 annually1.
- You can earn Membership Rewards points for eligible consumer purchases at American Express retail merchants as follows: Earn 5 points for every $1 at (i) restaurant, quick service restaurant, coffee shop and drinking establishments in Canada, (ii) stand-alone grocery stores in Canada, (iii) delivery of food and groceries in Canada as a primary business, up to a combined maximum of $2,500 in net purchases posted to your account monthly on these categories. Once the maximum is reached, you will no longer earn at 5 points for every $1 regardless of credits, returns and adjustments. Earn 1 point for every $1 thereafter. Calculation resets to zero on the 1st of each month. Earn 3 points for every $1 on eligible streaming subscriptions at select providers in Canada. The current list of providers is available at americanexpress.ca/streaming. Purchases with merchants that are not on the list or that are on the list but bundled with another product or service or billed by a third party such as a digital platform or a cable, telecommunications or internet provider, or a car manufacturer, are not eligible. Earn 2 points for every $1 at or for (i) stand-alone automobile gasoline stations in Canada, (ii) local commuter transportation in Canada including subway, streetcar, taxi, limousine and ride sharing. Purchases at merchants where these categories are not their primary business such as general merchandise retailers do not qualify. Merchants are typically assigned codes and categorized based on what they sell. Earn rate of 1 point for every $1 applies when the merchant code is not in an eligible category, using a payment account or service of a third party, a card reader attached to a mobile phone, or online retailer that sells goods of other merchants, or the merchant category is otherwise not identified. Interest charges, annual fees, other fees and cash equivalent transactions are not purchases and do not qualify for Membership Rewards points.
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