Bills account for a significant portion of our monthly income and generally our course of life. In order to avoid incurring penalties or accumulating debt in the future, you must make all of your monthly payments on time, including utility bills, credit card statements, insurance premiums, and other obligations. Standing in line at the bank or payment centers may often be a frustrating experience. You may be required to arrange leave from your work in order to pay your bills and other financial commitments regularly. But how to find hassle-free ways to handle monthly bills?
As technological advancements persist, you no longer have to deal with the inconvenience of paying bills in person because you can now do it online utilizing a variety of various ways or channels—whichever is most convenient for you. Let’s look at the most convenient ways to pay bills monthly.
#1: Set up automatic bill payment with your financial institution.
Process-wise, this is a really basic procedure. It is necessary for you to provide your bank with the account information for each creditor, and your bank will automatically pay those invoices from your checking account every month. Often, you can choose to be informed when a payment is going to be paid – this allows you to take action if you need to put additional money into your account (or prevent the bill from being automatically withdrawn) before the due date.
#2: Create an automated credit card payment schedule.
The majority of the time, monthly costs such as a telephone bill or cable bill will work just fine. It does not always work well with a mortgage or student loan installments, for example (at least federal student loans; private loans may be another matter). People who borrow money to pay off debts are often disliked by financial institutions.
In the event that something goes wrong and a payment is overpaid, it is typically far easier to get your money back than if you use cash or checks to pay bills. Also, as many cardholders are aware, if you have a credit card that offers cash back on purchases, this might be a simple method to lower your monthly payments.
#3: Automated digital payment options.
With the introduction of new digital payment systems, it is simple to set up automated payments for your monthly expenses. Indeed, by utilizing these services, you may gain bonus points and incorporate them into your everyday financial activities. When looking for a versatile digital payment solution that also allows for monthly bill payments, check out our guide on all the ways & methods to accept payments online and make payments online, which includes step-by-step instructions on how to accept payments online and make payments online.
Listed below is a step-by-step approach to ensuring that all of your monthly invoices are automatically paid using bill pay at your financial institution.
- Prepare a list of your monthly invoices and credit card payments on a single sheet of paper.
- Examine the bill-pay alternatives available through the chosen payment solutions. You may earn points for each payment they pay on your behalf each month, which is a great benefit offered by many companies. The majority of bill-paying programs are completely free.
- Obtain the following account information for each bill and credit card: account number, mailing address, monthly payment amount, and the due date for each bill and credit card.
- Activate automatic payments for your bill or credit card, and designate the account that will be used to pay the bill on a monthly basis.
#4: Mobile banking applications.
Banks are increasingly making their services available to clients through mobile applications. If you have the bank’s mobile app loaded on your phone, you may use it to make withdrawals from your account to pay your bills, loans, and other obligations.
Once you’ve added a biller to your account, you’ll be able to start making payments right away using the app.
#5: Online banking services.
Because of security concerns, it’s conceivable that you will not want to install mobile banking apps on your phone.
Alternatively, you can access your bank account online through the website of your financial institution in such circumstances. A typical web version of a bill payment service provides the same bill payment features and procedures as the mobile app; however, you do not need to download or install anything on your device.
#6: Mobile wallets.
Mobile wallets are a type of payment option in which your credit or debit card information is stored in a virtual wallet on your mobile device. As part of your monthly payables, your telecom service provider may offer a specialized mobile wallet app that you may use to pay bills for utilities, cable subscriptions, online loans, and a variety of other services that are included in your monthly bill payment plan. Transaction fees may or may not be levied to you, depending on your service provider or your biller’s policies and procedures.
Additionally, you may mail or transfer dollars from your mobile wallet to the accounts of relatives or friends if you need to reimburse them for anything they’ve done for you.
Pro Tips for Organizing Your Monthly Bill Payment Routine:
Get your things together:
Get yourself a file folder and store all of your invoices in it. Keep digital copies of your bills in a file on your computer if you get them electronically. And also keep note of the dates on which they must be paid.
Select the payment type that best matches your needs:
Direct debit is typically the most cost-effective and convenient method of paying bills, but there are alternative possibilities as we discussed above. If you are more used to digital methods, you can organize all your payments through a digital payment provider, thus receiving online payments and also paying for your bills.
Check your bills on a frequent basis:
By doing so, you will be able to catch any mistakes and see if your bills are rising or falling. Decide on a day each month and keep track of it with a calendar or an app to ensure you don’t forget. Payments may be verified by looking at your bank statements.
Make sure your bills aren’t getting the best of you:
If you’re having trouble keeping up with your payments, don’t ignore the situation since it will only become worse with time. Take these tips on managing monthly bill payments on how to deal with past-due accounts. So that make sure that you aren’t paying too much.
The Most Practical Payment Options Are Right Here
Paying your bills does not have to be a pain that you look forward to each month. In order to make your bill payments easier for both yourself and your billers, there are a variety of channels and tools that you may use to plan, finish, and submit your payments.