Like anyone else I don’t like receiving bills. When bills arrive I might even take a day or two to open them as I’m afraid of the amount of money due. Nevertheless I don’t forget they’re there and I don’t leave it too long to open them. I then record in my diary the bill details, due date and how much I have to pay. This way I pay my bills on time and never pay late fees or overdue interest charges. Paying late charges would only add to my stress and quickly place me into an even worse financial situation. I save money by keeping good payment records and paying on time.
In the past I have helped people manage their paperwork so I understand how people are not as organised as others. Bills get forgotten or misplaced. Often I’ve found other people’s unpaid bills under a pile of other unsorted papers. To avoid getting into an unpaid bills nightmare, my system is to record bills and payment dates in my diary as a reminder system.
Occasionally, particularly on my credit card account, I notice a small fee usually about $2.50 for something, like interest on a cash advance I didn’t realise I’d made. Even for small fees such as this I go into the bank, explain the problem and ask how it happened. Making this effort I’ve always had the fee reversed. Banks don’t want to lose good customers and I learn how to avoid such charges in the future.
Scott Pape, known as the Barefoot Investor, explains very clearly step by step how to make sure you don’t pay and bank fees and charges. Check out Scott’s advice at barefootinvestor.com