How comfortable are you with technology? Are you able to retain control when weird things start happening with your computer, or would you panic if your screen went blank just after you entered your credit card number and just before you clicked Submit? Would it be better for your blood pressure to stick with paper checks and the good ol’ postal service? How important is saving time to you? Are you willing to endure some new processes and additional expenses if they will save you time? In your experience, has the so-called time savings of a computerized system actually taken longer than doing the task the old-fashioned way? How reliable is your Internet connection? If you get the unexpected “Goodbye” from AOL on a regular basis, think twice before you delve into online banking and bill-paying. Do the particular workings of your mind require that you choose one payment method and use it for all of your bills? Or are you okay with using different methods for different payees, depending on the circumstances of each?
Less Painful Bill-Paying Next I’m going to give you three examples of bill-paying systems. Keep in mind that you can mix and match components from each if you choose, but to be effective, whatever system you end up with should have
A foolproof method for getting the bills into the system. (This is covered in detail in the next chapter.) A cue for when to pay the bill. Up-to-date financial data to tell you whether you have the money to pay the bill. Supplies for paying the bill and sending the payment. An easy way to check whether and with which method you paid the bill. (I call this a “Did I Pay That?” document.)
You’ll need list
Your bills and bill-paying supplies: checkbook or bank card, stamps, blank envelopes, and return address labels Your computer and Internet connection The income and expense tracking document HYPERLINK Personal finance software such as Quicken or Microsoft Money (optional)
