How do you keep track of your bills?

[ksix]

Does anyone have a system for tracking bills and other expenses? How detailed are you? Do you keep a file cabinet, or a computer program of any sort?

My current system (which is non-existant) isn't working too great, and I'm trying to get everything organzied. Any tips??

[Csara]

Ugh, I am the worst!! We put the bills in a box by the phone in the kitchen and towards the end of the month I gather them up, along with our checkbook and some stamps and get to all of them at once. It is very unorganized, but somehow we manage to get everything out on time, for the most part. We both keep saying we are going to set up online bill pay for everything, but we never seem to get around to doing it. :rolleyes:

[ksix]

Today I had Chris buy us a box of manilla folders so we can start to get a handle on this pile of mail! I try to not even sit it on the counter unless I need it...junk mail goes right into the trash. Chris however, opens up the junk mail, leave the mail, and the empty envelope on the counter...and I have to wade through it to make coffe every morning. But...he's a lot better about knowing when things need to get out. I always realize like the day before that it's due...even though he has piles of paper, he always gets stuff done with plenty of time.

I think I'll just have a few folders (maybe "needs to be paid", and a "paid"...do you keep a copy of paid statements? My husband does, until two months later I get tired of paper and toss it all), and I was thinking about each month print up a one month calendar (from Works or something) with each bill, due date and amount.

[Csara]

yeah, we have like 3 filing cabinets....

[Neneuu]

I was thinking of doing an excel spreadsheet for each month describing the bills, due date, amount paid... stuff like that. I am just waiting around for my laptop to get fixed and that's my next project. Fun Fun.

[honeybunny]

I have an excel spreadsheet that shows a monthly inflow & outflow of cash. At the top it shows our paychecks and then it shows each bill (utilities, phone, rent, each credit card, any subscriptions that we paid out that month, etc.) as well as charitable donations, cash withdrawals, and miscellaneous. I seperate out the one-time charges like tuition, wedding stuff, house down payment/closing costs. Then I see how much cash we're saving each month (with & without the one-time charges). Then on another sheet in the same workbook I put the dates that I paid each bill (I usually pay within a few days of getting them) and after a few months it becomes quite obvious when each bill is due. Sometimes I think, "Hey, we haven't gotten our phone bill yet." and then it shows up the next day 'cause I know when to expect it now. Routine is the key to organization... wait, no. Maintenance is the key to organization... Well, I'm not really sure what the "key" is... I just know that I'm the queen. Everybody makes fun of me for being so anal. :p

[CC21]

I pay everything on a two-week cycle, since that's how we get paid. When the bills come in, I put the bill and the return envelope together and put them all in one place, in order by date due. That way, I know what needs to be paid first and if we run a little short, I know what can wait until the next pay check. On payday or the day after depending on how soon the first bill needs to be paid, I set down with the checkbook, bills, calculator, stamps, and stapler. I figure out how much it will take to pay all of the bills, make sure we have enough money to pay them and then start writing out checks. We have duplicate checks so after I put the check with the bill stub in the envelope, I staple the duplicate the statement. When I'm all done, I balance the checkbook and file all of the statements. We have a seperate file for each bill. Phone, electric, water, MasterCard, Visa, etc. If we ever have a discrepency, I can easily find the bill and the duplicate from the check.

[Neneuu]

That's the kind of spreadsheet action I was talking about - honeybunny. I may need to get you to forward me an example! That's how organized I like to be! I feel out of control when i don't have organization! :)

[Neneuu]

Joni - that's a darn good idea with the duplicate checks. I am going to start doing that too! Thanks! I like that a lot!:D

[CC21]

Glad I could help. I always tear out the dulicates anyway. I hate having all of those duplicates in my checkbook. Once it's recorded in the register, I tear out the duplicate. I figured since I was tearing them out anyway, I might as well put it with the bill. Then I know that I paid it for sure.

[Neneuu]

Joni - how long do you normally keep the bill? That's what I hate... after I pay it I want to throw it away. But I know that's not good, so I normally cram it somewhere out of my way. I guess another soon investment to be made is a file cabinet!!!

[CC21]

Generally about 2 years on utilities and other stuff like that. Bank statements and other financial stuff I think you are supposed to keep for like 5 years (in case of an audit). I'm not really for sure. I know there are a couple of finance majors around here. I'm sure they could tell you for sure. Sorry I couldn't give you a better answer.

[honeybunny]

There was an article about that in Reader's Digest recently. It should still be laying around my apartment somewhere, so I'll look for it tonight and let you guys know tomorrow what it says. I remember it had the # of yrs/mths that your supposed to keep various papers like credit card bills, utility bills, bank statements, receipts, etc. Suprisingly, most of it is not important to keep, but I can't remember what exactly the article said or who wrote it. I love filing & paperwork (sick, I know) so I keep everything. But I'm always running out of room in the old filing cabinet, so it would be nice to get rid of some of the stuff. My husband's as bad as I am (though he only files his paperwork about once a year :rolleyes: ) and I recently found utility bills from an apartment he rented from Sept. 97 - Aug. 98. Now that's too long!

[nicolef888]

We keep a very detailed Excel Spreadsheet of everything that goes out and everything that comes in. It's a task to set up at first but it's definitely worth it long term as you can go back and look at your spending habits, savings, etc.

[nicolef888]

Honeybunny-

I think that you are supposed to keep your important papers/bills, etc for 7 years.

[Neneuu]

Thanks Honeybunny, I'd like to know once you find the article.

Joni - I am a finance major (blush blush) and I work as an accountant. So I'm no help to myself. I was very organized with MY bills before I got married but now that I've gotten married I've taken on a whole lot more... so I feel a little "lost", shall we say! :D

Nicole - do you go by month? I was thinking of making a new spreadsheet for each month and have it all tie together at the end or something.

[Nerdgirl]

We (I mean HE) uses Quicken. Me? I have NO system at all! Hmmm....maybe keeping bills in the car door and paying them in my car?! HA!

[nicolef888]

Gen-

Yes, we go month by month with our spreadsheets. We also have a summary sheet that gives us information at a glance. Such as my credit card spending, DH credit card spending, total income, etc, etc. We set a limit for each and stay within the limit as we don't carry any balances on our credit cards but we LOVE the Airline Miles.

DH also majored in Finance and liked it so much that he got his MBA with a concentration in Finance and Industrial Engineering. He is the one who got me using the spreadsheets before, I just used to keep my bills in a pile and go through them twice per month and pay them.

[fresca]

I highly recommend Quicken!
It has a budget feature and ways to track all of your loans

[sunsetgal]

i use microsoft money and keep ALL receipts until they have cleared (on credit card statements or in the bank). i keep all my credit card and bank statements and utility bills in a filing cabinet and usually get rid of them 3 or 4 years later. i also pay all my bills online, so i have a history of when payments were sent, and i don't have to pay for postage. :)

[honeybunny]

OK, the article in Reader's Digest (May 2002) got advice from Donna Smallin, author of Unclutter You Home, and Eileen Roth, author of Organizing for Dummies, on how long to keep what papers. Here's what they said:

-Keep only the most recent paycheck stub, utility bill, mortgage payment, mutual-fund prospectus, insurance policy. As you file the latest, throw out the last. (Personally I would hang on to about a years worth of utility bills in case you decide to sell your home and at least 3 months worth of everything (including paycheck stubs) in case you need to apply for a loan.)

-Hold for seven years: bank statements, canceled checks, and credit card statements

-Keep long-term: one copy of each successive version of your resume; diplomas & certificates; school transcripts; receipts for car repairs and large purchases; mortgage and real estate documents; home-improvement records; annual statements (keep the quarterly until you receive the year-end summary) of stocks, bonds, mutual funds, IRAs or 401(k)s; and legal documents (lease, papers, etc.). Keep tax returns at least seven years.

[fresca]

There is a free personal budget template at:
http://officeupdate.microsoft.com/TemplateGallery/templates/5/tp1136.asp?i=4&l=1066,1127,1347,1126,1136,842,843,&RC=5&M=7&mh=20&qu=&ct=&cid=0.138.142

Looks pretty good, but I haven't downloaded it yet.

[jessica]

1. I have a list of our bills that I made in Word with a big ol' checkbox next to each one. At the top of the document I have Month _____ and Year ______. Every month I print a new one out and carry it with me in the bag that I take with me to work everyday. As I'm writing a check, I check off the bill its for and write the amount next to it. That way, if I ever want to know "what bills are left this month?" (since I get paid the last business day of each month), then I can take my checkbook balance and subtract the remaining bills to see if I have any leftover money for whatever it is I want (or feel I have to have for the wedding).

2. I always use my check card and don't use credit cards or cash. I put receipts in my check book and almost everyday at work I go through the receipts, enter them into my checkbook, and balance my checkbook/compare it with what's online.

3. I pay as many bills as I can online to save postage.

4. As far as savings go, I have all of that automatically taken out of my check each month. The percentage and funds that savings goes to was calculated by myself, a stock broker, and a financial planner.

5. I have files for pretty much everything and file things as fast as I get them.

6. I use TurboTax throughout the year to find out things I could do to help out my tax situation.

7. I pay bills within one day of receiving them. It drives me crazy to have a bill in my possession that needs to be paid so I just pay it right away.

[andrea]

we just throw all the bills on the bakers rack and once i notice there is a lot there i just sit down and right the bills out.... im suprised most of them are on time LOL