The biggest factor that impacts your credit score is your payment history - i.e. whether you pay your bills on time.
Trends in paying bills show that many people struggle with paying bills on time. We can help fix those habits.
Our system works like this:
On all spending plan sections, when you set a due day or due date (Hint: set these dates a week earlier and all your bills will be paid early), the system will highlight the bills due each week (blue = due, red = late). This is updated on the first day of the week (Sunday)
After each bill is paid you enter the actual amount in the Actual column and a “y” in the Paid column (This can also be done through importing a bank or credit card statement). Each week after that, if a bill was due and was not marked as paid, the system will highlight the bill as unpaid until a “y” is put into the paid column.
Because categories on the Spending Plan may not all be paid in the same way, you can note how you pay them using the How Paid column.
Track the payment of your bills
Whether monthly bills or irregular bills this system makes it easy to know what needs to be paid and to account for what has been paid.
This is where you plan and manage your monthly spending. There is also a section for weekly, quarterly, semi annual and annual spending.
Know which bills are due each week
On the My Finances page, the due and past due bills in the current week are summarized so you can see what is due each week.
Quick tip: Another handy thing you can do is set reminders and plan for future expenses. For example, an oil change, tire rotation or other vehicle maintenance (which can cost you more if you wait too long!) can be set as a quarterly or semi annual category. Once this is set, the system will alert you in this section when it is time.
Know how much to save in advance for irregular bills
This article by thebalance.com explains how this works and why our software does this for you:
Under Monthly Cost of Irregular Bills and Amount to Save, the monthly amount you need to save for irregular bills (Quarterly, Semi Annual and Annual) is summarized by the system (see the image below). It will adjust as you make changes.
Know how much to transfer from savings to cover irregular bills paid
Also under Monthly Cost of Irregular Bills and Amount Paid, the system summarizes the total amount that you paid on irregular bills (Quarterly, Semi Annual and Annual) in the current month, this is how much needs to be moved into checking from where you save $’s for irregular bills. This is also how much needs to be added to Add to Income (see the image below).
Quick tip: Save the amount each month to an account you can use to pay these bills (Quarterly, Semi Annual and Annual) throughout the year. Make sure you adjust what you save as you make changes to the Spending Plan sections.
