Thursday, 9 February 2012

Directs Debits & Paying Bills

Direct Debits

Don't you hate it when you check your account balance and then you have to remember hang on I have a direct debit coming out tomorrow. Or the person who doesn't do the finances checks the account balance and goes wohoo still money but of course not knowing that a car payment comes out happens quite regualarly at our house. Then I had a light bulb moment...

What about I open up another account that is purely for direct debits only. The time consuming part was ringing up all the companies to advise change of bank details. I worked out how much I had to automatically transfer to our direct debit account every pay day. Now I know exactly how much money is ours to spend on groceries, entertainment etc.

Paying Bills

When we had our first child and we dropped to one income it was a huge shock to the system. And then you always get 2 huge bills due around the same time and there goes all your pay. I decided to open a ING online account. I put some money in there from our baby bonus to be at least a month ahead. I went through all our bills for the year and entered into a spreadsheet. I had amounts for yearly, monthly and fortnightly. So for example car rego is $640 per year, fornightly cost is $24.62. So every fortnight a certain amount gets transferred to ING and this will cover all bills. When I get a bill now I don't worry where the money is coming from to pay for it. I hate having bills on the fridge so I have a clipboard where I put my unpaid bills. I put all the due dates in microsoft outlook with a reminder its as easy as that.

I hope that this post might help you out....I know it certainly has for me.


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