Managing Your Money

The worksheets and Budget Wizard aren’t the only budgeting tools available to you. Many banks offer online services that can make your financial life much easier.

Look for a bank that offers free automatic bill payment. That way you can identify fixed amounts, like rent and utility bills that need be paid in full, and authorize the bank to pay them each month when they are due. That way, your payment is never late. You just have to be sure there’s enough money in your account to cover what’s being withdrawn.

You also can arrange to have payments automatically debited by the payee (the person or company that’s billing you, for example, the electric company).

You may not want to arrange automatic payments for your credit card bills, however. With credit card payments, it’s nice to have the flexibility to pay over the minimum when you can. Changing the amount you pay each month may not be possible with an automatic payment program.

 

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